Venezuela GDP


GDP remains resilient in second quarter

In the second quarter, GDP grew 5.4% over the same quarter last year, based on preliminary estimates released by the Central Bank on 17 August. The print came in below the 5.8% increase seen in the first quarter (previously reported: +5.6% year-on-year) which had marked the strongest quarterly gain since Q2 2008. The reading was broadly in line with the 5.2% expansion projected by last month's Consensus Forecast. Economic growth slowed somewhat in the second quarter due to less robust growth in domestic demand (Q1 2012: +16.4% year-on-year; Q2 2012: +13.1% yoy), whereas the external sector improved slightly. Private consumption increased 6.8% (Q1: +5.7% yoy), while public spending accelerated to a 5.7% pace (Q1: +5.0% yoy). The government has increased spending ahead of the 7 October presidential elections, thereby boosting economic growth in recent quarters. On the other hand, gross fixed investment slowed from a hefty 21.8% rise in the first quarter to a 15.9% increase in the second. On the external front, exports fell 6.4% in the second quarter (Q1: +1.7% yoy), while imports slowed to a 24.6% rise (Q1: +38.7% yoy). As a result, the external sector's net contribution to overall growth improved from minus 14.0 percentage points in the first quarter to minus 11.3 percentage points in the second.

Sample Report

Looking for forecasts related to GDP in Venezuela? Download a sample report now.


Venezuela Economic News

More news

Search form