Venezuela's economy grew 7.1 percent during the second quarter of 2008, according to Central Bank figures released Tuesday.

Growth slowed in comparison with 8.6 percent expansion in gross domestic product in the April-June period in 2007.

Oil-related GDP grew 3.2 percent, while non-oil GDP grew by 7.8 percent.

Communications and construction showed the fastest expansion, 24.6 percent and 11.7 percent respectively.

Some investors have been jittery as President Hugo Chavez moves to nationalize foreign cement companies, Venezuela's largest steel maker and its third-largest bank this year.

But the Central Bank said private enterprise mostly is fueling growth.

Chavez said in a speech later Tuesday that Venezuela's second-quarter performance shows the country is "one of the first places in the entire world" in economic growth.