The data provided by Calixto Ortega, president of the issuer, in an act broadcast by state television, were the first official figures since the first quarter of 2019.
“This is the highest growth in the Latin American region,” said Ortega in an economic council with President Nicolás Maduro, ministers from the economic area, as well as businessmen.
The president of the Central Bank said that they have an estimate of the behavior of the economy in the second quarter of 2022, but did not provide more information. He did point out that the private sector rebounded 18.7% in that period.
Regarding the figures for 2021, Ortega said that in the fourth quarter of last year the economy grew 19.07% compared to the same period in 2020, but he did not specify comparative data for previous periods.
Likewise, inflation has shown a strong retraction in recent times, registering a monthly index in July of 5.3%, even lower than the 7.4% of Argentina. So far this year, prices have risen 62%, still above Argentine levels, with a year-on-year rate of 139%.
In January, the rise was 4.8%, in February 1.7%, in March 10.5%; in April 3.6%, in May 10.1% and in June 14.5%, the highest of the year.
The economy of the South American country has been submerged in a severe recession since 2014 with high inflation. Its GDP, which was equivalent to about $400 billion a decade ago, would now be between $50 billion and $60 billion.according to calculations by analysts and economic firms.
Faced with lower oil production and US sanctions, the Maduro government in 2019 relaxed the controls on the economy that were one of the factors of the economic collapse, thus allowing greater foreign exchange transactions. De facto dollarization has given oxygen to sectors such as manufacturing, commerce and services.
Economic zone with Colombia
In the presidential activity, Ripe announced that it will deliver to the Congress, controlled by the ruling party, a bill for the coordination of state and municipal taxes, and another bill for the Protection of the Socioeconomic Rights of the Venezuelan population, which would replace the current Law of Fair prices.
The president also said that he will propose to his Colombian counterpart, Gustav Petro, the creation of one binational economic zone between the border states of Táchira and the north of Santander in the neighboring country and added that he is preparing a plan for a “productive and happy” opening of the border.
The Colombian Minister of Commerce said last Thursday that the reopening of the border with Venezuela will take place sooner rather than later, but it will depend on conditions of legal security, institutionality and a comprehensive reestablishment of binational relations.
Source: Ambito
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