Venezuela Tops 9% Economic Growth in 2024 with Hydrocarbons Boosting a Historic Recovery Year

Venezuela surpassed 9% economic growth in 2024, President Nicolas Maduro announced, crediting the hydrocarbons sector for its crucial role in driving recovery. The nation shows signs of progress as it tackles ongoing challenges.

Maduro Highlights Venezuela’s 9% Economic Growth in 2024

According to a transcript of an interview that was released by the Mexican media outlet La Jornada on Wednesday, President Nicolas Maduro stated that the economy of Venezuela had growth of more than nine percent in the year 2024, Investing.com reports.

"In 2023, we had 5.5% (growth). In 2024, according to all scientific, statistical, and technical data, we will surpass 9% growth in gross domestic product, with a very high level of growth in the real economy, as well as in the hydrocarbons sector," Maduro told the Spanish reporter Ignacio Ramonet.

Inflation and Migration Impact Venezuelan Economy

Over the past few years, Venezuela's economy has been going through a protracted crisis that has been characterized by inflation rates in the triple digits and the migration of millions of Venezuelans into other countries in search of better possibilities.

The government lifted its limitations on the private sector in 2019, which made it possible for an informal dollarization to take place. This, in turn, provided a vital support system for important sections of the economy.

Analysts Remain Skeptical of Economic Recovery

The analysts, on the other hand, are of the opinion that the plan has not been adequate for a complete economic recovery.

On Wednesday evening, the presidential interview with Maduro is scheduled to be broadcast on the state television of Venezuela.