Venezuelan Economy Grows over 17 Percent in First 3 Quarters of 2022

During the first quarter of the year, the gross domestic product (GDP) expanded by 17.45 percent at constant prices, while in the second it grew by 23.3 percent and in the third, by 13.22 percent, the Central Bank of Venezuela repored.

Public sector productivity grew by 20.03 percent in the first three quarters, while private sector productivity grew by 15.55 percent, the report said.

Among the sectors with the highest growth over the period were transportation and storage (54.35 percent), manufacturing (39.61 percent) and commerce (25.28 percent).

The construction sector saw a 35.45 percent growth, with the construction of non-residential projects playing a key role.

Meanwhile, the oil sector saw a 27.09 percent growth between January and September, due to the recovery of crude oil production capacity through direct management and joint ventures, according to the report.

In the last five quarters, positive growth has been evident in most economic activities, "which reflects the favorable performance of the national productive apparatus," the bank said in the report. 

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