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Thu Dec 27, 2012, 04:27 PM

Venezuelan economy grew 5.5 percent in 2012

Thursday, Dec 27, 2012
Posted on Thu, Dec. 27, 2012
Venezuelan economy grew 5.5 percent in 2012
The Associated Press

Venezuela's gross domestic product grew 5.5 percent in 2012 compared to the previous year, consolidating an economic recovery that began in 2010.

The growth was fueled in part by government spending, especially on a program to construct low-income housing. Construction grew 16.8 percent.

Central Bank President Nelson Merentes announced the figures Thursday.

Private sector production grew 6.1 percent and the public sector production rose 5.2 percent. The all-important oil industry grew 1.4 percent.

More:
http://www.thestate.com/2012/12/27/2569654/venezuelan-economy-grew-55-percent.html

7 replies, 839 views

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Reply Venezuelan economy grew 5.5 percent in 2012 (Original post)
Judi Lynn Dec 2012 OP
Demeter Dec 2012 #1
reteachinwi Dec 2012 #2
FrodosPet Dec 2012 #3
Bacchus4.0 Dec 2012 #4
Judi Lynn Dec 2012 #5
sabrina 1 Dec 2012 #6
ocpagu Dec 2012 #7

Response to Judi Lynn (Original post)

Thu Dec 27, 2012, 05:08 PM

1. But, but, but...that's SOCIALISM!

My point, exactly.

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Response to Judi Lynn (Original post)

Thu Dec 27, 2012, 06:26 PM

2. Citgo

 

gasoline fuels our vehicles nearly exclusively.

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Response to Judi Lynn (Original post)

Thu Dec 27, 2012, 10:25 PM

3. How does the rest of the story impact these facts?

The story also mentions that "the overvalued Bolivar currency makes locally produced goods uncompetitive with imported ones."

It also states there is an 18% inflation rate and the opinion of industrial leaders is that currency controls are denying manufacturers of raw goods.

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Response to FrodosPet (Reply #3)

Thu Dec 27, 2012, 10:50 PM

4. I think the oil revenue is the main driver

it will be interesting to see what happens next year when they devalue the bolivar. I assume imports will then become more expensive but domestic production is lacking. about 70% of food is imported.

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Response to Judi Lynn (Original post)

Sat Dec 29, 2012, 04:22 PM

5. Brought back by popular demand (mine), a previously posted article: Misreporting Venezuela's economy

Misreporting Venezuela's economy

If you want a perfect illustration of media toeing the official line, look no further than the forecasts of Venezuela's economic doom

Mark Weisbrot
guardian.co.uk, Saturday 11 September 2010 12.00 EDT

The bulk of the media often gets pulled along for the ride when the United States government has a serious political and public relations campaign around foreign policy. But almost nowhere is it so monolithic as with Venezuela. Even in the runup to the Iraq war, there were a significant number of reporters and editorial writers who didn't buy the official story. But on Venezuel, the media is more like a jury that has 12 people but only one brain.

Since the Venezuelan opposition decided to campaign for the September elections on the issue of Venezuela's high homicide rate, the international press has been flooded with stories on this theme some of them highly exaggerated. This is actually quite an amazing public relations achievement for the Venezuelan opposition. Although most of the Venezuelan media, as measured by audience, is still owned by the political opposition there, the international press is not. Normally, it takes some kind of news hook, even if only a milestone such as the 10,000th murder, or a political statement from the White House, for a media campaign of this magnitude to take off. But in this case, all it took was a decision by the Venezuelan political opposition that homicide would be its main campaign issue, and the international press was all over it.

The "all bad news, all the time" theme was overwhelmingly dominant even during Venezuela's record economic expansion, from 2003 to 2008. The economy grew as never before, poverty was cut by more than half, and there were large gains in employment. Real social spending per person more than tripled, and free healthcare was expanded to millions of people. You will have to search very hard to find these basic facts presented in a mainstream media article, although the numbers are hardly in dispute among economists in international organisations that deal with statistics.

For example, in May, the UN Commission on Latin America (ECLAC) found that Venezuela had reduced inequality by more than any other country in Latin America from 2002 to 2008, ending up with the most equal income distribution in the region. This has yet to be mentioned by the major international press.

More:
http://www.guardian.co.uk/commentisfree/cifamerica/2010/sep/10/venezuela-economics

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Response to Judi Lynn (Reply #5)

Sun Dec 30, 2012, 05:56 AM

6. Thanks, good article. I know the Chavez government has been working on

expanding their production of resources as well as oil. I get the impression sometimes that there are people who are actually rooting for the failure of the people of Venezuela. It makes you wonder, what kind of person would do that? I do think however that the majority of people in the world, have been rooting for their success and applauding the many advances made there and in other Latin American countries. The region gives people hope that democracy can work once these countries rid themselves of outside oppressive influences and take care of their own business.

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Response to Judi Lynn (Reply #5)

Mon Dec 31, 2012, 02:45 PM

7. I hadn't read this before.

 

What an excellent analysis. Thank you for bringing it back.

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