Venezuela's GDP grew 2.6% in the second quarter of 2013, according to the president of the Venezuelan Central Bank. This growth rate fostered job creation and increased consumption, strengthening the economy. The Central Bank president said that Venezuela will continue working to consolidate production and economic growth over the next quarters. Additionally, Venezuela's GDP has expanded in 41 of the past 58 quarters, contracting in only 17 quarters due to events like oil price drops, global economic crises, and domestic political instability.