Venezuela’s Economic Growth Doubles 2011 Forecast, Grows 4.2% in Third Quarter

[Peace Patriot]

Venezuela’s Economic Growth Doubles 2011 Forecast, Grows 4.2% in Third Quarter

By EWAN ROBERTSON - VENEZUELANALYSIS.COM

Mérida, November 18th 2011 (Venezuelanalysis.com) – Venezuela’s economy this year is set to grow at double the rate of the Venezuelan Central Bank’s (BCV) forecast of a 2% expansion in Gross Domestic Product (GDP) in 2011, with the BCV yesterday reporting third quarter GDP growth of 4.2%, relative to the same quarter of the previous year.

The overall GDP growth for the first nine months of 2011 stands at 3.8%, with first and second quarter growth of 4.8% and 2.5% respectively.

“Venezuela has entered a new period of growth. There’s a rate of approximately 4% in the first three quarters of 2011, which doubles the GDP estimate for this year,” Venezuelan Minister of Planning and Finance Jorge Giordani stated.

The minister further emphasised that the aim of 5% GDP growth contained within the projected 2012 Venezuelan national budget was both “real” and “feasible”, with the Venezuelan economy likely to finish 2011 with over 4% GDP expansion.

BCV President Nelson Merentes reiterated the trend of Venezuela’s continued economic growth in the coming year, explaining, “When these results are analysed we see that we are around 4% (of growth in 2011)...the early, scientific forecasts indicate furthermore that for the last quarter (of 2011), and the first (of 2012), we are going to continue this tendency”.

Construction was the most important economic sector contributing to the third quarter figures, growing by 10% after shrinking the previous six quarters.

Giordani explained that because construction contributes to 8% of Venezuela’s GDP, the 10% increase in the sector contributed to 0.8% of the 4.2% of third quarter growth.

The BCV’s third quarter figures also demonstrate economic growth across the board, including in communications (7.9%), mining (7.6%), transport (6.6%), community social services (4.6%), and manufacturing (2.1%), with Merentes commenting “we are in a cycle of general growth, we have all sectors growing in an important manner”.

The president of the Finance and Economic Development Commission of Venezuela’s National Assembly (AN), Ricardo Sanguino, attributed the growth in the construction sector to the boost given by the government’s new mass housing program, the Great Housing Mission (GMV), launched in April this year.

Aiming to build over 2 million homes in 7 years, the GMV has promoted an expansion of the public sector in Venezuelan housing construction, with the public sector completing 62% of total houses constructed so far in 2011, compared with only 30% in 2009.

Sanguino pointed out that while the economies of the “developed” countries are still suffering from the global economic crisis and growing unemployment, the trend in Venezuela is the opposite, with Venezuelan growth “the product of a fundamentally social policy of boosting internal production”.

After enjoying an average economic growth of 10.2% between 2004 and 2008, between the impact of the global economic recession, a sharp fall in the price of oil, and an electricity crisis brought on by a prolonged drought, Venezuela’s oil-reliant economy experienced a six quarter recession in 2009 – 2010.

Venezuela emerged from recession in the fourth quarter of 2010 with 0.6% GDP expansion, and has now enjoyed four consecutive quarters of economic growth.

http://venezuelanalysis.com/news/6642
(Creative Commons License)
(my emphases)

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The economic growth in Venezuela during the 2003 to 2008 period, combined with this relatively fast (compared to the U.S.) recovery from the Bushwhack Depression parallels and drives the awesome achievements of the Chavez government and the people of Venezuela on poverty reduction, increased access to education and health care and other social improvements, as acknowledged by the UN Economic Commission on Latin America and the Caribbean (which recently ranked Venezuela first in LatAm on income equality), the Latinobarómetro polls (showing high satisfaction levels of Venezuelans with their democracy and their well-being and future prospects) and other indicators such as the Millennium Goals (Venezuela is unusual in having met virtually all those goals).

The truth is that Venezuela is doing very well on both fronts--economic growth and social improvement. You wouldn't know it from the Corporate Press which is forever slandering and lying about the Chavez government in every way imaginable. We hear about every problem that Venezuela has faced but never about the solutions that the Chavez government has come up with and certainly NEVER EVER about their significant accomplishments.

The Chavez government--as the leader and pioneer, followed by all the other leftist-run countries in LatAm--has resoundingly rejected the "Wall Street" model of "austerity" for the poor while the rich get richer and richer. They have instead chosen the "New Deal" model of social responsibility and inclusiveness, which spreads the wealth and stimulates growth. The result is increasing prosperity and fairness across the board in the leftist-run countries. THIS is what "Wall Street" doesn't want you to know. The richer getting richer is profoundly depressive. Sharing creates prosperity.

[Judi Lynn]

1. Isn't this tremendous? You're right, our corporate whoring media will NOT share the facts with us.

They are content to lie to our faces, we all know that.

Our government pays the propagandist to lie to us, and pays them off with OUR TAX DOLLARS. Bless its heart. So much respect for its hostage population, mocks us daily. Even pays Venezuelan foreign right-wing pig students to lie to the American people, too, and does THAT with our own tax tribute we are forced to fork over annually. Then our right-wingers bitch and whine that only the poor, and voiceless should be expected to pay taxes.

Consider the difference between our right-wing, anal, social perverts trying to strip away every positive step taken by the Democratic Presidents working to pull our truly abused poor out of suffering, while pretending they are all a bunch of lazy, greedy freeloaders, and governments by democratic leaders, as exemplified by Latin American leftists. They KNOW what happens to the people under brutal fascist domination. The move continually to bring hope and a new life to those who have been denied, ridiculed, brutalized. It drives the greedy, congenitally criminally insane right-wingers wild. Gets them gibbering among themselves, gets them printing nearly illiterate signboards to take to their hate-filled protests, where their violent, terminally truculent bullies patrol, waddling around with their stinking guns strapped to their lower limbs.

What a carnival. What a deadly farce. The right wing is going to lose. They will finally destroy themselves. Too stupid to live.

http://www.dudehisattva.com.nyud.net:8090/applause.jpg

Washington, DC (APE) Claims by ABC News that applause from Fort Bragg troops was initiated by Bush front people in his primetime speech last night, now appear to be true. Photographic evidence obtained by an unnamed APE photographer clearly shows none other than Karl Rove exhorting uncomfortable soldiers to applaud during key points in the president's address. The APE photographer had apparently wandered into an area on stage where photographers were not allowed. His name is being withheld at this time pending further Secret Service investigation.

The film was smuggled out of the army base prior to the photographer's arrest, and the APE editorial board met in a closed session and elected to run the story.

White House spokesman Scott McClellan said, "This is incredibly inappropriate and irresponsible journalism on the part of APE. This is essentially providing aid and comfort to the enemy when we are at war. America is in the midst of a war of ideas, and the plain and simple truth is that the Democrats just don't have any. This pathetic and sophomoric photo prank will just serve to increase the divisiveness in this country during a time of war. We have on good sources that this may indeed lead to riots somewhere."

Karl Rove was reached for comment and had this to say: "Sure, I held up a sign, what of it? The bottom line is that these proud soldiers are busy with fighting terror, and if I can help them think and react in certain situations, I'll do it. You see, that is the difference between what liberals and conservatives learned from 9/11... conservatives immediately saw the threat and opportunity from terrorism and set about stealing (sp?) the will of the American people for the roadside bomb ahead. But, liberals tried to divide the country by having everybody think for themselves and diffuse the path to glory. I think we have clearly shown that we have left them in the ashes."

http://www.dudehisattva.com/062905__staffer_who_initiated.htm

[naaman fletcher]

3. "corporate whoring media will NOT share the facts with us"

Venezuelan Economy Grew 4.2% in Third Quarter
http://online.wsj.com/article/SB10001424052970203699404577044703425755914.html?mod=googlenews_wsj

Venezuelan economy grows 4.2 pct in 3rd quarter
http://www.businessweek.com/ap/financialnews/D9R2KQPO0.htm

[ChangoLoa]

4. Haha as funny as usual

OTOH we should all remember venezuelanalysis was created by the Venezuelan consulate

So if I don't trust MSM for telling the truth on a particular trend or event, I trust even less an executive branch of a State making journalism.

[Judi Lynn]

2. Some tool pre-stole my recommendation. I'm recommending, anyway. n/t