Central Bank (BCV, Banco Central de Venezuela) reports:
estimate for Gross Domestic Product (GDP) for the third quarter exhibited
a 5.5% contraction over the same period last year. The third quarter
decline represented an improvement compared to the previous quarter, when
economic activity dropped 9.7%.
The downturn in the total GDP reflected declines not only in oil related
but also non-oil related activities, where activity was down 1.3% and 5.5%
respectively over the same quarter in 2001. Nevertheless, the
improvement in the oil sector, where activity was up from a 15.9% slowdown
in the second quarter, was particularly noteworthy. The oil opening
to private firms for exploration in the Orinoco provided a key driving
force behind the improvement as did refining activities, which were
spurred by the rise in external demand.
From an institutional standpoint, public sector activity dropped off 3.2%,
compared to a 6.9% decline in the private sector.
With regards to the non-oil sector, continued declines in construction,
retail and manufacturing accounted for the stronger drop. While the
construction sector suffered from continued stagnation in public and
private sector investment (-24.0%), commerce activity laboured with a
strong downturn in spending on final private consumption (-12.0).
Meanwhile, the manufacturing industry registered a 5.4% decline due to low
levels of activity in the majority of industries in the private sector,
which suffered from a persistence of low domestic demand in terms of both
consumption and investment.
Gross Domestic Product (GDP) Growth by Sector,
More detailed information
available at the
de Venezuela (BCV).
Forecasts: This indicator is covered in the
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the next two years, please click here