Net Exports Will Be The Key To Growth

The Venezuelan economy expanded by 4.6% y-o-y in Q308, down from 7.2% in Q208. While the outturn was slightly higher than expected, it nevertheless supports our view that the economy will continue to contract and that private consumption will become a less-dominant driver of economic growth. We are forecasting the economy to grow at 4.8% in 2008, followed by 1.0% in 2009 and 1.3% in 2010.

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