Workers at a meat production facility in Venezuela. Photo: File photo.
Venezuela’s Gross Domestic Product (GDP) has grown by 2.51% during the first quarter of 2026, driven by non-oil activity, which registered a 3.11% increase, according to a report published by the Central Bank of Venezuela (BCV) on its website.
According to the document, Venezuela has accumulated 20 consecutive quarters of growth. In the first quarter of 2026, the sector that reported the greatest growth was financial activities and insurance with 13.46%, followed by trade and vehicle repair with 8.67%, accommodation and food services with a growth of 7.48%, manufacturing with 6.35%, agriculture with 5.44%, transportation and storage with 4.91%, and the information and communications sector with an increase of 4.79%.
Local and international corporate media outlets framed the BCV announcement as a deceleration, highlighting that the economy “only grew 2.51%” in a clear demonstration of political bias. However, economists point out that, historically, first-quarter GDP figures in Venezuela are consistently the slowest of the fiscal year, regardless of the previous year’s performance.
Additionally, economic analysts noted that during the final months of 2025, Venezuela was economically asphyxiated by the US empire’s naval blockade that nearly paralyzed the oil industry and disrupted almost all international trade actors. This hostile measure undoubtedly impacted the pace of economic growth during the first quarter, they explained.
The BCV report also reflects growth in real estate, professional, scientific, technical, administrative, and support activities with 2.92%; education, health, entertainment, and other services with 2.61%; mining with 1.86%; and general government services with 1.49%.
On the other hand, the document reveals that the construction, electricity, and water sectors fell 18.30% and 0.99%, respectively.
Oil Gross Domestic Product (GDP) also fell 2.12% due to the naval blockade maintained by the US entity against Venezuela, which temporarily heavily affected oil marketing in January.
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In early May, the BCV President Luis Alberto Pérez, highlighted that despite external challenges and the US naval blockade, non-oil activity grew strongly enough to keep the national GDP in positive territory.
“Oil production is decreasing, and the phenomenon occurring here is that non-oil production is growing enough, even as oil production declines, to guarantee that GDP will be positive in the first quarter,” he stated during an interview on VTV. “This doesn’t mean we are no longer dependent on oil production or that we are freeing ourselves from being an oil-producing country, but it does mean that we are growing enough beyond oil to defend our economy, and that even in the worst circumstances we are able to achieve economic growth.”
(Diario Vea) by Yonaski Moreno with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/AU
