ESPACIO PUBLICITARIO
CARACAS, Tuesday May 17, 2011 | Update
 
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Economy | According to data disclosed by the Central Bank
Venezuela's GDP grows 4.5 percent in the first quarter

The manufacturing sector reported a 7.5 percent increase in the first three months of the year, while Venezuela s oil GDP fell 1.8 percent

The construction sector tumbled 7.7 percent (File photo)
  EL UNIVERSAL
Tuesday May 17, 2011  02:49 PM


Venezuela's economy grew 4.5 percent in the first quarter, according to data disclosed by the Central Bank of Venezuela (BCV). This figure shows an upward trend compared to the first quarter of 2010, when the Venezuelan economy fell 4.8 percent.

The non-oil sector climbed 5.2 percent, while the oil GDP plummeted 1.8 percent.

"The positive performance of non-oil activities is widespread. Trade soared 10.4 percent, transport and storage services (up 7.8 percent), communications (up 8.0 percent) , manufacturing (up 7.6 percent), services produced by the government (up 7.6 percent), financial institutions (up 5.6 percent) and electricity and water (up 3.1 percent). It should be noted that this performance was influenced by the recovery of the domestic aggregate demand from both the public and private sectors, and by increased availability of imported goods, especially in the industrial sector. However, the construction sector declined 7.7 percent," said the central bank.

Additionally, the manufacturing sector recorded a 7.5 percent increase in the first three months of the year.

The private sector dropped 4.6 percent, while the public sector grew 3.3 percent.

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The rock of discord

A shipment of over 30,000 tons of phosphate arrived at Puerto Cabello port in late July on board the Shi Long Ling, a Chinese-flagged vessel that began its long journey in northern Africa. The cargo boat docked on July 26 after traveling more than 3,200 nautical miles. Undoubtedly, this would just be considered one in many cargo ships crisscrossing the oceans if it were not for the fact that Venezuela has denounced Western Sahara occupation by Morocco and yet purchases the territory's natural resource products from the occupying power.

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