Venezuela Third-Quarter GDP Grows 10.2% on Oil Income

Nov. 16 (Bloomberg) -- Venezuela's economy grew more than 10 percent for a sixth straight quarter in the July-through- September period as the government used record oil revenue to swell state payrolls and build roads, bridges and housing for the poor.Gross domestic product, the broadest measure of a country's production of goods and services, expanded 10.2 percent in the third quarter from a year earlier after growing 10.2 percent in the second quarter and 10.1 percent in the first, the central bank said. Oil exports soared 15 percent in the quarter to $15.9 billion, the bank said.Venezuela has become the fastest-growing economy in Latin America as President Hugo Chavez, who seeks re-election, boosted government spending 56 percent in the first eight months of the year, fueling a surge in consumer spending.

LinkHere