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News > Venezuela

Venezuelan Growth in Q1 2024 Exceeds IMF Projection

  • Venezuelan Vice President Delcy Rodriguez (R), May 9, 2024.

    Venezuelan Vice President Delcy Rodriguez (R), May 9, 2024. | Photo: X/ @RedNotiCCojedes

Published 9 May 2024

President Nicolas Maduro said that the his country's economy will grow by 8 percent in 2024.

On Wednesday, Venezuelan Vice President Delcy Rodriguez confirmed that her country's Gross Domestic Product (GDP) growth during the first four months of 2024 exceeded the forecasts of the International Monetary Fund (IMF).


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During the 7th edition of the Retail Radiography 2024 event, she stated that the official growth figures coincide with the numbers reported by Venezuelan entrepreneurs.

"The data indicate that we have grown two percentage points above the first four months of 2023. What does this mean? Economic expansion for the rest of the year will be much better than the growth in the first four months of 2024," Rodriguez explained.

"Additionally, Venezuela records the best supply index in the last 20 years as shortages have been reduced to 3 percent," she added.

The text reads, "We are in a limitless new, Venezuela of growth and well-being, which fights to consolidate socialism in favor of the people. At Portuguesa we are an example of the hard work of a great government team with the political will to overcome adversities."

In explaining these figures, the Venezuelan vice president highlighted the policies to promote national production established by President Nicolas Maduro.

She also emphasized the significant contribution that Venezuelan entrepreneurs are making as they invest in the country's productive revitalization, the well-being of the people, and the recovery of workers' purchasing power.

Between 2020 and 2024, over 76,000 new businesses were established in Venezuela, with 246 new brands and 2,265 new products appearing in the domestic market.

This happened despite the over 930 unilateral coercive measures imposed by the United States against Venezuela, which "affect citizens without any distinction," Rodriguez pointed out, adding that her homeland will continue to develop productive capabilities.

Venezuelan GDP growth was 5 percent at the end of 2023, when economic authorities recorded 11 quarters of productive economic expansion.

On Monday, President Maduro said that the Venezuelan GDP will grow by 8 percent in 2024, according to a report on prospects for the Latin American economy in 2024, thus exceeding the 4 percent rate expected by the IMF in mid-April.

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