Venezuelan Economy Grew Over 17% Until September 2022

Venezuelan Economy Grew Over 17% Until September 2022
Fecha de publicación: 
31 December 2022
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Over the first eight months of the year, the real annual growth rates were 27.09 percent in the oil sector and 14.5 percent in non-oil activities.

On Friday, the Central Bank of Venezuela (BCV) published a report showing that the gross domestic product (GDP) grew by 17.73 percent between January and September 2021. This percentage is measured at constant prices and with respect to the same period of 2021.

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In a more disaggregated way, the Venezuelan economy grew 17.45 percent in the first quarter, 23.30 percent in the second quarter, and 13.22 percent in the third quarter.

In the January-September period, the Venezuelan oil sector had a growth of 27.09 percent. This result is the consequence of a significant increase in oil value added, which began in the Q3 2021 thanks to the recovery of production capacity through public and mixed companies.

Regarding non-oil sector, the Venezuelan GDP experienced a growth of 14.5 percent in the first eight months of the year. The economic activities with the highest growth rates were transportation and storage (54.4 percent), manufacturing (39.6 percent), trade (25.3 percent), and government services (12 percent).

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In that same period, the gross value added (GVA) generated by construction activities experienced a 35.5 percent increase, a result that was driven by the 149 percent increase registered in Q2 2022.

"This significant recovery resulted from the increase experienced in works demanded by the public sector (155.7 percent) and the private sector (49.8 percent)," the BCV explained, adding that the construction of non-residential works was essential for the expansion of the sector.

In 2023, the BCV will publish figures on the performance of the Venezuelan economy from January to December. Meanwhile, the UN Economic Commission for Latin America (ECLAC) estimates that the Venezuelan GDP will increase by no less than 10 percent in 2022.

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