Maduro says he expects Venezuelan economy grew 4% in 2021

Author of the article: CARACAS — Venezuelan President Nicolas Maduro expects the South American country’s economy grew by more than 4% last year, following eight years of recession and rising prices, he said on Saturday. Venezuela’s central bank has not updated figures for the country’s gross domestic product since the third quarter of 2019, when…
Maduro says he expects Venezuelan economy grew 4% in 2021

Author of the article:

CARACAS — Venezuelan President Nicolas Maduro expects the South American country’s economy grew by more than 4% last year, following eight years of recession and rising prices, he said on Saturday.

Venezuela’s central bank has not updated figures for the country’s gross domestic product since the third quarter of 2019, when GDP contracted 26.8% versus the same period in 2018.

“After five years of the economic war of boycotts and blockades, Venezuela is back on track for economic growth,” Maduro said during his annual address before the National Assembly.

He also forecast economic growth in the third quarter of last year at 7.6%, without explaining further.

Last year Venezuela’s oil production doubled thanks to small oil services companies and supplies from Iran, but that does not mean state oil company PDVSA will be able to keep ramping up output, experts say.

In recent years Venezuela’s commerce and services sectors have also enjoyed breathing space since the government decided to loosen economic controls in 2019 and allow greater use of foreign currency.

However, these measures have not guaranteed broad recovery across all sectors, analysts say.

Last year the government scaled back spending in bolivars to increase monetary stability and control inflation. Even so, prices remain high and continue to hit the wallets of Venezuelan families. (Reporting by Deisy Buitrago Writing by Oliver Griffin Editing by Leslie Adler)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Poilievre Seeks Canada Tory Leadership After O’Toole Ouster
Read More

Poilievre Seeks Canada Tory Leadership After O’Toole Ouster

Author of the article: Bloomberg News Jen Skerritt (Bloomberg) — A staunch supporter of the trucker protest that has taken over the downtown of Canada’s capital city is seeking to lead the country’s Conservative Party. Pierre Poilievre, a 42-year-old finance critic from the Ottawa area, said in a Twitter post on Saturday he is running…
Integra Resources Announces Quarterly Grant of Deferred Share Units to Certain Directors
Read More

Integra Resources Announces Quarterly Grant of Deferred Share Units to Certain Directors

Author of the article: VANCOUVER, British Columbia, Dec. 31, 2021 (GLOBE NEWSWIRE) — Integra Resources Corp. (“Integra” or the “Company”) (TSX-V:ITR; NYSE American:ITRG) announces that it has granted a total of 8,651 deferred share units (the “DSUs”) to three directors of the Company in lieu of Q4 2021 directors’ cash fees. The DSUs have been…
China July industrial profits down as COVID curbs, heatwaves hit
Read More

China July industrial profits down as COVID curbs, heatwaves hit

Author of the article: SHANGHAI — Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged…