Venezuela and BCV flags at the BCV headquarters in Caracas. Photo: BCV.
Caracas (OrinocoTribune.com)—The Venezuelan economy has maintained its growth rate during the first quarter of 2025, with Gross Domestic Product (GDP) increasing by 9.32%. This surpasses the 9.13% recorded in the same period the previous year, according to the Central Bank of Venezuela (BCV).
A report released by the Venezuelan monetary authority this Thursday, May 1, stated that “with this result, the country has accumulated 16 consecutive quarters of economic recovery after years of contraction.” It also noted that annual GDP ended in 2024 with an 8.54% increase, reflecting a “sustained positive trend.”
The BCV highlighted significant contributions from oil activity (up 18.23%) and the mining sector (up 13.46%) to economic performance. These figures contrast with the global context of geopolitical tensions and inflationary pressures resulting from the violent economic and foreign policies of the US empire.
The report credited growth to the “heroic resistance of the Venezuelan people” against escalating illegal US colonial sanctions and public policies by the Maduro administration, aimed at reviving production. It also emphasized the economy’s resilience to the effects of the “US-led trade war,” which the BCV and most experts warn could slow global growth.
“The results of the last four years confirm that the Venezuelan economy is prepared to overcome challenges from international instability and unilateral [US empire] aggression,” the statement concluded. ‘Venezuela is advancing steadily, amid storms, toward recovery.”
Conflicting narratives
While mainstream media, local outlets, far-right political actors, and social media influencers have circulated claims of alleged wage discontent and economic slowdown, the reality in Venezuela’s streets reflects clear recovery indicators and broad optimism about economic performance.
On April 22, Venezuelan Transportation Minister RamĂłn Velásquez reported a 106% surge in air traffic during Holy Week. Earlier, Vice President Delcy RodrĂguez announced hotel occupancy rates exceeding 80% during the holiday period—also surpassing 2024 levels—alongside a 16.33% rise in tourist and vacationer travel.
In February, Venezuela’s National Association of Supermarkets and Self-Service Stores (ANSA) revealed that 97% of shelf products are now domestically produced. ANSA, the sector’s most influential business group, has traditionally opposed the government.
Challenges ahead
Despite optimism, most Venezuelans recognize that recent US imperial sanctions and the global trade war will negatively impact the country—though far less severely than the wave of sanctions that took place in 2018–2019, showing the public’s support for and belief in Chavismo and their government.
Special for Orinoco Tribune by staff
OT/JRE/AU
