Venezuela Dec. Unemployment Falls to Lowest Since at Least 1998

[Judi Lynn]

Venezuela Dec. Unemployment Falls to Lowest Since at Least 1998

Dec. 30 (Bloomberg) -- Venezuela's unemployment rate fell to its lowest level since at least 1998 in December as the economy recovered from a recession.

The jobless rate dropped to 10.9 percent in December from 12.8 percent in November, the National Statistics Institute said in a statement. The unemployment rate, which has declined in nine of the last 11 months, was 14.6 percent in December 2003.
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http://www.bloomberg.com/apps/news?pid=10000086&sid=acWk9_YOYEhU&refer=latin_america

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Venezuela's oil output to rise 66% in 5 years

www.chinaview.cn 2004-12-30 09:28:34


CARACAS, Dec. 29 (Xinhuanet) -- The Venezuelan government announced Wednesday that the country will increase oil production by 66 percent in the coming five years.

Foreign Minister Ali Rodriguez said Venezuela plans to raise crude oil production from 3 million to 5 million barrels per day during the same period.

The United States is the largest consumer of Venezuelan oil, absorbing about 85 percent of its export. Venezuelan oil accounts for 12 to 15 percent of the total consumption in the United States.
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http://news.xinhuanet.com/english/2004-12/30/content_2393387.htm

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Venezuela Maza Says GDP to Grow 10 Percent in 4th Qtr (Update1)
Dec. 30 (Bloomberg) -- Venezuela's economy probably grew more than 10 percent for a fourth quarter in the October-December period as increased government spending gave people more money to spend, central bank Director Domingo Maza said.

Gross domestic product likely expanded between 10 percent and 15 percent in the fourth quarter from the year-earlier period after growing 15.8 percent in the third quarter, said Maza, one of seven central bank directors.
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The economy probably will grow between 6 percent and 8 percent next year, Maza said.
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The government implemented restrictions on foreign currency trading in January 2003 after a two-month national strike aimed at ousting President Hugo Chavez choked off oil production and drained international reserves. The government boosted dollar sales this year to companies and people to $14.8 billion from $4.6 billion in 2003.

``The exchange controls are working much better,'' Maza said. ``There's no shortage of dollars.''
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http://www.bloomberg.com/apps/news?pid=10000086&sid=aBm7eG3zU35M&refer=latin_america