Venezuelans buy food products in a supermarket. File photo.
The ultraconservative Venezuelan Confederation of Industrialists (Conindustria) reported that the private sector production in Venezuela grew by 7.6% in the third quarter of 2024 compared to the same period in 2023.
The conglomerate of private business owners stated that the industrial growth statistics were obtained from the Industrial Situation Survey conducted by the organization through the System of Statistical Information of Conindustria (SIEC).
The data further revealed that during the third quarter, private industrial production grew by 11% in June, 10% in August, and 2.2% in September.
Conindustria President Luigi Pisella reported that 72% of private manufacturing companies hope to increase production in the next quarter.
According to the survey, “as far as sales are concerned, 59% of the industry-owners responded that sales increased in this quarter compared to the same quarter of 2023. On par with that, 64% estimated that the volume of their unit sales will also increase.”
The study reported that the best-performing sectors during this period were pharmaceuticals (74.6%), car parts (69.7%), wood and paper (25.4%), food (14.3%), plastic and rubber (6.1%), and other industries (21.5%).
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Venezuela’s ongoing economic recovery has been recognized by the United Nations. The United Nations Development Program’s (UNDP) October 7 report, Macroeconomic Performance of Venezuela: Second Quarter of 2024 and Perspectives for the Year, stated that “the Venezuelan economy is set to experience a projected 6.1% GDP growth, resulting from the recovery of oil (14.2%) and non-oil activities (4.6%).”
Russian President Vladimir Putin praised Venezuela’s economic recovery and growth at the plenary session of the BRICS Summit in Kazan, Russia, on October 24. “Venezuela, under the leadership of President Maduro, continues Commander Chávez’s policy of strengthening the country’s sovereignty, and last year, experienced a good growth rate of 5.5%, while this year, it is over 7%,” President Putin said in his speech. “Therefore, I am sure you are on the right path.”
On August 19, on his program Con Maduro+, President Nicolás Maduro reported that Venezuela’s real economy has grown by 8.58% this year. He explained that the real economy signifies “the economy that produces goods, services, food, shoes… the industry.” He added that Venezuela’s economic growth by the end of this year may reach 10%.
(DiarioVea) by Yuleidys Hernández Toledo
Translation: Orinoco Tribune
OT/SC/SF
