Venezuela Fiscal


Government presents 2013 budget plan, rules out devaluation

On 23 October, Finance and Planning Minister Jorge Giordani presented the draft budget for 2013 to the unicameral National Assembly. The document projects expenditures to reach VEF 396.4 billion (USD 92 billion), which represents a 33.0% nominal increase over this year's budget. According to the draft budget, which is based on the assumption of an average price of USD 55 per barrel for the Venezuelan mix of crude oils, only 21.0% of total income will come from oil revenues (2012 budget: 22.8%). The assumed oil price is up USD 5 over this year's budget, but well below the price of USD 101.4 per barrel expected by Consensus Forecast panellists in 2013. Venezuelan authorities tend to underestimate the price of oil, as the surplus revenues obtained when oil prices exceed the assumed price gives the Ch

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