Central bank: Venezuela's economy hikes 5.5% in 2012
Preliminary estimates of the Venezuelan gross domestic product (GDP) in 2012 showed slight growth above the goals set forth in the budget for fiscal year 2012. Construction climbed 16.8% while manufacturing, key sector in the GDP, spiked 2.1% only
The chair of the Central Bank of Venezuela (BCV), Nelson Merentes, said on Thursday that gross domestic product (GDP) is expected to climb 5.5% by the end of the year, which is above the level estimated in the budget for fiscal year 2012 (Five percent).
The greatest contribution was made by the construction sector, registering growth at 16.8% and accounting for 1.2% of the total GDP. The expansion in the sector is attributed to the Great Mission Housing Venezuela. "Full dynamism has not been recorded in all aspects of the construction sector, so higher growth may be expected in the years ahead," the head of the BCV said.
Another sector showing positive results is that of commercial activity and services, which grew 9.2% as against the figure reported last year (6.5%). Government products and services also expanded by 5.2%.
For its part, manufacturing, which accounts for 14% of the GDP, spiked 2.1% with respect to 2011 whereas oil activity climbed 1.4% compared to last year's figure.
Translated by Jhean Cabrera
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.