The Venezuelan economy, increased by 4.8% in the third quarter of 2008. Off of the back of petroleum sales, without question.
http://www.bcv.org.ve/EnglishVersion/c4/index.asp?secc=pressreleases&Codigo=7408&Operacion=2&Sec=False
Reports are from the Central Bank of Venezuela. Other non-petroleum related economic activity grew as well. Especially personal services, which also, most likely, grew off of oil revenue and the value added petroleum had on the economy.
Surprising, manufacturing has also seen a boost.
However, the BOV states that the country's social programs, have had a good effect and because of this, all other sectors were able to grow and take value from other economic related activity.
I thought social programs and spending, were anathema, if not, opposite for growing an economy?
Perhaps there is a little bit of politics in the BOV stats? Maybe! However, Chavez has a way of winning elections.
Nuff said!
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