Venezuela Economic Outlook
November 7, 2017The ruling party scored an unexpected victory in the 15 October regional elections, leading the opposition to cry foul over irregularities. Internal disputes following the result caused the heterogenous opposition bloc MUD to fracture. The government has seized this opportunity and is planning on fast-tracking other local elections to cement its grip on power as the economy flounders. On 2 November President Nicolás Maduro called for restructuring its international debt after servicing over USD 2.0 billion in debt obligations in late October and early November. It remains uncertain if the government will commit to upcoming bond installments due this year, and the over USD 9.0 billion due in 2018 but public finances remain in critical condition, making a default increasingly likely. The latest bond payments coincided with the fifth salary hike this year and the release of a 100,000 VEF bill, 1,000 times bigger than the largest bill a year ago, underscoring the magnitude of the crippling crisis the country is facing.
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 20|
|Exchange Rate||10.00||0.0 %||Nov 17|
|Stock Market||685||2.04 %||Nov 17|
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Venezuela Economic Growth
November 7, 2017Venezuela’s economic prospects are extremely bleak. The recent political events have dashed any possibility that the government will confront the structural imbalances in the economy as the regime attempts to hold on to power at all costs. FocusEconomics panelists see the economy shrinking 3.5% in 2018, which is down 0.4 percentage points from last month’s forecast. For 2019, the contraction is expected to soften to 1.5%.
Venezuela Economic News
November 3, 2017
On 3 November, the bolivar traded in the parallel market at 44,348 VED per USD. The result marked a 34.2% depreciation from the same day last month.
November 2, 2017
Oil prices continued to climb higher in October, marking the best reading since July 2015.
October 31, 2017
Due to 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.
October 6, 2017
On 6 October, the bolivar traded in the parallel market at 26,749 VED per USD. The result marked a 24.5% depreciation from the same day last month.
October 6, 2017
Due to the shortage of official data for inflation, different indicators from official and non-official sources are used as proxies to measure the evolution of price levels.