Venezuela Economic Outlook
July 14, 2015Venezuelans will head to the polls for legislative elections on 6 December against a backdrop of an economic freefall. Despite a lack of official data, recent evidence suggests that the country’s economic crisis continues to worsen. The bolivar traded in the parallel market fell past 600 VEF per USD in July and dollar shortages combined with soaring inflation have led to large-scale protests and strikes among workers. The government’s popularity has fallen notably in tandem with the economy and early polls show that the fragmented opposition has a chance at winning a majority or two-thirds supermajority in congress. The latter would give the opposition broad powers, including the ability to initiate constitutional reforms and approve certain laws.
Venezuela Economic Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
|Bond Yield||5.50||-6.00 %||Jun 19|
|Exchange Rate||6.30||0.0 %||Jul 27|
|Stock Market||15,045||0.37 %||Jul 27|
Venezuela Economic Growth
July 14, 2015Venezuela’s outlook for 2015 remains grim. Recession, skyrocketing inflation and low oil prices are expected to fuel the economy’s largest contraction in over a decade. Moreover, a large amount of uncertainty remains over the upcoming elections and a number of analysts are skeptical that they will be conducted fairly. LatinFocus Consensus Forecast panelists see a 6.1% contraction in GDP for 2015, which is down 0.2 percentage points from last month’s forecast. For 2016, the panel sees GDP falling 2.0%.
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Venezuela Economic News
July 14, 2015
In June, the average price of Venezuela’s mix of crude oil recorded zero growth over the previous month, remaining at May’s price of USD 56.4 per barrel.
July 10, 2015
The available evidence continues to point to sky-rocketing inflation in crisis-hit Venezuela.
July 9, 2015
The bolivar traded in the parallel market’s downward trajectory accelerated in recent weeks and fell past 600 VEF per USD, a new record low, on 9 July.
July 8, 2015
Annual car sales rose 73.0% over the same month last year and totaled 1,884 units in June, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
June 16, 2015
The available evidence points to sky-rocketing inflation in crisis-hit Venezuela.