The gross domestic product (GDP) of Venezuela grew 5.5 percent in 2012 compared to the previous year, continuing an economic recovery that started in 2010, Central Bank President Nelson Merentes said in a report.
The report which was released yesterday, said growth was partly fueled by government spending on a program to construct low-income housing. Construction grew 16.8 percent this year. Private-sector production grew 6.1 percent, and public-sector production rose 5.2 percent. The oil industry, which dominates the Venezuelan economy, grew only 1.4 percent.
Partially offsetting the economic recovery is Venezuelaâ€™s 18 percent inflation rate, the highest in the region