CARACAS, Tuesday November 20, 2012 | Update

Venezuela's GDP up 5.2% in third quarter

"Venezuela has entered a stage of stable, sustainable growth," Minister of Finance Jorge Giordani argued

Tuesday November 20, 2012  01:35 PM

Gross Domestic Product (GDP) ended the third quarter of 2012 at 5.2%, a growth of the domestic economy for the eighth quarter in a row, as appears from the numbers supplied by the Central Bank of Venezuela (BCV).

A review of the outcome of the two prior quarters -6.0% in the first quarter and 5.8% in the second quarter- found economic growth at 5.6% in the first nine months of the year, a press release noted.

"Venezuela has entered a stage of stable, sustainable growth," Minister of Finance Jorge Giordani argued. The official emphasized that the economic performance has allowed overcoming the goal set for this year at 5%.

Based on BCV results, non-oil economy moved forward by 5.4%, whereas oil activity surged by 1.1%.

Construction went from 10.9% up to 12.6% between the third quarter of 2011 and the same term of 2012, primarily prompted by Great Mission Housing. Other material sectors included communications at 6.9% and general government services at 5.5%.

Manufacturing extended its rally at 3% in the third quarter; transportation and storage climbed to 3.5%, and electricity and water supply gained 3%.

In the opinion of the Finance Minister, the social policy implemented by the Venezuelan government has pushed up Venezuelans' income. He broke down that small businesses have steadily grown as to become medium-sized enterprises.

For his part, BCV President Nelson Merentes refrained from giving any details on a potential issue of bonds to feed the Transaction System for Foreign Currency Denominated Securities (Sitme).
This is all there is

A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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