UPDATE 1-Venezuela's economy grows 9.8 pct in third quarter

[bemildred]

CARACAS, Venezuela, Nov 17 (Reuters) - Venezuela's economy grew 9.8 percent in the third quarter of this year, helped by high oil prices, public spending and growth in the construction and commerce sectors, the central bank said on Thursday.

The oil sector grew 4.2 percent while the country's non-oil economic sectors expanded 10.4 percent. The private sector expanded 11.1 percent in the quarter compared with 5.4 percent growth in the public sector.

Government officials expect the Venezuelan economy to grow by as much as 10 percent this year.

The South American country has registered strong growth this year after a referendum win by leftist President Hugo Chavez in August 2004 ended months of political instability that had battered the economy since a 2002 coup.

Reuters

[Wilms]

1. Damn commies.

:sarcasm:

[LSparkle]

3. Where's the emigration line? Sign me up!

Yo hablo espanol ... kinda.

[ninkasi]

4. Really shows up the Bush economy, doesn't he?

Chavez actually spends money to help the poor...imagine that! No wonder Dubya can't wait to get rid of him. Just think, all that money could go into his cronies pockets, instead.

[TankLV]

19. Damn "dictators"!

That keep getting re-ELECTED with over 60% of the vote!

[Tom Yossarian Joad]

2. How dare those socialistas have an economy that grows better

than God's chosen capitalists???!!!

[DBoon]

6. Because God's chosen capitalists have allowed oil prices to rise

benefitting a "socialist" country sitting on large reserves.

Now assuming the money is being invested in the people of Venezuela in terms of education and other opportunities, we will see the long term benefits well after the oil runs out.

[Tom Yossarian Joad]

10. From what I have read, Chavez is doing that to a degree that there

has certainly been no mass exodus of Venezuelans.

[applegrove]

5. A little redistribution of wealth - creating even the smallest of middle

classes - makes huge waves.

[xchrom]

7. cool -- what's not to like about that?

[northzax]

13. the fact that it is done with record oil prices

that we're paying for?

[bemildred]

14. Another Bushite foreign policy "achievement". nt

[Solon]

22. He's not the reason those prices are that way to begin with...

So the fact that he used the State Owned Petroleum Companies profits to reinvest in the country is actually a good thing. Not to mention the charity he is extending to the poor here in the United States. That is one thing I actually find heartening about Chavez and his supporters, two things strike me about this issue, one is that Chavez has taken great pains to critisize our government and Bush especially, rather than blame the people that most likely elected him. Actually, I get the impression that he doesn't view our government as a legally elected one, though to be honest, I don't know his precise view on THAT matter. The second has to do with his supporters, by and large the poor in his country, and outside his country as well. I remember seeing a film where they were interviewing Chavez supporters on the streets who said this: "...and we are not against the United States, but against thier policies towards us, but we are not against the people because the people are our brothers too. What we are against are the policies of their government, so it is important that you know that we suffer just as our North American brothers suffer, after all we are all Americans."

[1932]

23. Last time oil prices went up, Venezuela's economy shrunk.

So it's more than oil prices.

Oil prices obviously help, but even without the oil resources, true keynesian economic policies would still grow economies.

[David__77]

8. This is excellent.

My best wishes to the people of Venezuela! I hope that the state uses the revenue to build critical infrastructure and, along with sister Latin American nations, build a regional trade network that is not reliant on the so-called superpower.

[0rganism]

9. How will his political enemies spin this one?

"Chavez had nothing to do with it!"

"If it weren't for Chavez, we would have grown by 50%!"

"Lies, lies! All dangerous lies!"

[Tom Yossarian Joad]

11. See post 6. n/t

[VegasRomigi]

12. Chavez likes to help out his own people - Bush should take a lesson....

When you help your own people first - instead of your corporate cronies and foreign dictators then people actually like you!!

[1932]

15. Last time oil prices went up, Venezuela's economy shrunk. So this can't

be attributed only to oil prices. They're obviously investing the petrol dollars well (ie, into health care, education and infrastructure).

[Flanker]

16. Excellent

Most interesting is the rapid growth in the non-oil sectors of the economy, the economic policy is not too different from that of FDR only more socially concious and with oil revenue.

[1932]

17. It's True Keynesian.

[newyawker99]

20. Hi Flanker!!

Welcome to DU!! :toast:

[burrowowl]

18. But, but, but

BU$H said, you know Chavez is against freedom and only U$ style 'democracy' brings wealth (didn't say to whom).
I am just askance!
:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:

[Barkley]

21. VZ's private sector expanded by 11%!

I wonder how that compares with other Latin American countries.

This is what the US is a afraid of: a credible, viable and successful alternative to neoliberal trade and economic policies that work.