Experts say Venezuelan economic activity grew 12.3% in first half of year

The Venezuelan Financial Observatory, a body of independent economic experts, said Monday that Venezuela’s economic activity grew by 12.3 percent in the first half of the year compared to the same period in 2021.

A report released today by the said body stated that the main cause of Venezuelan economic growth is an increase in oil production, increased spending by the Venezuelan government, and the end of hyperinflation.

The Observatory pointed out that economic activity increased by 16.6 percent in the second quarter of this year.

The agency clarifies that this is modest growth considering Venezuela’s harsh economic contraction in recent years.

The report states that consumer credit “had a modest upturn of 21 percent.”

Various national and international economic analysts expect Venezuela to grow between 5 and 10 percent annually in 2022.

The Venezuelan Financial Observatory’s estimates are consistent with comments made by Venezuelan President Nicolás Maduro, who said on July 14 that “we have double-digit growth for Venezuela’s productive economy in the first half of the year.”

With information from Xinhua