Despite Washington’s hardening of sanctions in April and the recent exchange rate pressure, the Venezuelan economy has continued to report growth. According to the BCV, the country’s GDP increased by 8.4 and 8.8 percent in the first and second trimesters, measured with respect to the same period in 2023.
The Central Bank has now registered 13 consecutive quarters of GDP improvement dating back to the end of 2021. For its part, the Maduro government has expressed confidence that the economy’s growth can reach double digits for 2024. It would mark a fourth straight year of GDP recovery following seven years of recession.
However, given the scale of the economy’s contraction, Venezuela would require 12 more years of 10 percent growth to return to 2013’s GDP level.
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Publish date : 2024-09-08 08:20:00
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