Venezuela Economic Outlook
December 5, 2016The slump in commodity prices has sent the Venezuelan economy into a tailspin. The latest data point to a growing economic, social and political crisis as the economy is in freefall. While oil-producing states have welcomed the outcome of the 30 November meeting to cut output for the first time since 2008, the news does not offer much hope for the South American country against a backdrop of declining oil output and little chance that prices will return to the highs reached during the commodity super cycle. The state-owned oil enterprise was declared in technical default after failing to meet bond payments in November. The situation on the ground is deteriorating rapidly as the bolivar traded in the parallel market is devaluating sharply. Solutions to Venezuela’s manifold problems are elusive as the Vatican-mediated talks have failed to break the political impasse.
Venezuela Economy Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
|Bond Yield||5.50||0.0 %||Oct 19|
|Exchange Rate||10.00||0.0 %||Dec 06|
|Stock Market||36,430||-0.89 %||Dec 06|
Venezuela Economic Growth
December 5, 2016Venezuela’s economy has been contracting since 2014 and is not expected to grow anytime soon. Structural weaknesses in the economy exacerbated by policy mismanagement have been laid bare by the collapse in oil prices and output. FocusEconomics panelists see the economy shrinking 10.2% in 2016 and 3.7% in 2017, which is down 0.4 percentage points from last month’s forecast.
Venezuela Economic News
November 7, 2016
The bond swap saga of Venezuela’s state-owned oil company (PDVSA) came to an end on 24 October.
November 4, 2016
The bolivar has depreciated sharply in the parallel market since late September.
November 3, 2016
Given the lack of official data for inflation in Venezuela, different indicators from official and non-official sources are used as proxies to measure the evolution of price levels. FocusEconomics Consensus Forecast panelists estimate that inflation jumped from 368.1% at the end of Q2 to 448.8% at the end of Q3.
November 3, 2016
In October, the average price of Venezuela’s mix of crude oil rose 11.3% from the previous month to USD 42.6 per barrel.
October 11, 2016
In late September, the Venezuelan government modified the long-awaited bond swap offer it had first presented on 16 September, which had been in the offing for months.