Venezuela’s economy growing at record pace
2022.12.30 12:46
Venezuela’s economy growing at record pace
Budrigannews.com – After an eight-year economic collapse, the central bank of Venezuela in South America reported on Friday that the country’s economy expanded by 17.73 percent year-over-year in the first three quarters of 2022.
After a state-controlled model failed to produce results, the economy plunged into crisis, causing over 7 million Venezuelans to flee the country.
In 2019 President Nicolas Maduro’s administration, confronting U.S. sanctions, loosened up confidential area guidelines to permit more unfamiliar money inflows. Even though the move helped some industries, annual inflation continues to be high, reaching 155% in October, and more than half of Venezuelans are poor.
After a gap of three years, the central bank of Venezuela began publishing some economic data more frequently this year. It presently can’t seem to continue revealing its remarkable equilibriums.
The bank said in a statement that non-oil activity increased by 14.49 percent while oil activity increased by 27.09 percent from January to September last year.
The “recovery of production capacity” was cited as the reason for the increase in oil activity. Despite the fact that OPEC data indicate output of 600,000 to 700,000 barrels per day (bpd), the bank did not report the country’s production volumes.
During this time, the manufacturing sector rebounded, expanding by nearly 40%, with food, chemicals, machinery, and plastic leading the way.
Commerce increased by 25.18 percent and construction by 34.45 percent respectively. The central bank added that imports increased by 11.43 percent and exports by 32.57 percent.
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