Venezuelan President Nicolás Maduro (left) and Vice President Delcy Rodríguez (right). Photo: X/@ViceVenezuela.
The president of Venezuela, Nicolás Maduro, held a conference with the National Council of Economy in Caracas, where he reported that over the course of the last nine quarters, since 2021, the country has recorded consecutive economic growth across all economic sectors.
During the meeting this Tuesday, November 28, President Maduro said that the growth of the oil industry has been stabilized, and also recognized the significant increase in exports during 2023.
The president said that while he believed the private sector should occupy a fundamental and leading position in production, commerce, and expansion of the country’s wealth, he demanded that the public sector reinvent itself for the Venezuelan people in the face of the new economic and commercial model that is being consolidated.
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Economic growth data
- Commercial activity has shown signs of recovery since the second quarter of 2021, registering an increase of 3.7% in the third quarter of the current year.
- For five consecutive quarters, agriculture has maintained solid growth of more than 5%.
- Oil activity grew by 12.99% in the third quarter of this year.
- Venezuela registers an internal supply of more than 96%, the highest rate within the country in the last two decades.
- The fishing sector has reported a solid increase in exports this year, with a 30% increase.
- Agriculture has reported solid growth of more than 5% for five consecutive quarters, culminating in the third quarter of 2023 with a growth of 5.2%, and a cumulative growth in the first three-quarters of 5.32%.
- Venezuela reports the slowest devaluation of the bolivar since the exchange tables were created in 2019. October 2023 had registered the slowest devaluation since the beginning of the economic aggression by the US empire and the subsequent war economy of 2016, and was the lowest since 2012.
- From July to September 2023, inflation has been the lowest since the third quarter of 2014, in the midst of the war economy that has been maintained as a result of the unilateral and illegal US sanctions.
- Credit, reported in US dollars, has grown 85% in the 12 months between September 2022 and September 2023.
Economic stabilization
In order to protect the national economic system, the president announced that his government will implement a special plan for the years 2024, 2025, and 2026, aimed at financial support in all economic sectors.
President Maduro announced the creation of the Tax Harmonization Council, as well as the publication of the tables of the maximum amounts for municipal and state taxes.
All economic sectors were invited to continue advancing the consensus of the new era for Venezuela, and called on the National Economic Council for the recovery and financial growth of the country. The president added that “this is the stage for dialogue, understanding, and cooperation in the management and governability of our economy.”
(RedRadioVE) by Verónica Chacón Cascio with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/AU
