Among the announcements that Nicolás Maduro made in the accountability is the creation of the Ministry of Foreign Trade, the economic drivers were reduced from 18 to 13, and the procedures for exporting were simplified from 51 to 10 days. He said that mechanisms will be created to protect savings and currency and that the indexed comprehensive income scheme will be maintained, the latter promising that “it would be improved.”
During the presentation of the 2024 Annual Report and Account, Nicolás Maduro offered various data on the performance of the economy and recycled some promises of improvement that he has already made in the past, such as improving the comprehensive income of workers, the which in recent years remains the worst minimum wage in the region. The announcements were made this January 15 from the Ríos Reyna room of the Teresa Carreño Theater.
At 5:09 in the afternoon, Maduro began with the annual message highlighting the achievements of his government, among them, lowering annual inflation to double digits or the growth of the economy, which according to the data provided by the Central Bank of Venezuela (BCV) It would be more than 9% in 2024. However, the data available on the issuing entity’s website is until October. On the other hand, he indicated that several sectors grew, as well as national brands and pointed out that “the economic drivers” have been reduced to move towards a more efficient model.
Maduro pointed out that in 2024 the nation had “the lowest inflation in 12 years” when it closed at 48%. He added that the economy has recovered productive capacities and that a new internal market has been built, which is supplied with national production. In addition, he said that by 2025 they have already managed to sign investments for more than 52,000 million dollars through the Ministry of Industries and National Production, investments in oil, gas, tourism, petrochemicals, mining and heavy industry.
Maduro noted that they did a “reengineering of the engines.” “We were creating specific incentive policies for each engine. Of 18 engines, we have reorganized them into 13 to simplify them and direct more effective policies,” he said. He also created the Ministry of Foreign Trade and promised that they would simplify export procedures and protocols for all businessmen and entrepreneurs, moving them from 51 days to 10 days.
Maduro’s figures:
Oil revenues: $74 billion
Tax collection: 12,119 million dollars.
Growth by sectors:
- Construction: 25.9%
- Trade: 6.2%
- Manufacturing: 4.6% and “45% is the use of the industry’s installed capacity”
- Mining: 21%
- Oil: 14% and “long exceeded one million barrels”
- Agriculture: 6.2% and “has 16 quarters of continuous growth”
- Vehicle trade and repair: 6.2%
- Tourism and international visits: 94%
- Credits: 72%
Protection of savings and industry
The Chavista leader indicated that this year they will resume the protection of savings and the national currency and that to this end he has approved a set of measures for “the defense of national savings and deposits in bolivars”, through the implementation of new mechanisms for the defense of the industry and the full use of its installed capacity.
«We need active protection, the Minister of Industry already has instructions on that. Let’s prioritize what is produced in Venezuela and in Venezuela we can produce everything,” he expressed.
Indexations and salary
«In the field of the economy, the time has come to unify to serve the most vulnerable sectors. “I announce the activation and creation of the new social protection system based on the Patria Platform and validated with the new communal system and a new Clap, which will protect education, housing, and the productive economy,” said Maduro.
He promised again that this year “yes” they will “substantially improve the comprehensive income of workers and their purchasing power.” Regarding this, he explained that They will continue to firmly preserve the comprehensive income indexation mechanism of the workers, which he praised as “a unique mechanism in the world.” However, the minimum wage in Venezuela is less than $2.50, while the rest of the allocations are made through bonuses, which has no impact on social benefits, vacations or other legal benefits.
Maduro committed during his Report and Account to build 400 thousand homes this year and three million in the period 2025-2031 with popular architecture. Calls for progress in the area of housing and habitat. This means that 1,065 houses will be built per day or 45.62 houses per hour.
New national brands and products
He pointed out that 85% of the products found in establishments are made in Venezuela and 15% are imported. Furthermore, he added that mMore than 19,000 new brands emerged in 2024.
*Journalism in Venezuela is carried out in a hostile environment for the press with dozens of legal instruments in place to punish the word, especially the laws “against hate”, “against fascism” and “against the blockade.” This content is being published taking into consideration the threats and limits that have consequently been imposed on the dissemination of information from within the country.
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