Venezuelan economy grows over 17% in first three quarters of 2022

Caracas : The Venezuelan economy grew 17.73 per cent in the first three quarters of 2022 compared to the same period in 2021, with positive growth in most sectors, the Central Bank of Venezuela said.

During the first quarter of the year, the GDP expanded by 17.45 per cent at constant prices, while in the second it grew by 23.3 per cent and in the third, by 13.22 per cent, the bank said in a report on Friday.

Public sector productivity grew by 20.03 per cent in the first three quarters, while private sector productivity grew by 15.55 per cent, the report added.

Among the sectors with the highest growth over the period were transportation and storage (54.35 per cent), manufacturing (39.61 per cent) and commerce (25.28 per cent), Xinhua news agency reported.

The construction sector saw a 35.45 per cent growth, with the construction of non-residential projects playing a key role.

Meanwhile, the oil sector saw a 27.09 per cent growth between January and September, due to the recovery of crude oil production capacity through direct management and joint ventures, according to the report.

In the last five quarters, positive growth has been evident in most economic activities, “which reflects the favourable performance of the national productive apparatus,” the bank said in the report.