Venezuela economic growth at 5.2 percent

AP News
Posted: Nov 20, 2012 4:26 PM

CARACAS, Venezuela (AP) — Venezuelan officials are reporting 5.2 percent economic growth for the third quarter as compared to the same period last year.

Venezuela's Central Bank credited more supplies of imported goods and raw materials, as well as government spending on public housing projects.

The government's increased spending on housing came ahead of the Oct. 7 election, when President Hugo Chavez was re-elected to another six-year term.

The quarterly economic results announced Tuesday showed Venezuela's economy growing for an eighth consecutive quarter. Planning Minister Jorge Giordani said the results show Venezuela's growth is, in his words, "stable, sustainable."

The economy expanded at a quicker rate than last year's third quarter, when growth stood at 4.4 percent.