Venezuela Economic Outlook
November 10, 2015There is ample evidence that the Venezuelan economy remains in freefall and is strapped for cash as it heads toward the legislative elections scheduled for 6 December. Venezuela has resorted to sell its gold reserves in an effort to raise cash to pay USD 3.5 billion in bond payments and to fund import purchases as well. Latest available data show that the value of the Central Bank’s bullion holdings fell 28% in May compared to the previous year and international reserves are nearing a 12-year low of USD 15.2 billion. Furthermore, the IMF recently announced that Venezuela exchanged USD 460 million in October from its Special Drawing Rights (SDR) for hard currency for the third time this year. The Venezuelan government owes around USD 15.8 billion in debt payments that are due between November and the end of 2016. The dwindling of reserves raises questions as to how country will be able to meet its debt obligations in the following years and continue financing its external imbalances.
Venezuela Economy Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
See all the data and analysis available in each of our Regional and Country reports.
|Bond Yield||5.50||0.0 %||Nov 19|
|Exchange Rate||6.30||0.0 %||Nov 25|
|Stock Market||13,098||-0.38 %||Nov 25|
Venezuela Economic Growth
November 10, 2015Despite a possible change in Venezuela’s Legislative Assembly, the country’s growth prospects are grim. A shrinking economy, runaway inflation and low oil prices are likely to propel the largest contraction in over a decade this year. Economic analysts who took part in this month’s LatinFocus Consensus Forecast panel see a 7.4% contraction in GDP for 2015, which is down 0.2 percentage points from last month’s forecast. For 2016, the panel sees GDP falling 4.1%.
Venezuela Economic News
November 12, 2015
In October, the average price of Venezuela’s mix of crude oil dropped 1.7% over the previous month, falling from USD 41.1 per barrel in September to USD 40.4 per barrel.
November 12, 2015
Annual car sales fell 72.4% over the same month last year and totaled 613 units in October, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
November 5, 2015
The Venezuelan bolivar traded in the parallel market continued tumbling in recent weeks, with no end in sight to the downward trajectory that has been in place over a year.
November 4, 2015
Venezuela is preparing to head to the polls for legislative elections on 6 December amid one of the biggest economic crises the country has faced in its recent history.
October 13, 2015
In September, the average price of Venezuela’s mix of crude oil rose 2.2% over the previous month, increasing from USD 40.2 per barrel in August to USD 41.1 per barrel.