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Message: Venezuelan economy grew 4.9 percent in 2008
CARACAS, Venezuela (AP) - Venezuela says its economy grew 4.9 percent this year — the slowest expansion since 2003.
The South American nation has seen strong economic growth in the past few years thanks in large part to high oil prices that have brought in booming revenues.
The 2008 growth figures announced Monday by the Central Bank are down from 8.4 percent last year as the financial crisis hit crude prices, which make up 94 percent of exports.
The government had initially projected 6 percent growth for this year.
Venezuela's oil sector grew by 3 percent — down from 6 percent in 2007 — while the non-oil economy expanded by 5.3 percent.
© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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