'Conspires with evil dictatorships' and all that, you know.
Venezuela Economy Up by 30% in First Quarter of 2004Caracas, Venezuela. May 19 (Venezuelanalysis.com).-
According to preliminary numbers issued by the Central
Bank, the Venezuelan economy grew by 29.8% during the
first quarter of 2004 when compared to the same period last
year.
In the first quarter of 2003, the world fifth biggest oil
exporter suffered the devastating effects of a lock-out, strike
and sabotage of the national oil industry, organized by
opponents of President Hugo Chavez in an unsuccessful
effort to oust him. The opposition's actions caused a historic
GDP drop of 27.8%. Oil-related economic activity dropped
47% during that period.
According to the Central Bank report, in the first quarter of
2004, oil-related economic activity grew by 72.5%, while
non-oil activity increased by 18.9% compared to the same
period last year when it dropped 19.2%. The oil sector
benefited from increased demand of oil and refined products,
as well as the increase in production by private companies
that operate in the country in joint ventures with
Venezuela's state oil company.
The non-oil sector also experienced significant growth.
Manufacturing grew by 48%, construction by 19.5%,
commerce by 27.9% and transportation and warehousing by
25.3%.