Venezuela reports remarkable economic growth for 4 consecutive quarters

The President of the Central Bank of Venezuela (BCV), Calixto Ortega, announced Tuesday that the economy of the South American country had achieved remarkable growth in the gross domestic product (GDP) for four consecutive quarters, assuring that this is the highest increase in Latin America.

Ortega made this announcement during the official presentation of the statistical balance of the South American country’s economic data to the National Council of Productive Economy.

The spokesman for the Venezuelan National Treasury informed that the Venezuelan economy has shown sustained “double-digit” growth for four consecutive quarters.

He elaborated that in the third quarter of 2021, the economy grew by 14.85 percent compared to the same period in 2020, while in the fourth quarter of the same year, it increased by 19.07 percent.

In addition, growth in the first quarter was 17.04 percent, and an increase of 18.07 percent was reported in the second quarter of 2022.

The spokesman said that this success results from “hard work in which fiscal, monetary and exchange rate policies have been strengthened, and we have made progress in the main objectives of stabilization, lowering inflation, and entering a strong growth phase.”

In his opinion, there are “enough reasons to be optimistic about the rest of 2022 and the coming year 2023.”

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