Venezuela's domestic food production down 1% in the third quarter
Central bank's chair: sustainable growth depends on higher production
From July-September 2012, food, beverages, and tobacco manufacturing dropped 1% with respect to the figures recorded in the third quarter in 2011, the Central Bank of Venezuela (BCV) informed.
Although the figures show a deceleration in the contraction of food, beverages, and tobacco production in the country, it is also true that the activity has slowed down over the last six months.
In the first quarter, the production of food, beverages, and tobacco plummeted 6.9%, with a 9.4% decline in the second quarter.
BCV's chair Nelson Merentes stressed that unlike meat and other products, which are showing growth, production of wheat by-products is facing some difficulties.
"There are some difficulties... In general terms, manufacturing is doing better; sectors and subsectors are being analyzed to overcome such difficulties. Anyway, sustainable growth depends on higher production," Merentes remarked.
Translated by Jhean Cabrera
As Venezuelan deposits of public funds in Swiss bank accounts have been revealed, opposition Deputy Andrés Velásquez wonders whatever happened to the USD 500 million worth of CVG funds that turned up in coded bank accounts in Lebanon five years ago.