Unemployment in Venezuela

Venezuela Unemployment | Economic News & Forecasts

Venezuela - Unemployment

The economy remains in dire straits. Despite oil prices hovering at a near four-year high, oil production continues to steadily decline, with the January through August average down nearly a third in year-on-year terms. Moreover, hefty financial obligations overhanging the state-run oil firm PDVSA only adds to the industry’s problems. Nearly USD 1 billion must be paid to holders of PDVSA 2020 bonds this month, which, if it were to default, could put its U.S.-based refining unit CITGO, which was used as collateral, at risk of takeover by creditors. In addition, PDVSA must pay USD 500 million to ConocoPhillips by the end of November, as part of the payment schedule agreed to in August to settle a USD 2 billion arbitration award granted to ConocoPhillips, in order to regain complete control of its oil facilities in the Caribbean. Further exacerbating matters, a delay in repairs at Venezuela's main oil port is likely to put additional pressure on its crude oil exports and thus constrain the ability to collect desperately needed hard currency. Nonetheless, China's decision in mid-September to extend a USD 5 billion credit line to the government should provide, at least temporarily, some breathing room. Meanwhile, authorities continue to roll out sweeping measures in a bid to stabilize the economy, with the latest being the official launch of the petro cryptocurrency on 1 October. Whether they are effective remains to be seen, however.

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 Market115,2492.04 %Oct 16

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