The Venezuelan economy grew at a rate of 5.6% in 1997, climbing out of the previous year's recession. This result was once again influenced by a notable (nearly 9%) expansion in the oil sector, although the other sectors also stepped up their activity levels, availing themselves of an improved macroeconomic climate and the favourable expectations generated by the implementation of the "Agenda Venezuela" adjustment programme in 1996. Thus the upward trend of unemployment was halted, and in the second half of the year the jobless total fell below 11%.

Related Subject(s): Economic and Social Development
Countries: Venezuela
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