Private construction declines for ninth consecutive quarter
Overall, construction recorded the highest growth (29.6%) in the first quarter, boosted by huge public investment
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.
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."