Unemployment in Venezuela
Venezuela - UnemploymentThe economy remains trapped in a hyperinflationary-recessionary environment, with economic activity plunging nearly 30.0% year-on-year in Q3 according to estimates released by the opposition-controlled legislature on 28 November. Meanwhile, media reports revealed the Central Bank sent preliminary macroeconomic data—which it stopped publishing in 2016 as the crisis intensified—to the IMF on 20 November. The move followed warnings of sanctions from the international lender, potentially including the loss of voting rights and even expulsion from the institution. Notably, the data showed that inflation topped 860% while GDP contracted 15.7% in 2017, highlighting the sheer magnitude of the economic collapse. On a somewhat more positive note, authorities reached an agreement on 26 November with the Canadian mining company Crystallex to settle a USD 1.4 billion arbitration award. The settlement included an initial payment of USD 425 million and the commitment to pay the remainder in instalments by 2021 which, most importantly, will prevent Crystallex from seizing CITGO, the all-important U.S. refining unit of the state oil company PDVSA.
Venezuela - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Venezuela Unemployment Chart
Source: National Statistical Institute.
|Bond Yield||5.50||0.0 %||Aug 19|
|Exchange Rate||248,832||0.0 %||Aug 17|
|Stock Market||6,023||2.04 %||Jan 14|
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September 10, 2018
On 20 August, a series of far-reaching economic reforms came into effect as President Nicolás Maduro once again strived to tackle spiraling inflation, stabilize the freefalling currency and overcome the deep economic crisis gripping the country.
July 9, 2018
At the twentieth Central Bank Dicom auction held on 28 June, the bolivar sold at 134,262.5 VEF per EUR (approximately 115,000 VEF per USD), weakening 20.1% from the 111,734.4 VEF per EUR (approximately 96,000 VEF per USD) rate in the previous auction held on 25 June.
July 5, 2018
The average price of Venezuela’s mix of crude oil came in at USD 64.5 per barrel (pb) in June, falling 1.2% from May’s average of USD 65.2 pb.
June 11, 2018
At the seventeenth Central Bank Dicom auction held on 8 June, the bolivar sold at 94,112 VEF per EUR (80,000 VEF per USD), weakening 0.8% from the 93,392 VEF per EUR (80,000 VEF per USD) rate in the previous auction held on 1 June.
June 8, 2018
The average price of Venezuela’s mix of crude oil reached USD 65.2 per barrel (pb) in May, the highest level in over three years.