Venezuela - Macroeconomic Outlook Report

Venezuela - Macroeconomic Outlook Report

Summary

Mining, manufacturing and utilities activities contributed 45.9% to the gross value added (GVA) in 2023, followed by wholesale, retail and hotels (24.1%), and construction activities (2.4%), according to GlobalData estimates.

According to OPEC, Venezuela has around 303.2 billion barrels of proven crude oil reserves, it produced 716,000 barrels of crude oil per day in 2022.

The IBVC index has been on a volatile trend. As of March 5, 2024, the index stood at 49,196.7, compared to 29,035.8 on March 5, 2023.

Scope

In February 2024, the country announced to construct five transmission substation projects by 2024. The projects seek to boost transmission capacity to 117,570MVA by 2028, compared to capacity of 100,087MVA in 2022.

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.