Venezuela: Manufacturing production soars in January
April 19, 2011
In January, manufacturing production expanded 7.5% over the same month last year, which was well above the 0.7% tallied in December. The January expansion was mainly driven by strong growth in machinery and electronic devices (+46.4% year-on-year), which was partially offset by a contraction in textile production (-19.9% yoy). That said, the high annual growth rate was boosted, in part, by a favourable base of comparison, as manufacturing output had contracted 11.1% in January last year. Meanwhile, the trend improved slightly, with annual average growth in manufacturing production stepping up from minus 2.5% in December to minus 1.2% in January.