Venezuela reports 5.5% growth in the last quarter of 2012
According to the central bank, the performance in the fourth quarter was the result of a 3.7% and 5.6% growth of the value added of the public and private sectors, respectively
The Central Bank of Venezuela (BCV) reported on Tuesday a 5.5% growth of the gross domestic product (GDP) in the fourth quarter of 2012, compared to the same quarter in 2011.
Including the economic growth recorded in the first nine months of 2012, Venezuela's annual growth in 2012 hit 5.6%, the central bank said in a communiqué.
The leap recorded in the fourth quarter was the result of a 3.7% and 5.6% growth of the value added of the public and private sectors, respectively.
Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.