Venezuela’s economy grew 8% in the first half of 2024

One of the main engines of work and growth, of the 18 defined by the Bolivarian government, is entrepreneurship, which grew by “15 percent” in the first half of the year.

Venezuelan President Nicolás Maduro stressed on Thursday during a meeting with a group of Venezuelan entrepreneurs that the country’s real economy is growing, saying it will increase in the first half of 2024.

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At the stock exchange, President Nicolás Maduro assured that the forecast for 2025 will be eight percent higher.

“If the first half, which sometimes lasts half a year, especially January, February and March, is the slowest economic activity… We grew eight percent, what will the second half be like?” he said.

In line with this, he indicated that one of the main engines of work and growth, of the 18 defined by the Bolivarian government, is entrepreneurship, which grew by “15 percent” in the first half of the year.

According to the president, the key to growth is “professional, scientific and serious work, and that is what we have done…: to make it easier for you (the contractors) to start exporting… support, support and support.”

“The best money that can be borrowed to finance projects across the economy… is the money that is given and financed to entrepreneurs”

Furthermore, he stressed that his promises of millions in financial terms for the companies will be fulfilled and that thus 1 million new dreams will be realized… of new companies».

After outlining the legislative path that has created the legal platform for the development of entrepreneurs in the country, the President pointed out that there are currently 1,450,000 registered entrepreneurs. He assured that “we are at a good pace” and predicted that this number is expected to rise to 3 or 4 million enterprises.

Maduro approves 17,620 financings for this engine of work and growth

The president also approved 17,620 financings for this engine of jobs and growth on Thursday, outlining step by step the benefits and access that entrepreneurs have received so far.

In this sense, he signed a presidential resolution establishing the “extension of the Easy Postal Exports program to the 221 offices, so that they could specialize and provide full support for the formalities and export of work.”

During the meeting, he announced that the financing for the month of August will be provided by the Bank of Venezuela, the Digital Bank of Workers and the Treasury Bank.

“The best money that can be borrowed to finance projects throughout the economy… is the money that is given and financed to entrepreneurs,” said Maduro, who released 17,620 financings on Thursday.

“To convert all this financing into jobs, products… because the economy is functioning better and better,” he added.

In the same vein, the Bolivarian president stated that to realize the deepest concept of true democracy, capital and wealth must be democratized and that “everyone has the means of subsistence through work and by generating their own life and wealth.”

“To achieve that, there has to be peace,” he recalled.

To analyze the current business landscape, Maduro reached out to different parts of the country, where they offered him online tours of small businesses owned by Venezuelan entrepreneurs.

The municipal and territorial authorities, as well as the entrepreneurs themselves, also referred to the good level of sales and thanked the President.

Lowest inflation in the past 12 years

In his speech, the president referred to his Argentine counterpart, Javier Milei, whom he described as a “failure as an economist and as president” of the southern country. On the contrary, he said that the Venezuelan economy is “functioning increasingly better” and is on its way to “the lowest inflation rates in the history” of the country.

This is supported by data from the Central Bank of Venezuela (BCV), which reported on June 7 an inflation rate of 7.8% between January and May of this year. This is the lowest inflation rate in the past 12 years.

The BCV further indicated that prices of goods and services fell to 1.5 percent in May, a significant improvement compared to April, when inflation was 2 percent.

Maduro also stressed that thanks to the implementation of “a new production model,” Venezuela’s “strong” domestic market and industrial activity are growing, including that of “heavy industry, which has been hit by sanctions.”

On August 5, Milei said that the sky would “crush” communists in response to his Venezuelan counterpart who had accused the Argentine of belonging to evil circles and satanic sects. He also addressed the same warning to South African businessman Elon Musk, owner of X.

However, these absurd claims are countered by concrete data on progress, such as the recovery of oil production. The latest report from the Organization of the Petroleum Exporting Countries (OPEC) indicates that Venezuela has reached a production of 928,000 barrels of oil per day.

According to data from OPEC primary sources, the increase represents a 0.65 percent increase from 922,000 barrels per day in the previous month, using official sources as a reference.

The picture could be better, but it is distorted by the measures taken against the country, according to data from the Bolivarian Alliance for the Peoples of Our America (ALBA-TCP). Since 2015, the sanctions have caused a loss of around one trillion dollars.

Venezuela’s Executive Vice President Delcy Rodríguez also stressed that the country has been losing $29 billion every year since 2015.

The vice president notes that these figures translate into “loss of lives, food and education” and “loss of development” in Venezuela.

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