LatinNews Daily - 09 February 2022

In brief: Venezuela’s economic activity increased in 2021, says think tank

* The Observatorio Venezolano de Finanzas (OVF), an independent economic think tank established by the Venezuelan opposition, has announced that economic activity increased by 6.8% in Venezuela in 2021. This marks a change of fortune following previous OVF estimates of a 25.3% fall in economic activity in 2020, and a drop of 26.0% in 2019. Despite this improvement, the OVF emphasised that Venezuela’s economy remains in dire straits, with the production of goods and services in 2021 coming in 75% lower than in 2012. The OVF stated that increasing oil production accounted for 71.2% of the increased economic activity last year, and also highlighted the growth of the retail and services sectors, as well as the financial sector, which grew for the first time in six years.

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