Venezuela

Venezuela Economic Outlook

August 12, 2014

At the close of the United Socialist Party of Venezuela’s national congress on 31 July, President Nicolas Maduro opened the door to increase the world’s lowest fuel price. According to official sources, the price of gasoline, which has been untouched for the past 17 years, includes an annual subsidy of around USD 12.6 billion. The savings from reducing the subsidy would amount to between USD 6.4 billion and 15.9 billion. Meanwhile, Economy Vice President Rafael Ramirez restated on 6 August that the government is working on a new forex policy, which will simplify the country’s multiple exchange rates.

Venezuela Economic Data

2009 2010 2011 2012 2013
Population (million)28.228.629.129.530.0
GDP per capita (USD)11,6738,33710,85912,88512,401
GDP (USD bn)329.0238.7315.7380.3371.8
Economic Growth (GDP, annual variation in %)-3.2-1.54.25.61.3
Domestic Demand (annual variation in %)-7.7-0.57.612.3-1.9
Consumption (annual variation in %)-2.9-1.94.07.04.7
Investment (annual variation in %)-8.3-6.34.423.3-9.0
Manufacturing (annual variation in %)-6.4-3.43.81.8-0.3
Retail Sales (annual variation in %)-9.7-11.94.711.5-  
Unemployment Rate7.98.58.27.87.5
Fiscal Balance (% of GDP)-5.0-3.6-4.0-4.9-  
Public Debt (% of GDP)18.230.125.127.631.0
Money (annual variation in %)14.319.150.661.069.7
Inflation Rate (CPI, annual variation in %, eop)25.127.227.620.156.2
Inflation Rate (CPI, annual variation in %)27.128.226.121.140.6
Inflation (PPI, annual variation in %)24.826.820.816.652.4
Benchmark Interest Rate (%)15.1214.6414.5014.5014.74
Stock Market (annual variation in %)57.018.679.1302.8480.5
Exchange Rate (vs USD)2.154.304.304.306.30
Exchange Rate (vs USD, aop)2.154.264.304.306.09
Current Account (% of GDP)0.73.77.72.9-  
Current Account Balance (USD bn)2.38.824.411.0-  
Trade Balance (USD billion)16.427.246.038.0-  
Exports (USD billion)57.665.892.897.3-  
Imports (USD billion)40.738.546.859.3-  
Exports (annual variation in %)-39.414.141.24.9-  
Imports (annual variation in %)-21.0-5.221.526.8-  
International Reserves (USD)35.029.529.929.921.5
External Debt (% of GDP)24.940.735.131.3-  

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5 years of Venezuela economic forecasts for more than 30 economic indicators.

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Venezuela Facts

Value Change Date
Bond Yield7.90.29 %Aug 19
Exchange Rate6.300.0 %Sep 01
Stock Market2,6231.40 %Sep 01

Venezuela Economic Growth

August 12, 2014

LatinFocus Consensus Forecast panelists see GDP falling 1.9% in 2014, which is down 0.1 percentage points from last month’s estimate. Panelists expect GDP to expand 1.0% in 2015.

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