Venezuela Economic Outlook
March 17, 2015The Venezuelan economy entered recession in 2014, having recorded three consecutive contractions from Q1 to Q3. Meanwhile, the government’s finances are under pressure due to the sharp drop in the price for oil, which represents the vast majority of Venezuela’s dollar income. In an effort to ease dollar shortages and extensive black market activity, the government launched an overhaul of the exchange rate system on 12 February known as “Simadi”. However, little has changed since the new regime and the bolivar traded in the parallel market has tumbled since its introduction.
Venezuela Economic Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
|Bond Yield||8.80||0.0 %||Mar 23|
|Exchange Rate||6.30||0.0 %||Mar 26|
|Stock Market||5,005||-0.44 %||Mar 26|
Venezuela Economic Growth
March 17, 2015Venezuela’s outlook for 2015 is grim. The country is facing recession, skyrocketing inflation and a severe credit crunch. Against this backdrop, LatinFocus Consensus Forecast panelists shaved off 0.5 percentage points from last month’s projection and now see a 4.9% contraction in GDP for 2015. For 2016, the panel sees GDP falling 0.1%.
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Venezuela Economic News
March 16, 2015
The bolivar traded in the parallel market tumbled in recent weeks following the Venezuelan government’s overhaul of the exchange rate system.
March 16, 2015
In February, the average price of Venezuela’s mix of crude oil rose a sharp 18.5% over the previous month, reaching USD 47.8 per barrel.
March 9, 2015
Annual car sales rose 59.6% over the same month last year and totaling 1,304 units in February, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
February 16, 2015
The Venezuelan government launched an overhaul of the exchange rate system and introduced a new exchange rate mechanism on 12 February.
February 13, 2015
Consumer prices in December rose 5.29% over the previous month, which was above the 4.66% rise tallied in November.