In 2019, the government of President Nicolás Maduro relaxed regulations on the private sector in the midst of US sanctions, allowing greater foreign currency transactions, which has given oxygen to various economic sectors. However, the country still faces high inflation.
The central bank had not published figures on the performance of the economy for more than three years and has not yet released balance of payments information.
The figures show that oil activity picked up 27.1% in the January-September period. The central bank said in the statement that this variation was due to the “recovery of crude oil production capacity, through direct management and joint ventures.”
He did not detail production volumes, but according to OPEC data, production for the year has been between 600,000 and 700,000 barrels per day (bpd).
Non-oil activity had a variation of 14.5% between January and September, according to data from the issuer.
One of the sectors that registered a greater rebound during part of the year was manufacturing, which grew by 39.61% due to the increase in production in the areas of food, chemicals, machinery and plastic.
Other activities such as construction and commerce grew 34.5% and 25.3%, respectively, the entity added.
According to information from the central bank, exports increased by 32.6% and imports by 11.4%, without further details.
Analysts have pointed out that despite the de facto dollarization, which has given various sectors a breather, there is still no full recovery of the economy due to high prices and the slowdown in consumption.
Source: Ambito
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