Venezuela’s GDP grew by 17.73% in nine months

OThe data were released after the International Monetary Fund (IMF) published economic forecasts for 2023, the year in which it forecasts that Venezuela’s GDP will grow by 6.5%.

“Venezuela’s GDP accumulated between January and September ended with an increase of 17.73%, compared to the same period of 2021”, explains the BCV in a statement.

According to the BCV, “Venezuela’s GDP recorded a one-off growth of 17.45%, 23.30% and 13.22% in the first, second and third quarters of 2022, of 17.45%; 23.30% and 13 .22% in the first, second and third quarters of 2022, respectively”.

The BCV explains that the increase in GDP took place in a context of “recovery of the global economy in 2021, as a result of the easing of the quarantines introduced to combat the covid 19 pandemic”.

According to the BCV “the available records for 2022 show a generalized global slowdown”.

“The appearance of other variants of the coronavirus, as well as the emergence of conflicts in Eastern Europe, triggered new alerts in the global economy, due to the persistence of interruptions in supply chains and shortages of containers, the increase in energy prices and the increase in inflation,” he explains.

The BCV stresses that “with this result, there are five consecutive quarters in which positive variations are evident in most economic activities, reflecting the favorable performance of the national productive apparatus, which began in the third quarter of 2021”.

On the other hand, he explains that the oil activity recorded, during the same period (January to September 2022), a one-off growth of 27.9%, and the non-oil activity of 14.49%.

The positive evolution, according to the BCV, was also registered in the sector of transport and storage (54.35%), manufacturing (39.61%), commerce (25.28%), public services (12.08%), electricity and water (3.23%), and communications (0.36%).

On December 29, the International Monetary Fund revealed that it forecast that Venezuela’s economy will grow by 6.5% in 2023.

On the other hand, the Venezuelan Industrial Confederation (Conindústria) predicts that the Venezuelan industrial sector will grow between 5% and 7% during the first half of 2023.

This growth, according to Luigi Pisella, president of Conundústria, will be influenced by oil activity, namely the return of the North American oil company Chevron to the country, the easing of international sanctions and the local behavior of inflation.

According to the Venezuelan press, this growth takes place after Venezuela registered a contraction of 80% of GDP between 2014 and 2020.

Also Read: Venezuela exempts travelers from PCR tests but requires full vaccination

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