Weekly Report - 26 July 2005

VENEZUELA | 'Sustained growth' ahead. The economy, rather than being merely on the rebound from the recent recession, is moving into a phase of 'sustained growth' according to finance minister Nelson Merentes. Though full figures have not yet been published on economic performance in the first half of this year, Merentes says that indirect indicators point to a growth rate of 6%-7%. 'What is important,' he said last week, 'is that this will not just be growth for this year but, according to all the factors we are analysing, a sustained growth.' Among the factors he cited was that the non-oil sector has been growing faster than the oil sector and the private GDP faster than the public one. 'This,' he said, 'is what will happen in 2006 as well.'

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