Maza Zavala

“There must be continuity in the recovery in order for it to transform into growth”, said the university professor as he explained that there have been three consecutive years of recuperation, and that “unless the contraction or decrease of the two previous years (9% of the GDP in each) is offset, that is, with an 18% in total growth, we can not talk about "growth", but about recovery instead. Maza Zavala has stated on other occasions that the Venezuelan economy will grow this year with a figure above 10% of the GDP, a value that has been recognized as the highest in Latin America in terms of percent variation.

Nevertheless, risk analysts such as Fitch Ratings, and multilateral institutions have estimated a growth of 13.3% of the GDP for Venezuela, partly due to the high oil prices, industrial recovery, and the reactivation of the private sector.

According to Central Bank figures, the Venezuelan economy grew 34.8% of the GDP during the first quarter, and 13.6% in the second, for an average 23.1% of the GDP in this year’s first semester.

As for inflation, Maza ratified that it would close at 20% this year. The current accumulated inflation is 15.4%, a figure yet to be completed with the corresponding inflation rates of the remaining three months of this year, which is expected to register a maximum annual growth of 2%. Additionally, the minister of Finance, Tobías Nóbrega shares this view and estimates that at the most, this year’s Consumer Price Index would close at 21%, since inflation has been subjected to control.

Published in Quantum N.39