This year, Venezuela’s economic growth could reach 7.4 %, according to projections from the United Nations Development Programme (UNDP). Regarding inflation, the agency indicates it is expected to climb to 271 %.

The data was revealed on Friday in the program’s report, which states that “oil activity is projected to grow by 11.5 %, with crude oil production reaching up to 1,211,000 barrels per day (bpd), a 12 % increase compared to last year’s average of 1,081,000 bpd, according to official figures.”

Regarding non-oil GDP growth, the report places it at 6.9 % and adds that the scenario for this year will be marked by “structural changes in the economic, institutional, and regulatory environment.”

According to the UNDP, the easing of sanctions against Venezuela by the Trump Administration, reflected in a series of OFAC licenses, “has allowed for the reactivation of Venezuelan crude oil sales and access to critical inputs for production.”

M.Pino

Source: swissinfo

(Reference image source: Jakub Żerdzicki on Unsplash)

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