(MENAFN) Venezuela's Central Bank President, Nelson Merentes, stated that during the current year, the country's economy expanded 5.5 percent from 4.2 percent in 2011, reported Xinhua News.
Merentes said that the figure so exceeded the target of 5 percent set in the national budget for 2012.
He added that the Venezuelan private sector accounted for 3.5 percent of 2012 economic growth.
Furthermore, the construction sector jumped 16.8 percent in the year, driven by the government's housing program, which saw 316,718 houses constructed between 2011 and 2012.
On the other hand, the oil industry, which produces around 3.1 million barrels of crude oil per day, expanded by just 1.4 percent.
The country's trade and services posted a growth of 9.2 percent and the government's goods and services sector gained 5.2 percent.
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