Venezuela GDP


GDP expands at fastest pace in five years

On 27 December, Central Bank President Nelson Merentes announced that GDP had expanded 5.5% in 2012, overshooting both the 4.2% rise seen in 2011 and the 5.0% goal set out in the 2012 budget. The 2012 figure marked, in fact, the fastest growth pace recorded since 2007.

According to the Central Bank, GDP benefited from solid domestic demand, which expanded 10.5% (2011: +7.6% year-on-year). Private consumption rose 7.3% (2011: +4.0% yoy), while government spending increased 6.2% (2011: +5.9% yoy). Meanwhile, fixed investment rose a hefty 15.8% (2011: +4.4% yoy), partially boosted by the so-called Great Housing Mission - which aims at building 3 million new homes by 2019.

On the other hand, the external sector deteriorated, as exports of goods and services grew only 1.0% (2011: +4.7% yoy), while imports accelerated to an 18.9% rise (2011: +15.4% yoy).

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Venezuela GDP Chart

Venezuela GDP Q3 2013

Note: Year-on-year changes of GDP in %.
Source: Venezuela Central Bank and LatinFocus Consensus Forecast.

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