Venezuela Economic Outlook
January 20, 2015The Venezuelan economy entered in recession in 2014. According to data published by the Central Bank, GDP contracted 4.8% in Q1, 4.9% in Q2 and 2.3% in Q3. These were the sharpest contractions in GDP that have been recorded since 2009. In an attempt to cut global oil supply and secure financial aid, President Nicolás Maduro paid a visit to some members of OPEC and allied countries. While Maduro failed to secure a reduction in oil production, he announced that Venezuela would receive financial support from China, Qatar and Russia. Meanwhile, in a press conference held on 30 December, Maduro said that the government would reform the current exchange rate system sometime this year. The announcement has created expectations that the official bolivar could be devaluated by the end of January.
Venezuela Economic Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
|Bond Yield||8.80||0.0 %||Jan 23|
|Exchange Rate||6.30||0.0 %||Jan 28|
|Stock Market||3,880||0.0 %||Jan 28|
Venezuela Economic Growth
January 20, 2015The economic climate is deteriorating severely because of skyrocketing inflation and falling oil prices. Against this backdrop, LatinFocus Consensus Forecast panelists shaved off 1.8 percentage points from last month’s projection and they now expect a 3.8% contraction in GDP for 2015. For 2016, the panel sees GDP recovering somewhat and expanding 0.5%.
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Venezuela Economic News
January 19, 2015
The bolivar traded in the parallel market continued to tumble in recent weeks due to the ongoing shortage of U.S. dollars, a tough economic situation and strong purchases of the greenback by Venezuelans in an attempt to protect themselves from soaring inflation. On 13 January, the non-official exchange rate was 173.8 VEF per USD.
January 15, 2015
In December, the average price of Venezuela’s mix of crude oil fell a sharp 23.0% over the previous month, reaching USD 54.0 per barrel, which was the lowest price that had been recorded since May 2009.
January 13, 2015
Annual car sales jumped 78.2% over the same month the previous year and reached 5,274 units in December, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
December 30, 2014
GDP contracted 2.3% in Q3, which followed the 4.9% drop tallied in Q2 and the 4.8% decline observed in Q1, according to economic figures released by the Central Bank on 30 December.
December 30, 2014
Consumer prices in November rose 4.66% over the previous month, which was below the 5.02% rise tallied in October.