Venezuela Economic Outlook
August 12, 2014At the close of the United Socialist Party of Venezuela’s national congress on 31 July, President Nicolas Maduro opened the door to increase the world’s lowest fuel price. According to official sources, the price of gasoline, which has been untouched for the past 17 years, includes an annual subsidy of around USD 12.6 billion. The savings from reducing the subsidy would amount to between USD 6.4 billion and 15.9 billion. Meanwhile, Economy Vice President Rafael Ramirez restated on 6 August that the government is working on a new forex policy, which will simplify the country’s multiple exchange rates.
Venezuela Economic Data
5 years of Venezuela economic forecasts for more than 30 economic indicators.
|Bond Yield||7.9||0.29 %||Aug 19|
|Exchange Rate||6.30||0.0 %||Sep 01|
|Stock Market||2,623||1.40 %||Sep 01|
Venezuela Economic Growth
August 12, 2014LatinFocus Consensus Forecast panelists see GDP falling 1.9% in 2014, which is down 0.1 percentage points from last month’s estimate. Panelists expect GDP to expand 1.0% in 2015.
See all the data and analysis available in each of our Regional and Country reports.
Venezuela Economic News
August 7, 2014
Annual car sales tumbled 81.8% over the same month last year and only reached 1,585 units in July, according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
July 25, 2014
In July, the average price of Venezuela’s mix of crude oil fell 2.7% over the previous month to USD 96.4 per barrel, which represented the lowest price since March.
July 9, 2014
Annual car sales plunged 85.9% over the same month last year and reached just 1,089 units according to figures from the Venezuelan Automotive Chamber (CAVENEZ, Camara Automotriz de Venezuela).
June 30, 2014
In June, the average price of Venezuela’s mix of crude oil rose 1.8% over the previous month to USD 99.1 per barrel, which represented the highest price since September 2013.
Venezuela: Inflation continues to soar; Central Bank delay in releasing economic statistics reinforces analysts’ concerns
June 11, 2014
Consumer prices jumped 5.73% over the previous month in May, which was virtually in line with the 5.67% increase tallied in April and marked the largest rise in a year.