Venezuela | Economic Forecasts | 2017-2020 Outlook

This page has economic forecasts for Venezuela including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Venezuela economy.


Overview Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 7.30 25 30 30 8.5 20 percent [+]
Inflation Rate 741.00 900 1000 1000 900 600 percent [+]
Interest Rate 21.53 22 22 22 22.5 19 percent [+]
Balance of Trade -782.00 -2880 -4000 -4500 -4700 -4900 USD Million [+]
Government Debt to GDP 28.20 30 35 35 35 50 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Stock Market 1262.79 518000 513000 508000 502000 445000 points [+]
Currency 9.98 9.88 9.78 9.68 9.58 8.48 [+]
Government Bond 10y 10.43 10.53 10.64 10.74 10.85 11.99 percent [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Annual Growth Rate -18.60 -8 -6 -6 -6 -2.6 percent [+]
GDP 344.33 440 400 400 400 604 USD Billion [+]
Gross Fixed Capital Formation 3219.00 2480 2300 2300 3426 2780 VEF Million [+]
GDP per capita 12793.78 7000 7000 7000 12402 6000 USD [+]
GDP per capita PPP 15602.89 10800 10500 10500 14987 9000 USD [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 7.30 25 30 30 8.5 20 percent [+]
Employed Persons 13089081.00 12000000 12000000 12000000 13011896 12400000 [+]
Unemployed Persons 1035238.00 1500000 1600000 1600000 1153974 1350000 [+]
Minimum Wages 456507.00 433524 539534 643142 744193 1518244 VEF/Month [+]
Population 31.03 31.7 31.7 31.7 31.74 32.63 Million [+]
Employment Rate 92.67 91.83 91.72 91.62 91.53 90.8 percent [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 741.00 900 1000 1000 900 600 percent [+]
Inflation Rate Mom 56.70 70.5 70.5 70.5 50 45 percent [+]
Consumer Price Index CPI 2146.10 5500 5800 6200 6500 8600 Index Points [+]
Core Consumer Prices 594.30 1171 1198 1223 1247 1432 Index Points [+]
Core Inflation Rate 60.30 300 280 210 150 40 percent [+]
Food Inflation 315.00 600 420 310 250 45 percent [+]
CPI Transportation 1995.10 5681 6012 6311 6579 7597 Index Points [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 21.53 22 22 22 22.5 19 percent [+]
Money Supply M0 33302261.20 -1335207 18395922 31870956 4601685 29570379 VEF Million [+]
Money Supply M1 55576221.65 10000000 168235517 256731804 351235121 70800000 VEF Million [+]
Money Supply M2 55977407.88 95124269 178852074 285360046 407869737 1595342998 VEF Million [+]
Money Supply M3 55977408.58 93814561 170194262 260947169 358712351 1069330727 VEF Million [+]
Foreign Exchange Reserves 10167.00 12400 10559 10785 11003 12100 USD Million [+]
Banks Balance Sheet 38808571665.00 36527746678 97778159336 61411398182 69262681799 60606340348 VEF Thousand [+]
Deposit Interest Rate 15.10 15.4 16 16 16 18 percent [+]
Central Bank Balance Sheet 88791736264.97 78046816298 87291018423 91758799875 92630656200 24220696556 VEF Thousand [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -782.00 -2880 -4000 -4500 -4700 -4900 USD Million [+]
Exports 8483.00 6121 5458 5000 4660 7500 USD Million [+]
Imports 9576.00 9001 9458 9500 9362 12400 USD Million [+]
Current Account -5113.00 -1900 663 828 1028 -1550 USD Million [+]
Current Account to GDP -2.40 -3 -3.2 -3.2 5.06 -3.5 percent [+]
External Debt 244.00 400 400 400 270 421 USD Million [+]
Remittances 836.00 782 771 759 747 531 USD Million [+]
Gold Reserves 188.06 213 227 241 255 321 Tonnes [+]
Crude Oil Production 1955.00 2200 2184 2206 2226 2000 BBL/D/1K [+]
Terrorism Index 3.63 2.73 2.6 2.6 2.6 2.5 [+]
Foreign Direct Investment 12.00 661 648 659 650 655 USD Million [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 28.20 30 35 35 35 50 percent [+]
Government Budget -20.00 -20.28 -20.23 -20.18 -20.13 -17.1 percent of GDP [+]
Government Spending 2747.00 3485 2643 2673 2670 3334 VEF Million [+]
Military Expenditure 2336.30 8455 9737 11018 12300 12388 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Industrial Production 0.81 -1.57 1.57 1.57 1.57 0 percent [+]
Changes in Inventories 1477.00 853 405 434 830 733 VEF Million [+]
Internet Speed 1827.10 1791 1770 1765 1754 1663 KBps [+]
Steel Production 15.00 29.14 40.56 51.99 62.78 135 Thousand Tonnes [+]
Competitiveness Index 3.23 3.25 3.25 3.25 3.25 3.23 Points [+]
Competitiveness Rank 127.00 124 124 124 124 117 [+]
Ease of Doing Business 188.00 187 186 186 186 181 [+]
Corruption Index 17.00 18 18 18 18 18 Points [+]
Corruption Rank 166.00 164 164 164 164 159 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence 58.00 50 49 49 62.19 51 [+]
Retail Sales Mom -2.22 1.27 1.27 1.27 1.27 1.27 percent [+]
Retail Sales YoY 12.55 12.7 12.7 12.7 12.7 12.7 percent [+]
Consumer Spending 10233.00 10435 10412 10354 10228 10001 VEF Million [+]
Private Sector Credit 18379222516.00 31183000380 41108978507 50712333235 59779060853 37295816944 VEF Thousand [+]
Gasoline Prices 0.60 0.58 0.56 0.54 0.52 0.38 USD/Liter [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 34.00 34 34 34 34 34 percent [+]
Personal Income Tax Rate 34.00 34 34 34 34 34 percent [+]
Sales Tax Rate 12.00 12 12 12 12 12 percent [+]
Social Security Rate 25.00 25 25 25 25 25 percent [+]
Social Security Rate For Companies 19.00 19 19 19 19 19 percent [+]
Social Security Rate For Employees 6.00 6 6 6 6 6 percent [+]
CLIMATE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Precipitation 55.00 162 173 167 162 166 mm [+]