Venezuela’s industrial production grew 8.2 % in the first quarter of 2025

The growth of the industrial sector in Venezuela during the first quarter of 2025 was 8.2 %, according to the Venezuelan Confederation of Industrialists (Conindustria) in its recent Industrial Situation Survey (ECI).

Luigi Pisella, president of Conindustria, attributed the positive performance to “a combination of factors such as the exchange rate correction, the elimination of tax exemptions on imported products, and the promotion of domestic production as a substitute for imports.”

He emphasized in a press conference that when “public policies favor local production, more robust value chains, jobs, and a stronger economy are generated.”

Conindustria highlights in its report that 44 % of manufacturing companies expect their production to increase in the next quarter. However, “installed capacity remains underutilized: the average was 45.8 %, with differences depending on company size. Large industries operate at 47.2 % of their capacity, while small ones barely reach 25.8 %.”

The organization highlighted the need for tax reform, proposing changing the VAT declaration period from biweekly to monthly, as well as reducing VAT withholding from 75 % to 50 %, in addition to recognizing tax credits for uncompensated withholdings.

Pisella believes that implementing these suggestions would simplify the tax burden, which is key “to strengthening the sector’s competitiveness and projecting Venezuela as an export powerhouse.”

M.Pino

Source: eldiario

(Reference image source: Ümit Yıldırım on Unsplash)

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