📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Venezuela economy grew 17.73% y/y through September - central bank

Published 12/30/2022, 12:33 PM
Updated 12/30/2022, 12:36 PM
© Reuters. FILE PHOTO:  A woman buys apples at a street stand with a sign reading "3 for 1 U.S. Dollar," in Caracas, Venezuela August 25, 2022. REUTERS/Leonardo Fernandez Viloria

CARACAS (Reuters) - Venezuela's economy grew 17.73% year-over-year in the first three quarters of 2022, the South American country's central bank said Friday, following an eight-year economic collapse.

The economy plunged into crisis after a state-controlled model failed to produce results, prompting more than 7 million Venezuelans to flee the country.

In 2019 President Nicolas Maduro's government, facing U.S. sanctions, relaxed private sector regulations to allow more foreign currency inflows. While the move helped some industries, annual inflation remains high - hitting 155% in October - and more than half of Venezuelans live in poverty.

Venezuela's central bank began publishing some economic data more consistently this year after a three-year pause in gross domestic product data. It has yet to resume reporting its outstanding balances.

Oil activity rose 27.09% in the January-to-September period from a year ago and non-oil activity grew 14.49%, the bank said in a statement.

It attributed the bump in oil activity to the "recovery of crude oil production capacity." The bank did not report the country's production volumes, though OPEC data indicates output of 600,000 to 700,000 barrels per day (bpd).

© Reuters. FILE PHOTO:  A woman buys apples at a street stand with a sign reading

The manufacturing sector rebounded in the period, growing nearly 40% led by food, chemicals, machinery and plastic.

Construction grew 34.45% year-over-year and commerce increased 25.28%. Exports jumped 32.57% and imports rose 11.43%, the central bank added.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.