Andean Group - September 2012 (ISSN 1741-4466)

Venezuela’s Hugo Chávez has forecast that the domestic economy will grow by 6% in the second half of the year and that it should maintain a growth rate of no less than 7% in the next couple of years. Official figures showed that the Venezuelan economy grew by 5.6% year-on-year in the first half, driven by an important expansion in the construction sector - and Chávez said that in his opinion, the economy “will behave the same in the second half”. “We are going to end up close to 6%”, he said. Chávez pointed out that the growth so far was higher than the 5% forecast in this year’s budget, but pointed out that “we can grow at a rate of no less than 7% a year in the next six years, because that is the way to become an economic power”.

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