Venezuela Economic Outlook
May 17, 2016The Venezuelan economy is set to experience another difficult year in 2016 due to low commodity prices and structural macroeconomic imbalances. The economy has taken a turn for the worse since President Nicolás Maduro, in an effort to tackle an ongoing energy crisis, ordered the working week for civil servants to be shortened to two days per week and announced daily power cuts. The measures, which will constrain economic activity even further, have unleashed a wave of looting and rioting across the country. Meanwhile, the political opposition has stepped up their effort to end the president’s term by using all the legal mechanisms at their disposal. The government has responded by imposing numerous hurdles and declaring a state of emergency to thwart any impeachment attempt.
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 %||May 19|
|Exchange Rate||10.00||0.0 %||May 25|
|Stock Market||15,314||0.51 %||May 25|
Venezuela Economic Growth
May 17, 2016The country’s growth prospects remain bleak; runaway inflation and a dysfunctional retail sector are likely to keep the economy mired in a deep recession this year. FocusEconomics panelists see the economy contracting 7.8% this year, which is down 0.6 percentage points from last month’s projection. Next year, the panel sees GDP dropping 1.5%.
Venezuela Economic News
May 13, 2016
In April, the average price of Venezuela’s mix of crude oil rose a healthy 6.3% over the previous month, reaching USD 31.6 per barrel.
May 12, 2016
President Nicolás Maduro implemented a series of drastic measures in an attempt to combat the worsening energy crisis.
May 11, 2016
After crossing the 1,200 VEF per USD threshold in the parallel market and hitting an all-time low on 10 March—the same day that the new two-tier exchange rate system was introduced—the bolivar appreciated marginally and stabilized.
May 6, 2016
Car sales recorded a massive 83.9% contraction over the same month of the previous year and totaled 279 units in April, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
April 15, 2016
After crossing the 1,200 VEF per USD threshold and hitting an all-time low on 10 March—the same day that the new two-tier exchange rate system was introduced—the Bolivar appreciated, albeit marginally.