President of CONINDUSTRIA: Venezuelan economy will continue to grow in 2025

Published at: 17/12/2024 11:03 PM

The president of the Venezuelan Confederation of Industrialists (CONINDUSTRIA), Luigi Pisella, said that economic growth in the country by the end of 2024 is estimated at 13.8% and will continue with this upward trend in the coming year 2025.

In an interview on the Primera Página program, broadcast by Globovision, he specified that this year has seen a greater supply of products, more employment and a recovery in purchasing power.

“You go to a shelf and you see national products, there is too much diversity and supply and that helps to maintain prices, to more employment and a recovery of purchasing power,” he explained.

On the other hand, he compared that in 2021 the average income of industrial workers was around $78 and today it is $223. “We have made progress,” he said.

Pisella explained that the use of installed capacity in the industrial sector during 2024 reached 43.8%. “The expectation is to continue to increase and reach a utilization of installed capacity of 50 percent in the next year,” he said.

He pointed out that the food, beverage and health sectors have experienced sustained growth but, on the other hand, textiles, clothing and footwear have had difficulties due to their competition with imported products.

“One of CONINDUSTRIA's proposals is to take quality again and use this instrument so that imported products that enter the country are required to meet the same conditions as we have here,” he said.

He also highlighted that in 2024, industrialists have succeeded in approving a Tax Harmonization Law, the elimination of the Large Financial Transactions Tax (IGTF) in bolivars and the contribution of 9% for pensioners.

He commented that they are in talks to request that the payment of Value Added Tax (VAT) be returned in 30 days so that his sector has more flexibility in operations.

Mazo News Team