Venezuela: 25% drop in private construction sector

Venezuela: 25% drop in private construction sector
Published: 26 August 2010

Venezuela’s private construction sector recorded a decrease of 25% during the second quarter of 2010, representing an increase of 14 percentage points compared with the first quarter.

It is evident from the latest figures released by the Central Bank of Venezuela (BCV), the construction sector reported the biggest drop in the non-oil economic activities [sector] (-6.4%) after mining (-19.6% ), electricity and water (-8.8%) and financial intermediaries (-7.7%).

"It should be noted that these behaviours influenced the reduced availability of imported inputs, the plan for saving energy and the reduction of aggregate domestic demand," said the statement.

The decline in the second quarter in the construction sector is slightly lower (1.4%) than in the first quarter, when it fell 7.8%, but this did not prevent the construction demanded by the private sector decreased 25% , "both in the execution of works of a residential and nonresidential character."