Macroeconomic Forecast Venezuela

May 2008 | Macroeconomic Forecasts

With oil prices hitting new highs on a weekly basis, we expect to see the Venezuelan current account perform strongly again in 2008. Equivalent to an impressive 10.5% of GDP, the country's US$20.1bn surplus recorded in 2007 was the largest in the region by far, and despite exhibiting a downward trend, should continue to lead the region. We are currently forecasting a surplus of US$17.0bn (7.2% of GDP) in 2008 and stress that the risks appear to be to the upside.

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