Venezuela economy expands 4.5 percent in 1st quarter amid recovery

[Judi Lynn]

Venezuela economy expands 4.5 percent in 1st quarter amid recovery
By Associated Press,
Updated: Tuesday, May 17, 2:16 PM

CARACAS, Venezuela — Venezuela’s economy expanded 4.5 percent for the first quarter, confirming strong growth after nearly two years of recession, officials said Tuesday.

Growth in both the public and private sectors contributed to the recovery, even as the key oil industry contracted 1.8 percent, Central Bank president Nelson Merentes said at a news conference.

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Sectors that boosted growth included manufacturing (7.6 percent), retail (10.4 percent), communications (8 percent) and transportation and warehousing services (7.8 percent).

Planning and Finance Minister Jorge Giordani said the quarter’s results show that “we’re going toward growth that is going to be sustained.”

http://www.washingtonpost.com/business/venezuela-economy-expands-45-percent-in-1st-quarter-amid-recovery/2011/05/17/AFVbNv5G_story.html?wprss=rss_economy