Venezuelan President Nicolás Maduro during his annual message to the nation on Wednesday, January 15, 2025. Photo: Presidential Press.
The president of Venezuela, Nicolás Maduro, has reported that over the course of the year 2024, the nation’s economy grew by over 9%, according to preliminary data from the Central Bank of Venezuela (BCV), and highlighted the positive figures of annual and monthly inflation successfully kept under control.
“In these years we have made important progress in economic recovery under a new model,” said the head of state this Wednesday, January 15, during his Annual Message to the Nation in a ceremony held at the Teresa Carreño Theater in Caracas. “We have recovered the country’s productive capacities, and we are on track to continue growing and developing our Venezuelan productive apparatus. We have managed to build a new powerful internal market with national-level production.”
President Maduro highlighted the fact that the minister of industries and president of the International Center for Productive Investment (CIIP), Alex Saab, managed to generate and sign contracts for over US$52 billion of investment in the areas of oil, gas, tourism, petrochemicals, mining, and heavy industry, among others, over the course of 2024.
Economic sectors that grew
The Venezuelan head of state showed how, according to BCV data, the construction sector grew 25.9%, while mining reached 21% growth. “The growth horizon of these two sectors is often lost from view,” he pointed out, taking care to showcase all sectors with equal import.
He also highlighted the 14% increase in the oil sector, which exceeded one million barrels of daily production. Agriculture maintained a growth of 6.2%, keeping a record of 16 consecutive quarters of growth.
Vehicle trade and repair showed an increase of 6.2%, regarding which President Maduro noted that the “overheating” that this sector experienced in the last quarter of last year has yet to be evaluated, although the indicators are positive. Concurrently, the manufacturing sector grew by 4.6%.
“The most important thing is that the domestic market operates on a basis of national production, made in Venezuela,” the head of state emphasized, adding that 85% of the products currently available in supermarkets are produced within the country.
“These are organic products, without poison,” he continued. “In Venezuela, poisoned seeds, which they call transgenic to give them a decent name, are prohibited,” he explained, warning agriculture authorities to continue to monitor this prohibition.
Annualized and monthly inflation
The president further recalled that during 2024, the lowest monthly inflation in the last 40 years was achieved in just a few months.
“We have reached here from an inflation rate of 344,000% in February 2019,” he noted, “in the middle of the coup d’Ă©tat of GuaidĂł. Tell me which country can withstand that.”
The head of state also said that the figure of annualized inflation at the end of last year was the lowest it had been in the last 12 years, at 48%. “In 2025, we are headed for the better,” he said. “We have defeated hyperinflation, we have controlled inflation, and now we are going to defeat it completely.”
Facilitation of procedures and new ministry
The Venezuelan president announced that next week, the decree to minimize and simplify all export procedures and protocols will come into effect, establishing the unification of these procedures for all business people and entrepreneurs in the country. “With this, we will go from 51 days [for procedures] to 10,” he claimed, adding that artificial intelligence mechanisms will be implemented in the new export system.
President Maduro also announced the creation of the Ministry of Foreign Trade, and appointed deputy foreign minister for Europe, Ambassador Coromoto Godoy, as head of the new institution, which will coordinate all Venezuelan foreign trade institutions.
Additionally, the president founded the Venezuelan National Entrepreneurship League to promote innovation and the development of all new ventures, as well as to advance apprenticeships, national and international contacts, credits, mentoring advice, and brand promotion.
Tax collection
President Nicolás Maduro announced that a significant increase in tax revenue had been accomplished, which reached US$12 billion. This increase represents a 110% growth compared to the previous year, when tax revenue was US$5.7 billion.
Despite the achievement, the dignitary acknowledged that there are still challenges to be faced, such as tax evasion, and emphasized the need to move forward with tax reform to improve and expand the existing system.
He also mentioned that the US$600 million fund established in the budget will be allocated to projects in the 5,297 communal circuits across the nation, which will further strengthen infrastructure and public services in the country via the popular consultation.
(Ăšltimas Noticias) with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/AU
