LatinNews Daily - 22 January 2025

*The Venezuelan economic think tank Observatorio Venezolano de Finanzas (OVF) has calculated that economic activity increased by 3.9% in 2024, largely driven by a 12.3% annual rise in oil production. According to the OVF, economic activity increased by 4.1% in year-on-year terms in the final quarter of 2024, down from 5.9% in Q3. This slowdown was attributed by the OVF to the depreciation of the Venezuelan bolívar. Economic activity is used as a proxy for GDP, and the OVF’s estimate contrasted significantly with President Nicolás Maduro's claim on 20 January that the central bank (BCV) is expecting last year’s GDP growth to exceed 9%.