Unemployment in Venezuela

Venezuela Unemployment | Economic News & Forecasts

Venezuela - Unemployment

The 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

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 Market6,0232.04 %Jan 14

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