Venezuela Economy: The economy of Venezuela has grown more in the first three quarters of 2022 than in the same period of 2021. It has increased by 17.73 percent as compared to the year 2021. This information was given by the Central Bank of Venezuela.
The Central Bank said in a report on Friday that during the first quarter of the year 2022, the gross domestic product at constant prices has increased by 17.45 percent. The bank said that it has increased by 23.3 percent in the second and 13.22 percent in the third. The report said that in the first three quarters, the productivity of the public sector increased by 20.03 percent, while the productivity of the private sector increased by 15.55 percent.
Construction sector witnessed a growth of 35.45 percent
According to the report of the news agency Xinhua, the sectors with the highest growth during this time include transportation and storage (54.35 percent), manufacturing (39.61 percent) and commercial (25.28 percent). The construction sector saw a growth of 35.45 per cent, with construction of non-residential projects playing a significant role.
27.09 percent saw the oil field
Meanwhile, the oil sector witnessed a growth of 27.09 per cent between January and September due to improvement in crude oil production capacity through direct management and joint ventures, according to reports. The bank said in the report that positive growth has been evident in most of the economic activities in the last five quarters, which reflects the favorable performance of the national productive system.
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