Venezuela Economic Outlook
January 17, 2017The government has had to postpone its surprise decision in December to remove all 100 VEF bills from circulation until at least 20 January, after the announcement resulted in chaos, with widespread looting and rioting reported across the country. The bills make up the bulk of the country’s money supply and the radical measure forms part of the government’s attempts to mend the crisis-stricken economy in the absence of much-needed reforms. President Nicolás Maduro made important changes to his cabinet in January, including a reshuffling in the oil and some economic ministries, though no significant policy change is expected. The most high-profile change was the appointment of a new vice president, which analysts interpret as an attempt to consolidate hard-line chavistas at the helm ahead of a possible recall referendum and presidential elections next year.
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 %||Oct 19|
|Exchange Rate||10.00||0.0 %||Jan 23|
|Stock Market||28,272||1.12 %||Jan 23|
Venezuela Economic Growth
January 17, 2017Venezuela’s economy has been contracting since 2014 and is not expected to grow this year or next. The collapse in oil prices and output have laid bare structural weaknesses in the economy, which have been exacerbated by unsound economic policies. FocusEconomics panelists see the economy shrinking 4.1% in 2017, which is down 0.4 percentage points from last month’s forecast. For 2018, the contraction is expected to soften to 0.7%.
Venezuela Economic News
January 17, 2017
Venezuelan car sales recorded a steep 88.1% contraction from the same month of the previous year and totaled 175 units in December, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
Venezuela: Parallel dollar experiences sharp volatility amid government efforts to stem soaring inflation
January 13, 2017
The government was forced to postpone the 100 bolivar note withdrawal multiple times since the shock announcement on 11 December.
January 12, 2017
In December, the average price of Venezuela’s mix of crude oil rose 17.1% from the previous month to USD 44.9 per barrel (November: USD 38.4).
January 5, 2017
Given the dearth of official data for inflation in Venezuela, different indicators from official and non-official sources are used as proxies to measure the evolution of price levels.
December 9, 2016
Car sales in Venezuela recorded a steep 81.8% contraction from the same month last year and totaled 2365 units in November, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).