Venezuela FinMin Giordani sees growth by year’s end

* Recession ending, ministers says

* GDP rise is forecast by Q4

CARACAS, Sept 5 (BestGrowthStock) – Venezuela’s recession-hit
economy is recovering and should start growing by the end of
the year, Finance Minister Jorge Giordani said on Sunday.

“There’s no doubt that the economy is going to recover in
the third or fourth quarter,” Giordani told local TV station
Televen. “And it will continue recovering next year.”

Venezuela’s economy began contracting in early 2009, but
the worst seems to be ending. The second-quarter contraction of
1.9 percent was the lowest quarterly fall since the recession
began.

Giordani’s comments confirmed government optimism that the
economy has turned the corner and was about to start expanding
again. Officials have predicted a small below-zero growth for
2010 overall, with a GDP rise next year.

“The worst is over,” Giordani said.

Private economists agree that the economy is on an upturn,
but are still forecasting an overall annual contraction in the
South American oil exporter of around 3.0 percent or 4.0
percent for this year. They anticipate small growth for 2011.
(Reporting by Diego Ore, editing by Maureen Bavdek)

Venezuela FinMin Giordani sees growth by year’s end