Private construction declines for ninth consecutive quarter

Venezuela s construction sector grew 29.6% in the first quarter thanks to skyrocketing public investment. However, private construction continued to drop.

Jorge Giordani, the Minister of Finance and Planning, said that a 5.6 % growth in Gross Domestic Product (GDP) was mainly driven by the increase in the construction sector, which is based in the Great Mission Housing Venezuela. However, the report released by the Central Bank of Venezuela (BCV) shows than only a part of the sector revived.

Data show that public sector s construction rebounded and grew 56.6% in the first quarter. However, private sector s construction fell 10.6% and has tumbled for nine consecutive quarters.

This negative result was due to restrictions in the supply of inputs. As a result, works have been executed at a slower rate.

mamas@eluniversal.com