Caracas, Jun 8 (Prensa Latina) Venezuelan National Statistics Institute (INE) Chair Elias Eljuri recognized on Monday that the country's economy is solid, despite the global economic crisis and reduction of oil price.
We can say that although there was not high growth, the economy maintained its upward trend compared to the same period of the previous year, he ratified in his statements to Desperto Venezuela, a show broadcast by Venezolana de Television station.
He said the economy has grown during 22 three-month consecutive periods since the last quarter of 2003, reaching in that period a 0.3-percent rate, while the non-oil growth rate increased in 1.3 percent and that of the oil industry decreased by 4.8 percent, due to the cut of 318,000 barrels in late 2008.
Eljuri highlighted, as an important element, the growth of fixed-capital gross investment, which is the whole investment of funds in machinery, equipment and constructions that reached 11.6 percent, he said.
In reference to inflation, he said the Venezuelan Central Bank and the INE have been analyzing it for several years, and "we are producing a National Consumer Price Index, which includes the national spectrum."
He recognized that there are unconnected indicators when inflation is calculated. For example, the shortage rate fell from 14.5 percent to 13.9 percent, and a there is still a trend to improve those indicators.
"The prophets of disaster used to say that inflation would reach 50 percent, but now there is a downward trend and the figures that we are showing determine that they are going to be even lower than last year," he remarked.
Prensa Latina, June 8, 2009
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