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Venezuela’s economy grew 17% in Q1, says central bank president

A guy sells lettuce on a street close to the municipal market in the favorite neighborhood of Catia in Caracas, Venezuela June 11, 2022. Picture taken June 11, 2022. REUTERS/Leonardo Fernandez Viloria

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CARACAS, Aug 23 (Reuters) – Venezuela’s economy grew 17.04% year-on-year in the initial quarter of 2022, the country’s central bank president said on Tuesday.

“This is actually the highest growth in the Latin American region,” central bank President Calixto Ortega said in circumstances broadcast, giving the initial official data on Venezuela’s economic growth because the first quarter of 2019.

Ortega said the central bank comes with an estimate for second-quarter growth, but didn’t share the figure. He did say the private sector rebounded 18.7% for the reason that period.

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The central bank president added that the Venezuelan economy grew 19.07% in the fourth quarter of 2021 when compared to same period in 2020.

The South American country’s economy has been submerged in a severe recession since 2014 while battling high inflation.

Its GDP, that was equal to about $400 billion about ten years ago, is currently between $50 billion and $60 billion, in accordance with estimates by analysts and economic firms.

Confronted with lower oil production and U.S. sanctions, the federal government of President Nicolas Maduro in 2019 relaxed the controls on the economy, that have been among the causes of the economic collapse.

Since that time, de facto dollarization has given a breath of new lease of life to sectors such as for example manufacturing, commerce and services.

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Reporting by Vivian SequeraEditing by Chris Reese and Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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