After 7 years, our economy has grown

Venezuelan President Nicolas Maduro said that after 7 years of contraction, the national economy grew by more than 15 percent last year.

The embargo imposed on Russian oil due to the war between Russia and Ukraine pushed the USA to new searches.

Heading towards Venezuela, which has important oil and gas resources, America has decided to lift the sanctions on the country that it has imposed economic sanctions for years.

After the development, the country’s economy grew.

Addressing deputies in the National Assembly (AN), Venezuelan President Nicolas Maduro said that after 7 years of contraction, the national economy grew by more than 15 percent last year.

“Highest growth in Latin America and the Caribbean”

Maduro, “Venezuela recorded over 15 percent growth in gross domestic product (GDP) in 2022, the highest economic growth in Latin America and the Caribbean. This is the result of an economic diversification that we haven’t had in years.” used his statements.

Growth rate 17.45 percent

Noting that the growth was 13.22 percent in the third quarter of 2022, Maduro stated that the economy grew by 17.45 percent in the January-March period.

According to the Central Bank of Venezuela, economic growth between January and September 2022 was 17.73 percent compared to the same period in 2021.

Growth after 7 years of shrinkage

The economy in the country, which has been exposed to economic and political embargoes for many years, has grown after 7 years of shrinkage.

In Venezuela, the country with the highest inflation rate in the world, six zeros were dropped from its currency on October 1, 2021.

On the other hand, economists warned that growth could slow down due to the depreciation of Venezuela’s currency, the bolivar, against the dollar and the sharp rise in prices.