Quarterly economic activity growth rates, according to the Venezuelan Finance Observatory (OVF), since 2022.
Guacayama, April 25, 2025. The Venezuelan Finance Observatory (OVF) estimated a 2.7% decline in its economic activity index for the first quarter of 2025.
The non-governmental organization explained in its quarterly report that the drop was driven by the non-oil sector, which contracted by 5%. This could not be offset by the 7.4% growth in oil-related activity, according to the OVF.
The Central Bank of Venezuela has not published growth or inflation figures for the same period, forcing analysts, businesses, and politicians to rely on data produced outside the public sector.
The figures are compared to the same quarter in the previous year—meaning economic activity is 2.7% lower than in the first three months of 2024. The economic activity indicator had shown sustained growth during the second half of 2023 and throughout 2024.
Value-added tax (VAT) collection fell by 11.7%, which is considered a consumption indicator. Real public spending also dropped by 9.4%, according to the OVF.
The organization also noted that inflation and increasing exchange rate instability further exacerbate the country’s economic performance in this scenario.
