Unemployment in Venezuela

Venezuela Unemployment | Economic News & Forecasts

Venezuela - Unemployment

A rare release of data by the Central Bank of Venezuela (BCV) on 28 May revealed the sheer magnitude of the crisis currently gripping the country. Notably, the economy has shrunk by about half since 2013, with output plunging to levels not seen since the late 1990s. Moreover, despite oil production recovering by 28,000 barrels per day (bpd) in April from March, it has plummeted by more than 33% overall since January amid the crushing weight of oil sanctions and the power blackouts in March. Underlining the effect of U.S. sanctions, oil exports reportedly fell by nearly a fifth month-on-month to 874,500 bpd in May as some customers stopped purchasing oil from PDVSA, the state-owned oil company, to comply with the late-April deadline. On the political front, the power struggle between President Nicolás Maduro and opposition leader Juan Guaidó seems far from over as representatives of both parties failed to reach a diplomatic solution to the crisis in negotiations hosted by Norway in late May.

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

ValueChangeDate
Bond Yield5.500.0 %Aug 19
Exchange Rate248,8320.0 %Aug 17
Stock Market15,2512.04 %Jun 14

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