Venezuela Economic Outlook
February 17, 2015Venezuela’s economy recorded its third consecutive contraction in Q3 2014, thus confirming the country’s economic decline. On 12 February, the government launched an overhaul of the exchange rate system which includes a new mechanism called Simadi that allows for legal trading of the bolivar. Venezuelan authorities are hoping that Simadi will help ease dollar shortages and counteract widespread black market activity in the country. The sharp fall in oil prices has put pressure on government finances and resulted in large goods shortages as oil is the main source of Venezuela’s dollar income.
Venezuela Economic Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
|Bond Yield||8.80||0.0 %||Feb 23|
|Exchange Rate||6.30||0.0 %||Feb 27|
|Stock Market||3,652||3.40 %||Feb 27|
Venezuela Economic Growth
February 17, 2015Recession, skyrocketing inflation and falling oil prices are causing Venezuela’s outlook for 2015 to deteriorate rapidly. Against this backdrop, LatinFocus Consensus Forecast panelists shaved off 0.6 percentage points from last month’s projection and now see a 4.4% contraction in GDP for 2015. For 2016, the panel sees GDP recovering somewhat and expanding 0.3%.
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Venezuela Economic News
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.
February 11, 2015
Annual car sales fell 5.4% over the same month the previous year and totaling 683 units in January, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
February 10, 2015
In January, the average price of Venezuela’s mix of crude oil fell a sharp 25.4% over the previous month, reaching USD 40.3 per barrel, which was the lowest price that had been recorded since February 2009.
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.