Venezuela Economic Outlook
September 16, 2014President Nicolas Maduro announced his long-waited “economic shake-up” on 3 September, which comprised a remarkable cabinet reshuffle, but failed to deliver the country’s much-needed economic reforms. The powerful Rafael Ramirez was removed as Economy Vice President, Minister of Petroleum and Mining, and President of Venezuela’s state oil company. Instead, he was appointed Foreign Minister. Ramirez vowed to merge the three official exchange rates and his de facto demotion triggered concerns that this could represent a setback in overhauling Venezuela’s exchange rate system. In addition, the parallel bolivar weakened sharply in recent weeks, mainly due to a severe shortage of U.S. dollars and an alleged reduction of dollar supply in the secondary markets.
Venezuela Economic Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
|Bond Yield||7.9||0.29 %||Aug 19|
|Exchange Rate||6.30||0.0 %||Sep 17|
|Stock Market||2,767||-2.20 %||Sep 17|
Venezuela Economic Growth
September 16, 2014LatinFocus Consensus Forecast panelists see GDP falling 2.5% in 2014, which is down 0.6 percentage points from last month’s estimate. Panelists expect GDP to expand 0.7% in 2015.
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Venezuela Economic News
September 9, 2014
Consumer prices in August jumped 3.93% over the previous month, which was below the 4.14% rise tallied in July and virtually in line with the 3.90% increase that LatinFocus Consensus Forecast panelists had expected.
September 8, 2014
A severe shortage of U.S. dollars has caused the bolivar to depreciate sharply in the parallel market.
September 5, 2014
Annual car sales plummeted 79.8% over the same month last year and reached 1,681 units in August, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
September 1, 2014
In August, the average price of Venezuela’s mix of crude oil fell 4.6% over the previous month to USD 91.7 per barrel, which represented the lowest price since June 2013.
August 7, 2014
Annual car sales tumbled 81.8% over the same month last year and only reached 1,585 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).