VHeadline News Editor Patrick J. O'Donoghue reports:
Venezuela's GDP Q1 is down 5.8% compared to the same period last year and among the reasons for the drop feature: restriction of access to foreign currency for imports, less demand and investments and the effect of climate change that forced the government to adopt electricity-rationing measures.
Gross public added value fell 2.8% and private activity 6% compared to the same period last year.
The fall registered in oil activities is said to be -5% and non-oil -4.9%. In the latter, value added growth was observed in community, social and personal services (2.8%) and communications (9.7%) but transport took a dive (-15.9%), trade (-11.6%), construction (-7.8%) and mining (-4.8%) just to mention a few relevant sectors.
In manufacturing there was growth in chemical products (3.3%), clothing (4.1%), electrical appliances and machinery (6.9%), textiles (10.4%) non metal minerals (24.6%). The sector was offset by drops in furniture (-46.8%). common metals (-39.7%). plastic and rubber (-25.9%) finished metals (-23.6%) among others.
While there was a drop in food industry (-4.5%), production was up in the following: meat production and processing (4.3%), wheat grinding (13.7%).
It should be noted that health and education services showed 1.6 and 2.5% growth respectively, despite a small -0.2% fall in productive services.
The value offer contracted 16.7% because of a combined 39.7% drop in imports and of course, the GDP fall.
The Central Bank of Venezuela (BCV) has announced that it will continue to pursue policies that will bring inflation down and under control, participate in currency markets and stimulate credits to productive sectors as well as promoting savings.
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