Venezuela, led by President Nicolás Maduro, has seen its economy grow for nine straight quarters.
This growth signifies a positive shift towards diversifying the nation’s industries.
In particular, the oil sector, a key part of Venezuela’s economy, increased by 12.99% in the recent quarter.
This rise is mainly due to boosted oil and natural gas production. President Maduro credits this success to internal efforts, highlighting the country’s resilience.
In the realm of agriculture, there’s also been notable progress. The sector has grown for five quarters in a row, reaching a 5.2% increase in the latest quarter.
This consistent growth, totaling 5.32% over the year, shows a robust agricultural sector.
The fishing industry has also made significant strides. Thanks to the hard work of fishermen and industry workers, fish and seafood exports surged by 30% this year.
This increase not only boosts the economy but also puts Venezuelan seafood on the global market.
Turning to manufacturing, the private sector has seen impressive and continuous growth. Over the last ten quarters, it grew by 3.93% in the most recent one.
This consistent growth indicates a strong and evolving manufacturing sector.
Maduro also focused on the commercial sector’s expansion. This growth suggests a more vibrant domestic market and better business opportunities.
Tax revenue is another area of success. The government expects to collect nearly 6 billion dollars by year-end.
Importance of Tax Revenue
Maduro emphasizes the importance of tax revenue for national prosperity. He believes a strong tax culture leads to a better economy.
Inflation, often a challenge, has improved. The rate between July and September this year was the lowest since 2014.
This decrease in inflation is a positive sign, showing economic stability.
Finally, Maduro urges all social and economic groups to contribute to the country’s ongoing economic recovery.
He believes unity, beyond political differences, is key to sustaining this economic progress.
This call to action aims to strengthen Venezuela’s economy further and ensure long-term growth.
More: Venezuela news in English, every day from The Rio Times.
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This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error
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