The Venezuelan president, Nicholas Maduro, said Saturday that it is estimated that the Venezuelan economy grew more than 4% in 2021, after the country faced almost eight years of recession and high prices.
The Central bank of Venezuela (BCV) has not updated the statistics since the first quarter of 2019, when the economy fell 26.8% compared to the same period of 2018, but it has intermittently published the inflation data.
“Venezuela after five years of economic war of boycott and blockade has recovered the path of economic growth,” Maduro said during the presentation of his annual message in the National Assembly. “They are economic, concrete indicators of the real economy that has reacted for the better, after the recovery of political stability,” he added.
In addition to the expected growth for 2021, the Venezuelan president pointed out that the economy rebounded 7.6% in the third quarter of last year, without detailing the performance of the economic activities.
In 2021, the oil production doubled due to the support of small service companies and the supply of thinners by Iran, but that performance does not necessarily imply that the Venezuelan state oil company will be able to continue increasing production, according to experts.
Other areas such as commerce and services have had an oxygen since the Maduro government relaxed controls on the economy at the beginning of 2019 and allowed a greater circulation of foreign currency. However, those actions have come late and have not yet guaranteed a general recovery of all sectors, according to what analysts have indicated.
Maduro said in his message to the country that he will defeat inflation, which in 2021 closed 686.4%, according to data from the central bank.
The government during the past year reduced spending in bolivars to maintain exchange rate stability and control inflation. However, prices are high and continue to hit the income of Venezuelan families.