Venezuela Economic Outlook
August 9, 2016Years of economic mismanagement and the slump in oil prices have pushed Venezuela into a severe crisis, as confirmed by the latest developments in the oil-rich country. In June, oil output dropped to a new multi-year low and the trend looks irreversible in the short term. A short-lived rally in oil prices came to an end in July, raising the alarm ahead of multibillion dollar debt payments due this year and next. Furthermore, a potential unification of the exchange rate system hangs on a thread after President Nicolás Maduro sacked the pro-reformist minister who strove to liberalize the country’s currency controls and unify the exchange rate systems. Lastly, on the political front, the standoff between the government and the opposition intensified after the government-controlled Supreme Court ruled that all actions by the opposition-controlled Legislature since late July are null and void.
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 %||Jul 19|
|Exchange Rate||10.00||0.0 %||Aug 03|
|Stock Market||12,374||-0.43 %||Aug 03|
Venezuela Economic Growth
August 9, 2016The country’s growth prospects are bleak. Runaway inflation and structural macroeconomic imbalances will keep the economy mired in a deep recession this year and next. FocusEconomics panelists see the economy contracting 9.2% this year, which is down 0.2 percentage points from last month’s projection. Next year, the panel sees GDP falling 2.5%.
Venezuela Economic News
August 24, 2016
Car sales recorded a sharp 86.7% contraction over the same month of the previous year and totaled 193 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
Venezuela: Economy in freefall as government declares opposition-controlled National Assembly null and void
August 8, 2016
The institutional tug-of-war between the political opposition and the ruling party has taken a turn for the worse.
August 4, 2016
In July, the average price of Venezuela’s mix of crude oil dropped 5.2% over the previous month, reaching USD 37.7 per barrel.
August 2, 2016
After crossing the 1,200 VEF per USD threshold and hitting an all-time low on 10 March—the same day that the two-tier exchange rate system was introduced—the bolivar traded in the parallel market and appreciated somewhat thereafter.
July 14, 2016
Car sales recorded a massive 87.1% contraction over the same month of the previous year and totaled 243 units in June, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).