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Venezuela Grew 4% in 2021 and on Road to Recovery, Says Maduro

  • Nation grew 7.6% in third quarter, he told National Assembly
  • He vows to restart talks with the opposition in Mexico
Nicolas Maduro delivers a State of the Union address at the National Assembly in Caracas, Venezuela, on Jan. 15.
Nicolas Maduro delivers a State of the Union address at the National Assembly in Caracas, Venezuela, on Jan. 15.Photographer: Gaby Oraa/Bloomberg

Venezuela probably grew 4% in 2021, signaling an “economic recovery” in 2022, President Nicolas Maduro said in his annual state of the union speech, maintaining his firm grip for a ninth year on a mandate considered illegitimate by the opposition, the U.S. and several European countries.

“I can state that Venezuela, after five years of economic warfare, has returned to the path of economic growth,” Maduro said before the socialist party-led National Assembly, revealing key economic data that the government has withheld since 2019. The last available figure from the Central Bank dates back to the first quarter of that year, when the economy plunged almost 24%.