Venezuelan GDP registered growth of 17.73% in 2022 compared to the previous year: BCV

The Venezuelan Gross Domestic Product (GDP) would have registered a growth of 17.73% between January and September of this 2022, after having come out of a hyperinflationary picture at the beginning of the year, according to a press release issued by the Central Bank of Venezuela (BCV).

The highest financial entity in the country assured that the economic rebound experienced by the country during that period occurred within the framework of a global slowdown, and is 27.09% due to oil activity while non-oil activity stood at 14.49% compared to the year 2021.

The BCV attributed the one-off growth in oil activity to the recovery in crude production capacity since the end of 2021, with the collaboration of joint ventures, with the largest increase recorded by the industry during the first quarter, in 37.69%.

The figure that was maintained in the second quarter of the year, with 37.55%, experienced a drop in the third quarter, with only a growth of 8.48% in oil activity.

Of the sectors that registered the highest growth in the months indicated by the BCV, which did not refer to inequality in the population impact, manufacturing stood out with 39.61%; transportation and storage with 54.35%; trade with 25.28%; general government services with 12.08%; electricity and water with 3.23% and communications with 0.36%.

Between the public and private sectors, there is a variation of about 5 percentage points, benefiting the public in terms of growth, with 20.03% while the private grew 15.55% between January and September.

In the case of the public manufacturing industry, the BCV indicated a punctual growth of 36.27% during the indicated period, with a result that is due to the reactivation of public companies such as Venalum, Alcasa, Pequiven and Lácteos Los Andes.

Special mention was also made of the growth of imports of goods and services, which registered a figure of 11.43%, with the highest of them observed in the first quarter, 27.19%, while exports marked an increase of 32 .57%.

With information from Bloomberg

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