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Venezuela's Economy Expanded 9.4% in 2005

by Peter Wilson
December 29, 2005

Venezuela's economy grew 9.4 percent in 2005 as President Hugo Chavez boosted government spending and increased subsidies for the South American country's poor.

Gross domestic product, the broadest measure of a country's production of goods and services, expanded for a ninth quarter in the October-to-December period, Central Bank President Gaston Parra said in a statement, without giving the fourth-quarter figure. Venezuela's economy expanded 17.9 percent in 2004.

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