According to the Central Bank of Venezuela (the third largest economy in the region) its gross domestic product grew 4% the past year thanks to a higher federal expending. The official data to be released next February may show this growth explained by a higher federal expending in construction projects and the recovery in the manufacturing sector. In an e-mailed statement Nelson Marentes, president of the Central Bank, said: “The recent performance of the Venezuelan economy ratifies the recovery of various productive sectors and allows us to be optimistic about sustained economic growth”. On the other hand, according to a Bank of America Report, government spending will probably accelerate in 2012 pushing growth to 5%.

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