Development: On 17 August the central bank reported that real GDP rose 5.6% year-on-year in the first half of 2012. Significance: There is no mystery to the results. Thanks to sky-high oil prices, the government is spending hand over foot to ensure the October re-election (for a third consecutive six-year term) of President Hugo Chávez. Imports soared 27% year-on-year in the first half, to just over US$27bn, and supplied fully a third (33%) of the total domestic offer, the highest such proportion in 16 years. Oil accounted for 96% of total exports, generating a whopping US$47bn in revenues. Yet flush…