Venezuela Economic Outlook
March 14, 2017The collapse in oil prices and chronic economic mismanagement by the ruling party has sent the economy into a tailspin and has plunged the country into an unprecedented political, economic and humanitarian crisis. While economic conditions are set to improve after what was likely the largest contraction in the world in 2016, the country is nonetheless set to remain deep in recession. Venezuelan oil prices have stabilized below the USD 50.0 benchmark but remain too low to revive economic activity. This spells bad news since the country’s debt repayment schedule is fast approaching and an almost USD 3.0 billion loan is due in April, with additional multibillion loan repayments due in the remainder of the year. With international reserves under USD 11.0 billion and a strong repayment commitment by the socialist government, economic hardship is set to worsen and possibly fuel further social unrest.
Venezuela Economy Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
|Bond Yield||5.50||0.0 %||Aug 19|
|Exchange Rate||10.00||0.0 %||Mar 23|
|Stock Market||37,479||1.32 %||Mar 23|
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Venezuela Economic Growth
March 14, 2017While the government is betting on higher oil prices as an exit to the crisis, the economy will remain in an abysmal state without structural reforms such as price control removal, exchange rate unification and an improvement in the investment climate. FocusEconomics panelists see the economy shrinking 4.2% in 2017, which is down 0.3 percentage points from last month’s forecast. For 2018, the contraction is expected to soften to 0.8%.
Venezuela Economic News
March 7, 2017
Car sales recorded a steep 33.8% contraction from the same month of last year and totaled 215 units in February, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
February 10, 2017
Car sales recorded a steep 59.4% contraction from the same month of the previous year and totaled 157 units in January, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
February 10, 2017
Given the dearth of official data for inflation, different indicators from official and non-official sources are used as proxies to measure the evolution of price levels in the South American country.
February 9, 2017
In January, the average price of Venezuela’s mix of crude oil rose 0.5% from the previous month to USD 45.1 per barrel (pb) (December: USD 44.9 pb).
February 6, 2017
The first shipments of the VEF 20,000 banknote to replace the VEF 100, which was the largest bill in circulation, started to arrive in mid-January after multiple delays.