Venezuela Economic Outlook
February 14, 2017The slump in oil prices has brought Venezuela to the brink of collapse. Dwindling oil revenues have exacerbated structural weaknesses in the economy, which have blown into an unprecedented social, political and economic crisis. In the absence of structural reforms and without a resolution to the political impasse, the country is set for another challenging year. While the dearth of real sector and inflation data from 2016 makes any assessment of the economy difficult, available data suggests that the economic prospects remain bleak: car sales contracted sharply in January and attempts by the government to alleviate volatility in the FX market have failed so far. Another triple-digit increase in the money supply in December suggests that inflation will keep spiralling out of control, increasing fears of hyperinflation in the oil-rich country.
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 %||Aug 19|
|Exchange Rate||10.00||0.0 %||Feb 22|
|Stock Market||34,869||-0.62 %||Feb 22|
Venezuela Economic Growth
February 14, 2017While the government remains confident that higher oil prices will provide some relief, the economy will remain in an abysmal state without structural reforms such as price control removal, exchange rate unification and an improvement in the investment climate. FocusEconomics panelists see the economy shrinking 3.9% in 2017, which is up 0.2 percentage points from last month’s forecast. For 2018, the contraction is expected to soften to 0.6%.
Venezuela Economic News
February 10, 2017
Car sales recorded a steep 59.4% contraction from the same month of the previous year and totaled 157 units in January, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).
February 10, 2017
Given the dearth of official data for inflation, different indicators from official and non-official sources are used as proxies to measure the evolution of price levels in the South American country.
February 9, 2017
In January, the average price of Venezuela’s mix of crude oil rose 0.5% from the previous month to USD 45.1 per barrel (pb) (December: USD 44.9 pb).
February 6, 2017
The first shipments of the VEF 20,000 banknote to replace the VEF 100, which was the largest bill in circulation, started to arrive in mid-January after multiple delays.
January 17, 2017
Venezuelan car sales recorded a steep 88.1% contraction from the same month of the previous year and totaled 175 units in December, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Cámara Automotriz de Venezuela).