On Tuesday, Venezuela's President Nicolas Maduro affirmed that his country's gross domestic product (GDP) experienced very significant growth in the first quarter (Q1) of 2022.
"Venezuela experienced growth above double digits in the first quarter of 2022. This is encouraging news because... all the indicators are showing improvement," he said.
The Bolivarian leader explained that the stability of the exchange rate, the deceleration of inflation, and the expansion of bank credit contributed to the GDP growth.
On May 16, the Venezuelan Finance Observatory (OVF) released unofficial preliminary information according to which the increase in oil production had allowed the Venezuelan economy to grow at least 7.8 percent in Q1 2022 compared to the Q1 2021.
In year-on-year terms, the Bolivarian oil sector increased 41.7 percent in the first quarter of 2022, according to OVF, which is an independent institution made up of economic experts
This information is supported by data from the Organization of Petroleum Exporting Countries (OPEC), which shows that the first quarter's average oil production increased from 533,000 to 756,000 barrels per day (bpd).
If the average oil production level remains at 600,000 bpd for the rest of the year, OVF economists estimate that the Venezuelan GDP will easily reach 8 percent by the end of 2022.