Domestic activities continue to expand despite the impact of June earthquakes.
This week, the United Nations Development Programme (UNDP) presented its Macroeconomic Report on Venezuela for the first half of 2026.
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The study estimates that the gross domestic product (GDP) of this South American country will grow 6.5% by the end of the year despite the economic effects of the double earthquake that occurred June 24.
“The first half of the year was marked by two processes of a very different nature. On the one hand, structural changes in the hydrocarbons and mining sectors. On the other, the double earthquake of June 24, one of the largest disasters recorded in the country in recent decades,” the UNDP report stated.
Economic activity continued to grow during the semester, supported mainly by the recovery of the oil sector, whose average production was 1.09 million barrels per day, the dynamism of trade and greater availability of foreign currency from exports.
Resiliencia económica frente a las contingencias naturales. A pesar de los daños estructurales causados por los terremotos de junio, la macroeconomía de Venezuela se mantiene estable y en ruta de crecimiento. El sector energético no sufrió severas afectaciones, logrando alcanzar… pic.twitter.com/DWjUT372rZ
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The text reads, “Economic resilience in the face of natural disasters. Despite the structural damage caused by the June earthquakes, Venezuela’s macroeconomy remains stable and on a growth trajectory. The energy sector was not severely affected, achieving a production of over 1,200,000 barrels of oil per day, thus ensuring the expansion targets for 2026. Furthermore, commercial activity showed remarkable strength with a 33% increase in real consumption during the same month. Consequently, both tax revenue and the main sources of income remain solid and stable. In this way, the country reaffirms its capacity to sustain productive development even in emergency situations.“
Fiscal revenues, both tax and oil-related, also recorded a significant recovery, accompanied by a moderation in the increase in the overall price level during much of the semester.
“The Venezuelan economy began to develop in a context characterized by gradual external opening and reforms to the legal frameworks governing the hydrocarbons and mining sectors, which expanded opportunities for the participation of domestic and international private capital,” the UNDP report stated, highlighting significant progress toward normalizing relations with multilateral financial institutions.
“This new scenario presents relevant opportunities. Flows associated with oil activity can help finance productive investment, expand growth capacity and support the reconstruction process. Likewise, greater private-sector participation can promote the building of consensus around a more productive and diversified development model,” it added.
Regarding the damage caused by the June earthquakes, the UNDP provisionally estimates that direct damages will reach US$6.5 billion.
teleSUR/ JF
Source: UNDP
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