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News > Venezuela

Venezuelan Economy To Grow 18.7% Second Quarter: Central Bank

  • Venezuelan Growth Rate

    Venezuelan Growth Rate | Photo: VTV-BCV

Published 23 August 2022

The president of the Central Bank of Venezuela, Calixto Ortega, said on Tuesday that, according to the entity's first estimates, the country's economy would grow by 18.7 percent in the second quarter of 2022.

"The first estimate we have from the private sector is giving us a value of 18.7 percent growth," Ortega detailed during a broadcast of the state-owned Venezolana de Televisión channel.

At the same time, the president of the financial entity detailed that during the first quarter of the year, the growth was 17.4 percent and emphasized that it is the highest increase registered in Latin America.

 Investors Interested in Venezuela, Says President Maduro

For his part, President Nicolás Maduro highlighted that a new economic model is being developed in the country due to the effects of the sanctions imposed by the United States.

"After having faced the hardest of the consequences of these criminal measures, of these criminal sanctions against our country, today we can say, Venezuela has found its way to growth, it has found its way to a new economic model that we have to go blunting," he detailed.

According to the Venezuelan Government, since 2015 against the country more than 500 sanctions have been executed to affect its entire productive system, leading to the deterioration of the Venezuelan's purchasing power, up to 90 percent.

However, international organizations foresee an increase in the economy of 1.5 and 20 percent this year.

On August 23, the Economic Commission for Latin America and the Caribbean (ECLAC) increased the growth projection of the nation's Gross Domestic Product by 10 percent.

Meanwhile, in April, the Swiss financial services company Credit Suisse estimated that the Venezuelan economy could reach a growth of 20 percent in 2022.

For its part, the International Monetary Fund (IMF) estimated that Venezuela's GDP would grow 1.5 percent this year, according to data published in its World Economic Outlook report.

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