Economics
Venezuela’s Economy Seen Growing Most in 15 Years as Oil Flows
- Economists up GDP forecast to 8.3% from 1.9% last year
- Economy has been hollowed out by seven-year recession
An oil refinery in Cabimas, Venezuela.
Photographer: Gaby Oraa/BloombergThis article is for subscribers only.
Venezuela’s economy is forecast to expand at its fastest pace in 15 years, marking a rebound for a country that recently emerged from the deepest recession in Latin America.
Gross domestic product is expected to grow 8.3% this year, from 1.9% in 2021, according to a Bloomberg survey of five economists. The country is getting a lift from a rise in oil production and seeing tax revenue and banking credit expand, which suggests domestic demand is rising.