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In Q3 2023, oil and gas extraction expanded by 13 percent, which in turn allowed a significant increase in exports.
During a meeting of the National Productive Economy Council held on Tuesday, President Nicolas Maduro confirmed that Venezuela has experienced growth in various economic sectors over the last nine quarters.
"This year, the positive trend in economic growth has been consolidated. I can confidently say that Venezuela has happily seen nine consecutive quarters of harmonious economic growth across all sectors," he stated.
The trend towards increased production indices "remains and is on the rise for the last quarter of this year, which is expected to be better, with increased commercial and economic activity."
In Q3 2023, the extraction of crude oil and natural gas expanded by 13 percent, which in turn allowed a significant increase in exports.
The upcoming referendum asking voters to back Venezuela's longstanding territorial claim over the Essequibo Strip has stirred up a lot of enthusiasm. Campesino movements, headlined by the recently formed, "Small Farmers Movement," are driving in a caravan to the border pic.twitter.com/fT1HZgwEvu
For five consecutive semesters, the agricultural sector has experienced growth rates exceeding 5 percent, while there has been a 30 percent increase in the export of fish and seafood.
"Private manufacturing accumulated 10 quarters of sustained growth with 24 percent," the Bolivarian leader said, adding that credit grew 85 percent during the last few months.
Maduro also noted indicators of recovery in the production of food, industrial, agro-industrial, and pharmaceutical goods. This revival suggests that fiscal revenue could reach US$6 billion in Q4 2023, which will represent a 66 percent increase compared to last year.
The Bolivarian leader also demanded the permanent and definitive lifting of unilateral coercive measures affecting the Venezuelan economy.
"President Joe Biden, Venezuela by consensus demands that all economic sanctions be permanently and definitively lifted, and that we initiate a new era of U.S.-Venezuela relations based on respect and collaboration," Maduro said.
#FromTheSouth News Bits | Venezuela: Vice President Delcy Rodriguez highlighted that the Republic Plan will deploy more than 300,000 troops to guarantee the security of voters during the popular referendum next Sunday. pic.twitter.com/oTo27OKiaf