Venezuela Economic Outlook
May 15, 2018
Against a dire economic situation, Venezuelans will head to the polls on 20 May to vote in a presidential election widely criticized for its lack of legitimacy. Given electoral irregularities and a divided opposition, President Nicolás Maduro’s re-election is virtually guaranteed, suggesting that much-needed radical economic reforms to exit the current crisis are not likely to be implemented in the near term. Meanwhile, despite the recent jump in oil prices, preliminary figures showed oil production continued to fall in April, hitting a new three-decade low. Venezuela’s energy sector woes were compounded on 25 April, when ConocoPhillips won a USD 2.0 billion arbitration against state oil firm PDVSA. ConocoPhillips is moving to seize PDVSA’s assets in the Caribbean, which, if successful, could further cripple the country’s ability to export oil, hitting crucial oil revenues.Venezuela Economic Growth
Venezuela is expected to remain in a deep economic crisis amid hyperinflation and widespread shortages. In addition, dwindling oil production coupled with large external debt repayments will further depress imports and private consumption. As the current economic policies are not likely to be drastically changed in the near future, FocusEconomics panelists see the economy continuing in a deep recession and contracting 9.3% in 2018, which is down 0.4 percentage points from last month’s forecast. In 2019, GDP is seen falling 1.5%.Venezuela Economy Data
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Venezuela Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 5.50 | 0.0 % | Aug 19 |
| Exchange Rate | 78,750 | 0.0 % | May 21 |
| Stock Market | 22,796 | 2.04 % | May 21 |
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Venezuela Economic News
Venezuela: Oil prices hit an over three-year high in April
May 15, 2018
The average price of Venezuela’s mix of crude oil reached USD 64.2 per barrel (pb) in April, the highest level in over three years.
Venezuela: President Nicolás Maduro set for reelection against a grim economic outlook
May 15, 2018
On 20 May, President Nicolás Maduro is poised to secure a second six-year term in a presidential election that has been widely criticized for lacking credibility and fairness.
Venezuela: Oil prices fall in February
March 7, 2018
The average price of Venezuela’s mix of crude oil fell in February to USD 58.0 per barrel (pb), down from the prior month’s multi-year high of USD 61.4 pb.
Venezuela: New Dicom rate fails to close the gap with the parallel dollar
March 7, 2018
Venezuela’s new exchange rate system, introduced in late January, helped stem the slide of the bolivar in the parallel market, but already seems doomed to fail due to the persistent lack of dollars in the Venezuelan economy.
Venezuela: Foreign exchange system overhauled
February 12, 2018
Economic uncertainty deepened in Venezuela as the government implemented on 26 January yet another reform of the country’s foreign exchange system, amid a deep economic meltdown and a severe shortage of dollars that is fueling high inflation.
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