Headquarters of the Central Bank of Venezuela. Photo: BCV.
Guacamaya, May 1, 2025. The Central Bank of Venezuela (BCV) reported on Thursday that the Venezuelan economy grew by 9.32% in the first quarter of 2025. However, this figure drastically differs from estimates by multilateral or non-governmental organizations, which predict a recession this year.
The BCV maintains that Venezuela has experienced 16 consecutive quarters of high-rate economic growth. In 2024, GDP reportedly grew by 8.54%.
The state institution highlighted an 18.23% growth in oil activity and a 13.46% increase in the mining sector. However, the press release did not include additional figures or details on the methodology used.
The International Monetary Fund (IMF) and the United Nations Development Programme (UNDP) also produce economic growth estimates. The IMF projected a GDP increase of 5.3% for 2024 and a 4% decline for this year, while the UNDP estimated a 6.5% rise and a 1.3% contraction, respectively.
Venezuela’s Executive Vice President, Delcy Rodríguez, issued a statement on her social media, labeling the IMF’s estimate as false. She claimed that the organization “not only wages economic war against Venezuela but also follows a criminal policy by withholding the resources of the Venezuelan people, even during the worst moments of the COVID-19 pandemic.” This statement refers to the IMF not releasing $5 billion in Special Drawing Rights for economic recovery during the pandemic.
The Venezuelan Finance Observatory (OVF) estimated that economic activity fell by 2.7% in the first quarter of this year.
