Unemployment in Venezuela

Venezuela Unemployment | Economic News & Forecasts

Venezuela - Unemployment

The political and economic crisis deepened over the past month. On 30 April, opposition leader Juan Guaidó called for a military uprising to remove President Nicolás Maduro from office. The attempt, however, failed as it did not attract meaningful military support, raising uncertainty over the opposition's future going forward. Meanwhile, oil production took another nosedive in March as widespread power outages and crippling U.S. sanctions took their toll. Production fell a staggering 289,000 barrels per day (bdp) from February, which amounts to an over 36% plunge since January, according to OPEC data. Moreover, U.S. and Canadian authorities announced new sanctions against the Venezuelan government in April, most notably targeting the country’s Central Bank and several high-ranking officials, including the foreign minister. In other news, on 7 May, the opposition-controlled National Assembly authorized a USD 71 million interest payment on PDVSA’s 2020 bond. The failure to pay could have prompted creditors to try to seize a sizeable chunk of shares in its U.S. refining unit Citgo, the country’s most valuable overseas asset.

Venezuela - Unemployment Data

2013  2014  2015  2016  2017  
Unemployment Rate7.5  7.0  6.8  -     -     

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Venezuela Unemployment Chart

Venezuela Unemployment
Note: Unemployment in % of active population.
Source: National Statistical Institute.

Venezuela Facts

Bond Yield5.500.0 %Aug 19
Exchange Rate248,8320.0 %Aug 17
Stock Market16,1482.04 %May 13

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