Macro - Country Economic Forecasts - Venezuela
We've raised our assumptions for Venezuelan's 2023 GDP growth to 1.6%, up from 0.8% six months ago. This follows a stunning 12.4% expansion in 2022. Short-term growth momentum has been heavily supported by the oil sector, as output is estimated to have reached 900,000 barrels per day this year, according to the International Energy Agency (IEA). We expect the economy will stagnate despite strong oil production next year, partially due to flat oil prices, weaker global growth and a contracting non-oil sector.
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