Venezuela: Manufacturing recovers strongly, supporting GDP growth
May 24, 2011
In March, manufacturing production continued to expand, climbing 8.9% over the same month last year, which was below the 9.2% tallied in February. The March expansion was mainly driven by strong growth in machinery and electronic devices and metals, which was partially offset by a contraction in machinery and equipment as well as textile production. That said, the high annual growth rate was boosted, in part, by a favourable base of comparison, as manufacturing output had contracted 13.1% in March last year. Meanwhile, the trend continued to improve, posting the first positive reading since January 2009. The annual average variation in manufacturing output rose from minus 0.1% in February to 2.0% in March.