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News > Venezuela

Venezuelan Economy Grows 12.3% in Q1 2022

  • A supermarket in Venezuela.

    A supermarket in Venezuela. | Photo: Twitter/ @laprensalara

Published 26 July 2022

Currently, this South American country is producing some 700,000 barrels of oil per day despite the U.S. economic blockade.

On Monday, the Venezuelan Finance Observatory (OVF) confirmed that the country's gross domestic product (GDP) increased by 12.3 percent during the first half of 2022 compared to the same period in 2021, when it contracted 28 percent.


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As explained by this independent organization, the expansion of the Venezuelan GDP is the result of the increase in oil production and public investment, which has been accompanied by the end of hyperinflation.

The Observatory also registered an increase of 16.6 percent in the country's GDP during the second quarter of 2022, highlighting that oil production increased by 36.3 percent. Currently, Venezuela is producing some 700,000 barrels of oil per day.

Accompanying the national output expansion is also an increase in the loan portfolio, which showed a 21 percent rise in consumer loans.

President Nicolas Maduro's tweet reads, "Our people have the power to continue building a prosperous homeland by integrating all productive forces so as to contribute to the economic takeoff. The victorious destiny of Venezuela rests in their hands!

On July 13, Venezuela's President Nicolas Maduro anticipated that his country's economy had grown by 2 digits in the first half, but he did not provide further details as that task falls to the Central Bank (BCV).

Experts consider, however, that the Venezuelan economy will be able to grow between 5 and 8 percent until the end of the year if the trend continues.

These figures constitute a remarkable achievement given that the Venezuelan economy began to decline in the fourth quarter of 2014 due to the U.S. blockade against the Bolivarian revolution and the fall in international oil prices.

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