Sustained Economic Growth in Venezuela: GDP Increases 8.5% in the First Quarter of 2024

December 2, 2024 Hour: 9:45 pm

In this regard, he mentioned a 42% increase in purchases in domestic trade during the last weekend compared to the same period of the previous year.

The President of the Republic, Nicolás Maduro Moros, recently announced that Venezuela’s Gross Domestic Product (GDP) experienced a remarkable 8.5% growth during the first three months of 2024, marking the 14th consecutive quarter of economic expansion.

During his program “With Maduro+”, the president stressed that this economic growth has been driven by an increase in trade, domestic credit, and the activity of productive sectors. “There is overheating of the economy,” he said, noting that expansion has neutralized attempts at destabilization.

In this regard, he mentioned a 42% increase in purchases in domestic trade during the last weekend compared to the same period of the previous year.

President Maduro also shared encouraging figures on the performance of various economic sectors: agriculture grew by 6.2%, manufacturing by 4.6%, and construction reached an impressive 25.9%. Oil activity, which is fundamental to the Venezuelan economy, grew by 14%. He also stressed that the Venezuelan industry has increased its operational capacity to 45%, compared with only 18% in 2019.

As for tax collection, the chairman indicated that it has grown by 120%, reflecting a direct correlation between production and collection.

The bank loan portfolio also showed a significant increase of 87.6%, democratizing access to finance. In November, loans were granted to more than 848,000 people involved in the productive sector, including women and young entrepreneurs.

Surveys among Venezuelan entrepreneurs show growing optimism: 65% of them report an improvement in the economic situation of their companies in the last quarter, and 64% project an even more promising future for 2025.

“We know what we’re doing. It’s a miracle, but we have a plan, and in the economy, we will continue to move forward,” concluded Maduro, reaffirming his commitment to the economic recovery of the country.

This growth has occured in a context where inflation has fallen to its lowest level in 25 years, which the president described as a victory over hyperinflation that has affected the country in previous years.