Venezuela Economic Outlook
July 12, 2016Years of economic mismanagement and the slump in oil prices have pushed Venezuela into a severe crisis. Recent reports from the government and OPEC confirm that the country’s economic woes continue to mount. Revenues from state-owned oil company PDVSA plunged 41% in 2015 and, according to OPEC, oil production dropped to a multi-year low in May. Diminished production and dwindling earnings are raising concerns over both how the oil-dependent country will meet its over USD 8.0 billion international debt obligation and alleviate the country’s structural imbalances. With the next debt installment due in August, the political and economic situation in the oil-rich country is becoming critical. In June, the non-official and Dicom exchange rates both depreciated sharply and street violence became more prevalent amid a widespread scarcity of goods. International mediation has failed to resolve the political impasse and the government has stepped up its vehement rhetoric against the opposition.
Venezuela Economy Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
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|Bond Yield||5.50||0.0 %||Jul 19|
|Exchange Rate||10.00||0.0 %||Jul 26|
|Stock Market||12,230||-1.87 %||Jul 26|
Venezuela Economic Growth
July 12, 2016The country’s growth prospects are bleak. Runaway inflation and structural macroeconomic imbalances will keep the economy mired in a deep recession this year and next. FocusEconomics panelists see the economy contracting 9.0% this year, which is down 0.7 percentage points from last month’s projection. Next year, the panel sees GDP falling 2.3%.
Venezuela Economic News
July 14, 2016
Car sales recorded a massive 87.1% contraction over the same month of the previous year and totaled 243 units in June, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
July 7, 2016
International mediation has been unable to diffuse the growing political crisis in Venezuela amid clear signs that the economy is deteriorating drasticallyaimed at solving the growing institutional crisis in Venezuela have failed to come to any meaningful result.
July 7, 2016
In June, the average price of Venezuela’s mix of crude oil rose 7.9% over the previous month, reaching USD 39.7 per barrel.
June 10, 2016
The political and economic crisis in Venezuela continues to deepen after President Nicolás Maduro stepped up his effort to block the recall referendum launched by the opposition.
June 9, 2016
Car sales recorded a massive 83.5% contraction over the same month of the previous year and totaled 253 units in May, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).