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Venezuela Oil-Driven Budget Woes Concern Construction Efforts

Publication Date: 3/27/2009
Author: C.J. Schexnayder
Format: HTML

Description:
As Venezuela’s government has undertaken the difficult task of recasting its budget to handle the new economic pressures — notably the precipitous fall in oil prices — construction interests are watching the developments with concern. In a nationally-televised announcement last Saturday, Venezuelan president Hugo Chavez unveiled a new initiative of austerity measures and tax hikes to meet the country’s growing budget shortfall. More than 90 percent of Venezuela’s export revenue comes from oil whose prices have plummeted more than 50% in the past nine months.

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