CARACAS, Venezuela (AP) — Venezuela's gross domestic product grew 5.5 percent in 2012 compared to the previous year, consolidating an economic recovery that began in 2010.
The growth was fueled in part by government spending, especially on a program to construct low-income housing. Construction grew 16.8 percent.
Central Bank President Nelson Merentes announced the figures Thursday.
Private sector production grew 6.1 percent and the public sector production rose 5.2 percent. The all-important oil industry grew 1.4 percent.
The manufacturing sector grew a modest 2.1 percent. Industry leaders complain that currency exchange controls make it difficult to procure dollars that manufacturers need to import raw materials. They also say the overvalued Bolivar currency makes locally produced goods uncompetitive with imported ones.
Also mitigating the recovery is Venezuela's 18 percent inflation rate, the region's highest.
How did the FBI manage to “lose” Sharyl Attkisson’s file?
The Myth of "4 Million Conservative Voters Stayed Home in 2012" | RedState
Concealed Carry: What To Do When Stopped By The Police - Bearing Arms - Concealed Cary, Video
Doug Giles - Here’s Why Islam Wants Our Heads -- In THEIR Own Words
Obama’s plan hatched at Columbia University says classmate
- What Is Your U.S. Income Percentile Ranking?
Colorado FOP slams 'fools' who say shooter alive due to race