HomeEconomyEconomic growth in the first quarter of 2024 was 7%

Economic growth in the first quarter of 2024 was 7%

Maduro announced that in the first quarter of the year the country registered the lowest inflation in the last 12 years

The President of the Republic, Nicolás Maduro, announced that Venezuela has had 11 quarters of continuous economic growth. Only in the first quarter of 2024, growth data exceeds 7% compared to the same period in 2023.

From the headquarters of CVG Cabelum in Ciudad Bolívar, Bolívar state, the Head of State reported that in the first quarter of 2024, Venezuela registered the lowest inflation margin in the last 12 years “and we are going to get better, to absolute control of the “inflationary issue with economic growth, with exchange stability and with controlled inflation.”

He added that the forecast for 2024 that they manage will be higher, so “I believe that this year we are going to break a record of growth of more than 8% of the economy and the gross domestic product.”

The Dignitary denounced that the impact of the illegal sanctions requested by the surnames against Venezuela, particularly on its GDP, is estimated at 642.000 million dollars, in the period between 2015 and 2021.

“How many homes could we have built in addition to the ones we already built? How many schools, high schools and how many universities? Despite this economic damage, we recovered this country with good policies, good practices and with a lot of economic strategy that has given results to take the path of recovery and improvement and continuous growth,” said Maduro.

On the other hand, Maduro announced that tax collection increased 78% during the first four months of 2024, compared to the same period in 2023.

“We are on the right track. Tax that is collected, tax that is invested in the 1×10 of Good Government, in the Great Venezuela Women Mission, in the Great Young Venezuela Mission, in the Great Hugo Chávez Equality Mission, in the Great Grandfathers and Grandmothers of the Homeland Mission , in repairing schools, high schools and investing in the economy,” he added.

Likewise, between April 2023 and April 2024, credit has increased 81%. Meanwhile, deposits – measured in their equivalent in dollars – registered an increase of 58% in the same period.

In relation to the exchange system, President Maduro asserted that "the price of the dollar - in the last seven months - is the most stable since 2012."

Likewise, he stated that between April 2023 and April 2024, non-traditional exports have experienced continuous growth of 11%.

He also specified that CVG Cabelum sealed alliances to increase its production, which will allow it to go from 55% to 90% of its capacity.

He explained that Venezuela registers the highest supply rates in the last 30 years with quality products.

In relation to the Local Supply and Production Committees (Clap), he indicated that they went from 93% to 100% national products, aimed at 7.200.000 families.

In this regard, he said that the Agricultural Stock Exchange, whose activity began in 2022, currently accounts for 281 million dollars "moving and converting into productive investment."

The National President confirmed that Venezuela is moving towards a new diversified economic model. “with 18 engines that grow harmoniously and satisfy the needs of the people, that generate the wealth necessary to invest in the recovery of social rights through the new generation Great Missions.”

“In the midst of the criminal blockade we are growing miraculously with diversified production,” he stated.

Likewise, Maduro reiterated the need to build “a new efficient management model based on worker socialism.” In this sense, he emphasized the leading role of the Productive Councils of Workers (CPTT) in promoting the economic development of the nation.

“We have to consolidate the path of recovery and economic growth,” he stressed.

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