Gross domestic product grew 8.4% in 2007 

Caracas .- The gross domestic product (GDP) registered a variation of 8.5% during the fourth quarter of 2007, reported the Central Bank of Venezuela (BCV) today, bringing the economic growth for all of last year stood at 8.4%.

"With this record remains the process of sustained growth, widespread and significant that it has been observed by seventeen consecutive quarters, beginning in late 2003," the agency said in issuing a communique.

As in the third quarter of last year, the public sector (14%) drove the economy in the fourth quarter, bringing the BCV attributed to the nationalization of the electricity and telecommunications companies. The private sector, however, registered an increase of just 4.8%.

Communications (18.9%), trade (14.8%), construction (13%), mining (10.4%) and transport (10.4%) were the five fastest growing economic activities in the fourth quarter.

In the totals of 2007 highlighted the growth of communications (20%), financial institutions and insurance (17%), trade (16.9%), transport (13.5%) and construction (13.3%).