Venezuela sees 17.04% economic growth in first quarter of 2022

Venezuela recorded economic growth of 17.04% in the first quarter of the year 2022, according to the president of the Central Bank of Venezuela (BCV), Calixto Ortega.

The head of the BCV detailed that the country has had four quarters registering double-digit economic growth.

During the third quarter of 2021, the Venezuelan economy registered a rise and stood at 14.65%, while in fourth quarter growth was 19.07%, compared to the same period of the previous year.

The first quarter of 2022 saw 17.04% growth, compared to the same period of 2021, making it the highest figure in the region.

The Central Bank estimates that for the second quarter of 2022, the Venezuelan economy will obtain 18.7% increase, solely in the non-oil private sector.

Ortega says that the Venezuelan fiscal, monetary and exchange policy has been strengthened and progress has been made in the main objective: “the stabilization of the inflation path and to enter with strength in the growth part”.

President Nicolás Maduro highlighted that the Economic Commission for Latin America and the Caribbean (ECLAC/CEPAL) projects an economic growth for Venezuela between 5% and 10%.

“Good news for the country, record growth in the region, a growth in the real economy”, said the President, who attributed these results in large part to the effort, union and national work.

Venezuela increased its foreign trade by 76% in 2021 and ranked eighth in non-traditional exporting countries according to Vice President Delcy Rodriguez.

The information was announced during a meeting of the National Council of Productive Economy, held at the Ayacucho Hall of the Miraflores Palace, in Caracas.

By Kawsachun News with information from Venezuela’s Presidential Press Office