Venezuela: Manufacturing declines in April
July 27, 2011
Manufacturing production declined for the first time in six months, which suggests that economic growth slowed in the second quarter. In April, manufacturing contracted 4.8% over the same month last year, following on a revised 9.4% expansion in March (previously reported: +8.9% year-on-year). The April drop was mainly driven by strong losses in textiles as well as machinery equipment, which were partially offset by an expansion in electrical equipment. Meanwhile, the trend slowed, but still remaining in positive territory for the second month in a row, after contracting since January 2009. The annual average variation in manufacturing output declined from a 2.0% expansion in March to a 1.8% increase in April.