“Venezuela’s GDP Increases 8.78% in the Second Quarter of 2024”: Central Bank Reports

Photo: Banco Central Venezuela

August 29, 2024 Hour: 10:36 pm

The achieved represents the continuation of the economic recovery process initiated in the second quarter of 2021.

The Central Bank of Venezuela (BCV) reported on Thursday that the Gross Domestic Product (GDP) increased by 8.78 percent in the second quarter of 2024, while in the first quarter the recorded increase was 8,40 per cent, always in relation to the same period of the previous year.

The entity also noted that the achieved represents the continuity of the process of economic recovery initiated thirteen quarters ago, ie, in the second quarter of 2021, and is based on «the resistance of the Venezuelan nation, political and economic actions and collaboration of sectors in building the new economic model», according to the report.

In this connection, he noted that unilateral coercive measures continue to have an adverse impact on the development of economic movements, The impact on the development of sectors of the economy is not independent of the actions taken to avoid this.

In the second quarter of 2021 and specifically between 2019 and 2020, the Venezuelan economy suffered declines in economic activity. As a result of the deepening of coercive measures since 2019, it experienced contractions obstacles in operational processes and in the conduct of economic policies.

El Producto Interno Bruto (PIB) de Venezuela aumentó 8,78% en el segundo trimestre de 2024. Así lo dio a conocer el Banco Central de Venezuela. Van 13 trimestres de crecimiento continuo pese al castigo colectivo que impuso EEUU desde 2015 con la aplicación de sanciones. pic.twitter.com/6D0zgddx3T
— Karen Méndez (@Karenmendezl) August 29, 2024

Venezuela’s Gross Domestic Product (GDP) increased by 8.78% in the second quarter of 2024, according to the Central Bank of Venezuela. This is the 13th quarter of continuous growth despite the collective punishment imposed by the US since 2015 with the application of sanctions.

At a time when the national economy is undergoing a phase of economic recovery, it is necessary to keep in the collective memory the nation’s economic losses since 2015, due to the initiation of these measures.

In the midst of unilateral aggression by the governments of the United States, the European Union and other countries have sought to subjugate Venezuela, the nation’s economy is recovering thanks to the collaboration of the people.