Venezuelan Minister of Economy and Finance Calixto Ortega during his interview on VTV. Photo: VTV.
The Venezuelan vice president of Economy and Finance, Calixto Ortega, said that the comprehensive minimum wage increase announced on May 1 is a direct result of the recovery of the national productive apparatus. Venezuela’s economy has maintained growth for 20 consecutive quarters.
In an interview with the state media channel Venezolana de Televisión (VTV) on Friday, May 1, Ortega stated that this growth is the result of “work carried out with great determination and a continuous dialogue that has led to national unity regarding policies aimed at improving workers’ income.”
“Part of the success of the economic policy has been the ongoing dialogue,” he remarked. “The issue of income is obviously one of the most important topics; it is where all the results we are expecting in terms of economic growth and the increase in the country’s income are. None of this data that I am showing would be useful if it does not translate into the well-being of families.”
He explained that according to indicators measured by the national government, “household consumption has been steadily increasing” since 2024.
He added that preliminary data from the Central Bank of Venezuela (BCV) indicate increased activity during the first quarter of 2026.
“The preliminary information we have for the first quarter is already showing a single-digit growth, between two and three percent. The bank should announce this, as it is its responsibility, within the first fifteen days of May,” Ortega said.
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Recovery of the oil industry and food sovereignty
Regarding the oil sector, Ortega acknowledged that the industry suffered a decline caused by the US military invasion on January 3. However, it is recovering at a “significant pace.” By the end of April, production reached 1.2 million barrels per day, representing a growth of nearly 20% driven by national effort and new strategic agreements.
Referring to the sector’s historical evolution, Ortega noted that after the dramatic 95% drop in oil revenues due to the US blockade, the economy began undergoing a structural transformation. “In 2012, we exported oil and imported most of what we consumed. Today, the situation is changing,” he explained.
He emphasized that the current supply of goods is based on internal production, a lesson learned from the years of greatest crisis. “Today, the vast majority of the products consumed by Venezuelans, such as chicken and meat, are produced in Venezuela,” he said, noting that the country is still at one-third of its potential productive capacity, but is moving forward with a clear upward trajectory.
Translation: Orinoco Tribune
OT/SC/SF
