Weekly Report - 15 June 2004

VENEZUELA | Growth outlook. The Venezuelan economy will grow by 14%-15% (year-on-year) in the second quarter, which will help ensure that the year closes with a growth rate of at leat 10%-12%. The prediction comes from central bank director Domingo Maza. He also ventured that inflation might be ´kept down ´ to 23% if rates like that of May (1.2%) are maintained. Maza noted that the growth achieved in the second quarter was mainly the effect of increased public spending, not of investment or private-sector exports.

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