Business & Economy

Maduro claims double-digit growth of Venezuela’s economy

Caracas, May 31 (EFE).- President Nicolás Maduro said Tuesday that the Venezuelan economy saw a double-digit growth in the first quarter of 2022. But he did not specify the figure.

“Venezuela has experienced growth above double digits in the first quarter of 2022. It is encouraging news, because the indicators, as the economic intelligence bulletin produced by economic experts says, the indicators are all showing improvement,” Maduro said during a Facebook live broadcast.

The president said the stability and sustainability of the exchange rate system, the slowdown of inflation, and the reproduction of bank credit helped economic growth.

On May 16, the Venezuelan Finance Observatory (OVF), an independent body of economic experts, said the economy grew by 7.8 percent in the first quarter of 2022 compared to the same period of 2021 due to an increase in oil activities.

According to OVF, the oil sector registered a 41.7 percent increase in production in the first three months compared to the first quarter of 2021.

The information is backed by data from the Organization of Petroleum Exporting Countries (OPEC), which shows a 41 percent increase in production between the two quarters, from an average of 533,000 barrels per day to 756,000.

On the other hand, the average activity of the financial sector fell by 7.9 percent in the first three months of 2022 compared to the first quarter of 2021, while the public sector contracted by 37.5 percent, according to the OVF.

The OVF estimates that if this growth trend continues and with an approximate oil production of 600,000 barrels per day, Venezuelan GDP will grow by about 8 percent this year. EFE


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