HomeEconomyMaduro: May had the lowest inflation in 20 years

Maduro: May had the lowest inflation in 20 years

He announced that oil production this year should reach one million 200 thousand barrels per day

The President of the Republic, Nicolás Maduro, reported this Saturday, June 1, that the month of May recorded the lowest inflation since 2004.

“We have inflation supported by work and production, lower. “They are positive signs that we are on the right path,” said the president, recalling that in 2019 inflation in the country reached 329.000%.

“We have been growing, capturing wealth, recovering social, investment, credit, slowing inflation and creating a stable and more predictable exchange system,” said the president.

Oil production

The Head of State defended the construction of an independent, autonomous, own production model, a new economic model based on the 18 productive engines, to no longer only depend on oil, whose production has been growing.

In this sense, he said that oil production this year must reach, at a minimum, one million 200 thousand barrels per day, with the goal for 2025 of two million barrels.

He also proposed recovering “petrochemical production” and “expanding investment and gas production.”

According to a report published in April by the Organization of Petroleum Exporting Countries (OPEC), Venezuela's crude oil production closed the first quarter at an average of 864.000 bpd, which represents a growth of 18% compared to the same period in 2023. when it averaged 731.000 bpd, EFE highlighted.

Collection

He also reported that in the month of May, compared to May 2023, there was a growth in internal collection of 158%, in wealth generation, in tax payments to invest in the social recovery of the town, through the Bricomiles, 1×10 of Good Government and great missions.

He pointed out that economic growth and the real recovery of the social capacity of the people must occur in parallel.

“We are moving forward, step by step, with our own efforts and with our own model, without mortgaging the national independence, the sovereignty of the country,” he stated.

Economic growth

Maduro reiterated that this year the economic growth in the first quarter was 7% and the projection for the year exceeds the 8% growth of the real economy, which produces goods, services, and wealth, the president said.

The Head of State offered these statements at a meeting with structures of the United Socialist Party of Venezuela (Psuv), in the city of Maracaibo, Zulia state.

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