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.
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.