Asdrúbal Oliveros, managing partner of Ecoanalítica, indicated that Venezuela’s trade sector experienced 1.1 % growth during the first six months of the year.

According to the economist, “the oil sector, the traditional engine of the economy, led the expansion with an increase of 14.8 %. Meanwhile, telecommunications grew 11 %, food 7 %, and health, which includes the production of medicines, 6 %.”

According to the director of Ecoanalítica, this is a notable performance in the trade sector thanks to the fact that “it was one of the beneficiaries of the economic reconfiguration following the 2016-2021 crisis,” when the country lost two-thirds of its economy.

Currently, according to Oliveros, there is a marked disparity in the trade landscape, as on the one hand, areas such as food, medicine, and automotive parts are performing well, while in items such as household appliances, clothing, and footwear, growth is weak as a result of the population’s low purchasing power and macroeconomic instability.

Regarding inflation, the specialist indicated that “the modest growth in trade is due in part to accelerated inflation in the first half of the year and a significant depreciation of the official exchange rate, which limits household consumption, especially for non-essential goods.”

M.Pino

Source: diariocontraste                    

(Reference image source: Hamed Taha on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Trade in Venezuela registered a 1.1 % increase in the first half of 2025 apareció primero en Bitfinance.

Recent data from Ecoanalítica show that more than 75 % of transactions in Venezuela are made in bolivars.

The partner director of the survey, Asdrúbal Oliveros, revealed these data in a graph that summarizes the payment ecosystem in the country.

The Colombian peso, which is used mostly in border states such as Táchira, is followed by transactions in euros, “which represented 3.1 % of the total, and, finally, cryptocurrencies and others, which made up 1.8 % of payments.”

Regarding payments in dollars, Oliveros indicated that since they have been carrying out this comparison (2021), it is the first time “that the level of transactions in foreign currency is the lowest.”

The 2024 study was carried out in “Caracas, Barquisimeto, Maracaibo, Valencia, Margarita, Puerto Ordaz, Lechería, Mérida, San Cristóbal and Maracay, where almost 70 % of the activities are concentrated.” Oliveros highlighted that there has been a drop of more than 40 percentage points in payments in dollars, partly due to the fact that citizens give preference to exchanging the currency in the market at the most convenient price.

M.Pino

Source: elcooperante

(Reference image source: Ali Mkumbwa on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Transactions in bolivars exceed 75 % in Venezuela apareció primero en Bitfinance.

Venezuela’s labor sector remains waiting for the salary increase on May 1. In this regard, economist Asdrúbal Oliveros, director of Ecoanalítica, declared this Wednesday that this could happen through bonuses.

He indicated that in the midst of the campaign for the presidential elections on July 28, the Venezuelan government could show greater capacity to assume a salary increase for workers and pensioners, who are also on the minimum monthly income scale.

However, he made it clear that “the Maduro administration has rigidities due to the Labor Law that makes salary increases extremely expensive for everyone, including the Venezuelan State.”

According to Oliveros, during the four months of the presidential campaign, the government will authorize more bonuses through the Patria System, “putting more money on the street and generating an important stimulus for these months.”

The economist warned that a salary increase “as a legal concept in the public and private sector” requires a discussion of change on the Labor Law.

Double-digit economic growth

The specialist explained that double-digit economic growth is expected in Venezuela this year, accompanied by greater dynamism in some sectors of the economy. But he specified that “due to the current complex context, a shorter electoral campaign and the threat of sanctions from the United States, it is estimated that this year’s economic performance will be limited.”

“We expect a moderate economic growth of 4 %, which for an economy like the Venezuelan one needs to be larger and more permanent, since this does not ensure that the majority of the population is reflected in the context of growth,” Oliveros specified.

A modification in the United States sanctions against Venezuela, maintaining the operation of companies like Chevron, could allow a growth of 4 %. If sanctions become more serious, growth would be close to zero.

M.Pino

Source: eldiariodeguayana

(Reference image source: Unsplash+, in collaboration with JSB Co.)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Salary increase in May could be through bonuses apareció primero en Bitfinance.

Asdrúbal Oliveros, a founding member of Ecoanalítica, pointed out this Sunday that the exchange rate at the end of 2023 could be higher than 60 bolivars per dollar.

Venezuela is at the top of the list of Latin American countries with the highest inflation rate. Added to this is the fact that the dollar continues to rise, faster than the devaluation of the bolivar.

The prices of goods and services in Venezuela are settled in dollar. “Inflation has increased significantly, going from 150 % to 400 % in one year, and it is expected to close at 228 %,” according to Olivares.

The specialist stressed that “in dollar terms, prices have increased 45 % in one year, which is much higher than in other countries.”

Companies find no other way out of the current contraction than to increase prices in dollars, since their production costs in the currency are higher.

M.Pino

Source: elinformador

(Reference image source: Colin Watts, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Exchange rate could exceed 60 bolivars per dollar at the end of 2023 apareció primero en Bitfinance.

Asdrúbal Oliveros released, this August 10, a video on his social networks, explaining the perspectives of the consulting firm Focus Economics on the dynamics of the Venezuelan economy for the last months of 2021 and for the next year 2022.

According to what was expressed by the economist, the firm estimates that by the end of 2021 the economy will register growth in the order of 3.3 % year-on-year. Additionally, he foresees that consumption in private companies will reach only 0.3 %. “With regard to the fiscal deficit, Focus Economics believes that at the end of the year it will be 11.5 points.”

Concerning inflation, the firm estimated that at the end of 2021 it will be around 1,549 %, while the price of the dollar will be located at 14.2 digital bolivars, the one that will come into effect as of October 1st this year, according to what was published by the Central Bank of Venezuela recently, which is equivalent to about 14,200,000 bolivars today.

2022 projections

The polling firm considers that by 2022 the Venezuelan economy will register a growth quite similar to that estimated for the end of this year, reaching 3.3 %. However, it projects significant private consumption, achieving growth of 8.4 % at the end of next year.

It also outlines a slight reduction in the fiscal deficit, placing it at 10.2 points by the end of 2022. While inflation could drop significantly to close at 746 %, but the price of the dollar is projected for December of next year at 132.5 new bolivars, that is to say about 132,500,000 of current bolivars.

M. Rodríguez

Source: bancaynegocios.com

La entrada Focus Economics estimates that inflation will close the year at 1,549 % apareció primero en Bitfinance.