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
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.
"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.