United Nations Development Program projects 6.1% growth in the Venezuelan economy

Published at: 21/10/2024 12:26 PM

According to its most recent report, the United Nations Development Program (UNDP) forecasts that Venezuela's Gross Domestic Product (GDP) would grow by 6.1% at the end of 2024, representing an acceleration of 74% compared to the 3.5% that increased in 2023.

The UNDP analysis, entitled Macroeconomic Performance of Venezuela, Second Quarter 2024, establishes that the GDP of the South American nation would close this year at 86,819 million dollars, as a result of the consistent growth recorded by the entity in the last three years. Compared to 2022, the increase in domestic product is estimated at 18.06%.

On the other hand, the report forecasts a growth of 5.9% in private consumption for this annual year, while gross capital formation should close 2024 with an expansion of 15.8%.

Regarding Venezuela's economic performance, the entity projects that the year will end with an average oil production of 924,000 barrels per day, of which it is estimated that some 720,000 barrels per day will be exported.

As a result, the bank's expected oil revenue would be 16,381 million dollars, with a growth of 30.2% compared to the previous year, basically due to the easing of sanctions and the contribution of foreign companies, in addition to an expected increase of 9% in the price of domestic crude oil.

Mazo News Team/VTV