Official sees Venezuela economic growth

[Judi Lynn]

Associated Press/CARACAS, Venezuela
By FABIOLA SANCHEZ
Associated Press Writer

Official sees Venezuela economic growth

DEC. 27 5:06 P.M. ET Venezuela's economy will expand as much as 6 percent in 2006 spurred by high oil prices, the country's planning minister said Tuesday.

The country's gross domestic product was expected to end this year up by "approximately 9 percent," Planning Minister Jorge Giordani said in an interview with the government broadcaster. GDP measures the value of goods and services produced in a nation.

Last year, Venezuela's economy grew 17.4 percent.

Economic growth in Venezuela, the world's fifth-largest oil exporter, has been sustained by high petroleum prices.
Oil exports provide about a third of Venezuela's GDP, roughly 80 percent of export earnings and about 40 percent of all government income.
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http://www.businessweek.com/ap/financialnews/D8EORLKO0.htm?campaign_id=apn_home_down&chan=db

[eallen]

1. Chavez needs to diversify his economy.

Many Texans can tell him that those who live by the oil patch, die by the oil patch.