Venezuela

Venezuela Economic Outlook

July 15, 2014

On 6 July, Vice President for the Economy Rafael Ramirez shed some light on the widely expected exchange rate reform. Ramirez stated that the government is working on a new converging forex policy, which will simplify the country’s multiple exchange rates. President Nicolas Maduro dismissed Planning Minister Jorge Giordani on 17 June. According to analysts, this move suggests that hardliners have lost influence over economic policy thus supporting the notion that Maduro could adopt a more pragmatic approach going forward.

Venezuela Economic Data

2009 2010 2011 2012 2013
Population (million)28.228.629.129.530.0
GDP per capita (USD)11,6738,33710,85912,885-  
GDP (USD bn)329.0238.7315.7380.3-  
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)18.230.125.127.630.2
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 Yield7.90.34 %Jul 14
Exchange Rate6.300.0 %Jul 29
Stock Market2,163-0.04 %Jul 29

Venezuela Economic Growth

July 15, 2014

LatinFocus Consensus Forecast panelists see GDP falling 1.8% in 2014, which is down 0.2 percentage points from last month’s estimate. Panelists expect GDP to expand 1.2% in 2015.

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