CARACAS, Tuesday May 17, 2011 | Update
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)
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.

Venezuelan reservoirs in critical conditions

According to forecasts made in August by National Oceanic and Atmospheric Administration (NOAA), repercussions of El Niño Southern Oscillation (ENSO) phenomenon would be enhanced at least until March 2016.

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