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Economy & Business - August 2005

VENEZUELA: Booming

The economy is booming. In the second quarter the economy grew by 11.1%. This is having a major effect on the fiscal position. Non-oil taxes account for about a third of the government's income. In the first seven months of the year the government collected the income tax revenues it had budgeted for the whole of the year. The government budgeted for income tax revenues of B$ 6.1 trillion (US$2.8bn) but collected B$6.3 trillion, by the end of July.

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