Venezuela's Economy Booms for 21 Straight Quarters Amid Oil Sector Growth

Venezuela's economy has experienced a boost in growth, according to the Central Bank of Venezuela (BCV), which reported that the country's Gross Domestic Product (GDP) saw an increase of 7.14% during the second quarter of 2026 compared to the same period last year.

This marks 21 consecutive quarters of expansion for Venezuelan economic activity, with the oil sector showing a notable growth of 9.10%. The non-oil sector also registered a 5.79% increase, driven by the availability of foreign currency and the interaction of various productive sectors.

The UNDP estimated a 6.5% increase in Venezuela's GDP by the end of 2026, with oil production reaching an average of 1.09 million barrels per day (bpd). Venezuelan crude exports have increased by 19.7% so far this year, and PDVSA aims to reach 1.245 million bpd by the end of August.