Venezuela's economy saw a year-over-year growth of 9.3% in the first quarter of 2025, according to the country's central bank. This marks a slight increase compared to the 9.1% growth rate recorded in the same period last year.
The central bank's report, released on Thursday, also highlighted a significant 18.23% rise in Venezuela's oil activity during the first quarter, reflecting a continued recovery in the country’s key oil sector. Despite this growth, analysts caution that the country's economic outlook for the remainder of the year may be negatively impacted by the intensification of U.S. sanctions.
These sanctions, which have been a long-standing source of economic pressure, include a new deadline of May 27 for foreign partners of state oil company PDVSA to cease operations. Additionally, new tariffs on oil and gas exports could further strain Venezuela’s economic performance.
While the government has repeatedly blamed sanctions for the country’s ongoing economic difficulties, the reported growth in both the overall economy and the oil sector suggests some resilience in the face of these external pressures.
The Venezuelan economy continues to navigate the complex landscape of international sanctions, internal reforms, and oil market fluctuations, with much uncertainty surrounding its future growth prospects.
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The United States will impose and enforce sanctions "to the maximum extent" to deprive Venezuelan President Nicolas Maduro of resources as Russia warned other Latin American countries could be next, the U.S. told the United Nations on Tuesday.
It would be smart for Venezuelan President Nicolás Maduro to leave power, and the United States could keep or sell the oil it had seized off the coast of Venezuela in recent weeks, U.S. President Donald Trump said on Monday.
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