Venezuela Economy Up 17.3 Percent in 2004

[bemildred]

Venezuela's economy grew a record 17.3 percent last year amid strong growth in the manufacturing, construction and transportation sectors, the Central Bank announced Wednesday.

"The accumulated growth in 2004 was 17.3 percent, which constitutes the highest level since the Central Bank began calculating this indicator," the bank announced in a statement.

Venezuela's economy, which is highly dependent on oil production and exports, contracted by 9.2 percent in 2003, largely due to a two-month strike that failed to oust President Hugo Chavez.

Oil accounts for around half of the country's fiscal revenue, 80 percent of exports, and one-third of overall economic activity.

Forbes

[Ironpost]

1. We could use a Hugo Chavez

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2. A good example of how "leftists" ruin economies, NOT!, isn't it? nt

[Lithos]

3. Hope he's not running it too hot

Needs to be sustainable, course Venezuela was in the hole from the mismanagement preceeding him.

Job creation and expansion of the middle class should be his top priorities.

L-