LatinNews Daily - 28 April 2025

*The Observatorio Venezolano de Finanzas (OVF), an economic think tank, has reported that Venezuela’s economy contracted by 2.7% in the first quarter of 2025, compared with the same period in 2024. The OVF said that this was due primarily to a 5.0% contraction in the non-oil sector, which outweighed a 7.4% year-on-year increase in activity in the oil sector. According to the OVF, the contraction in Q1 follows year-on-year growth of 4.1% in Q4 2024, 5.9% in Q3 2024, and 3.9% in Q2 2024. On 25 April, the same day that the OVF issued its report, Venezuela’s President Nicolás Maduro said that the economy grew by “over 4.5%” in the first quarter of 2025 (without giving a time frame). He said that this growth occurred “in spite of new threats, in spite of the burdens” – a reference to tightened international sanctions and tariffs imposed by the US government of President Donald Trump.

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