ESPACIO PUBLICITARIO
CARACAS, Wednesday November 21, 2012 | Update
 
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ECONOMY

Venezuela's domestic food production down 1% in the third quarter

Central bank's chair: sustainable growth depends on higher production

Production has fallen over the last six quarters (File photo)
ANGIE CONTRERAS C. |  EL UNIVERSAL
Wednesday November 21, 2012  10:22 AM
Unlike economic growth, which leaped 5.2% in the third quarter, domestic food production has been rather slow in Venezuela.

From July-September 2012, food, beverages, and tobacco manufacturing dropped 1% with respect to the figures recorded in the third quarter in 2011, the Central Bank of Venezuela (BCV) informed.

Although the figures show a deceleration in the contraction of food, beverages, and tobacco production in the country, it is also true that the activity has slowed down over the last six months.

In the first quarter, the production of food, beverages, and tobacco plummeted 6.9%, with a 9.4% decline in the second quarter.

BCV's chair Nelson Merentes stressed that unlike meat and other products, which are showing growth, production of wheat by-products is facing some difficulties.

"There are some difficulties... In general terms, manufacturing is doing better; sectors and subsectors are being analyzed to overcome such difficulties. Anyway, sustainable growth depends on higher production," Merentes remarked.

Translated by Jhean Cabrera
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