Venezuela PESTLE Insights – A Macroeconomic Outlook Report
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Venezuela PESTLE Insights Report Overview
The GDP of Venezuela was estimated to be $102.1 billion in 2023 and the country ranked 151st out of 153 nations in the GCRI Q3 2023. on March 5, 2024, Venezuela’s electoral authority announced that the country will hold presidential elections on July 28, 2024. Incumbent Nicolas Maduro is widely anticipated to run, while his primary challenger has been disqualified from participating. The date was selected by the National Electoral Council (CNE), aligned with the ruling party following an agreement reached between Maduro’s government and the opposition in Barbados in 2023.
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The Venezuela PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2023 | $102.1 billion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape |
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Venezuela Macroeconomic Key Sector’s Contribution to the Economy
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PESTLE Insights of the Venezuela Macroeconomic Outlook Report
Political Landscape: Venezuela’s geographical location near the US and other North American nations, positions it strategically in the Americas. The country boasts robust diplomatic and economic ties with numerous Latin American countries like Argentina, Chile, Cuba, and Brazil. Significantly, Venezuela plays a pivotal role in an intergovernmental organization comprising nine socialist and social democratic nations as a founding member of the Bolivarian Alliance for the Peoples of Our America.
Economic Landscape: According to GlobalData, Chevron, the US energy company, is targeting more than 60, 000 barrels per day (bpd) increase in oil production in Venezuela by the end of 2024. The surge in production is anticipated to expedite Chevron’s efforts to recover in debt and unpaid dividends from its projects in the South American nation.
Key Landscape Analysis in the Venezuela PESTLE Insights Report
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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.
Key Highlights
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.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and the direction of operations.
- Along with providing the country’s snapshot, the report captures the risk factors about 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’s GDP and population along with major companies’ presence in these areas.
Banko de Venezuela
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Frequently asked questions
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What was Venezuela's GDP in 2023?
Venezuela’s GDP was estimated to be $102.1 billion in 2023.
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What was Venezuela’s rank in the GCRI Q3 2023?
Venezuela ranked 151st out of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Venezuela PESTLE Insights report?
A few of the key landscapes in Venezuela’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, and environmental landscape among others.
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