Venezuela Economic Activity Slows in Q1 2026

2026-06-15 17:05 By Larissa Caser 1 min. read

Venezuela's economy expanded by 2.51% year-on-year in the first quarter of 2026, easing sharply from a 7.19% advance in the last quarter of 2025.

The deceleration was driven primarily by the oil sector, which contracted 2.12% after expanding 13.8% in the previous quarter.

Meanwhile, non-oil activity grew 3.11%, supported by financial and insurance activities, which recorded the largest increase, at 13.5%, followed by retail and motor repair (8.7%), restaurants and hotels (7.5%), manufacturing (6.4%), agriculture (5.4%), transports (4.9%), information and communication (4.8%), education, health, training, and other service activities (2.9%), entertainment activities (2.6%) mining (1.9%) and general government services (1.5%).

In contrast, construction activities plunged by 18.3% and utilities declined by 1%.



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Venezuela Economic Activity Slows in Q1 2026
Venezuela's economy expanded by 2.51% year-on-year in the first quarter of 2026, easing sharply from a 7.19% advance in the last quarter of 2025. The deceleration was driven primarily by the oil sector, which contracted 2.12% after expanding 13.8% in the previous quarter. Meanwhile, non-oil activity grew 3.11%, supported by financial and insurance activities, which recorded the largest increase, at 13.5%, followed by retail and motor repair (8.7%), restaurants and hotels (7.5%), manufacturing (6.4%), agriculture (5.4%), transports (4.9%), information and communication (4.8%), education, health, training, and other service activities (2.9%), entertainment activities (2.6%) mining (1.9%) and general government services (1.5%). In contrast, construction activities plunged by 18.3% and utilities declined by 1%.
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Venezuela’s economy advanced by 7.07% year-over-year in Q4 2025, following a 8.71% surge in Q3, marking the 19th consecutive quarter of solid expansion, according to central bank data. The oil sector grew 13.41%, while the rest of the economy expanded 5.3%. Among non-oil activities, construction recorded the largest increase at 19.25%, followed by mining at 8.17%, accommodation and food services at 7.21%, trade and vehicle repair at 6.95%, transport and storage at 6.05%, manufacturing at 5.85%, financial and insurance activities at 5.53%, education, health, training, and other service activities at 5.10%, and agriculture also at 5.10%. In 2025, Venezuela’s GDP grew 8.66% on a yearly basis.
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