{"id":6919,"date":"2025-07-20T10:45:43","date_gmt":"2025-07-20T15:15:43","guid":{"rendered":"https:\/\/cedice.org.ve\/ogp\/?post_type=avada_portfolio&#038;p=6919"},"modified":"2025-07-28T11:42:53","modified_gmt":"2025-07-28T16:12:53","slug":"venezuela-en-cifras-junio-2025","status":"publish","type":"avada_portfolio","link":"https:\/\/cedice.org.ve\/ogp\/reporte\/venezuela-en-cifras-junio-2025\/","title":{"rendered":"Venezuela en Cifras | Junio 2025"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><p>Con el objetivo de hacerle seguimiento a la evoluci\u00f3n de la macroeconom\u00eda venezolana y de evidenciar su relevante v\u00ednculo con el gasto p\u00fablico, el Observatorio de Gasto P\u00fablico de Cedice Libertad desarrolla los\u00a0<strong>Reportes Macro-OGP<\/strong>, ofreciendo a la ciudadan\u00eda e influenciadores clave informaci\u00f3n valiosa y permiti\u00e9ndole el monitoreo de estos indicadores.<\/p>\n<p>Asimismo ello permite a los usuarios medir el impacto de las decisiones de pol\u00edtica econ\u00f3mica en particular en el \u00e1mbito socio-econ\u00f3mico, fortaleciendo una ciudadan\u00eda libre y responsable. A continuaci\u00f3n, se describe el comportamiento de diversos indicadores macroecon\u00f3micos en el mes<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;background-color:var(--awb-color3);padding: 0px 25px 0px 25px;\"><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row fusion-flex-align-items-flex-start\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 fusion_builder_column_inner_1_2 1_2 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-2\" style=\"font-size:32px;color:var(--awb-color1);font-family:&quot;Manrope&quot;;font-weight:700;\"><p>MARZO DE 2024<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-nested-column-0{width:50% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-nested-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 3.84%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 3.84%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-nested-column-0{width:50% !important;order : 0;}.fusion-builder-nested-column-0 > .fusion-column-wrapper {margin-right : 3.84%;margin-left : 3.84%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-nested-column-0{width:100% !important;order : 0;}.fusion-builder-nested-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-1 fusion_builder_column_inner_1_2 1_2 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div style=\"text-align:right;\"><style>.fusion-body .fusion-button.button-1{border-radius:10px 10px 10px 10px;}<\/style><a class=\"fusion-button button-flat button-xlarge button-default button-1 fusion-button-default-span fusion-button-default-type\" target=\"_self\" href=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2024\/04\/CIV-2024.pdf\"><span class=\"fusion-button-text\">DESCARGAR INFORME<\/span><\/a><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-nested-column-1{width:50% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-nested-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 3.84%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 3.84%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-nested-column-1{width:50% !important;order : 0;}.fusion-builder-nested-column-1 > .fusion-column-wrapper {margin-right : 3.84%;margin-left : 3.84%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-nested-column-1{width:100% !important;order : 0;}.fusion-builder-nested-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 25px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 25px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-3\"><p><strong>Fecha de publicaci\u00f3n: 9 de julio de 2025<\/strong><\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-4\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">1. <strong>Variaci\u00f3n trimestral del PIB<\/strong><\/h2>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Venezuela experiment\u00f3 un crecimiento limitado entre 2021 y 2025, un periodo caracterizado por un escaso incremento de la actividad productiva. Este avance fue insuficiente para dinamizar los ingresos y generar oportunidades de desarrollo y progreso para los ciudadanos. El entorno econ\u00f3mico de esos a\u00f1os estuvo marcado por la inestabilidad pol\u00edtica, el malestar social, una alta presi\u00f3n fiscal a las empresas, y pol\u00edticas econ\u00f3micas contractivas. Adem\u00e1s, se observaron periodos de estabilidad de precios y cambiaria seguidos de volatilidad. A esto se sum\u00f3 la influencia de las sanciones internacionales, que alternaron entre etapas de rigidez y relativa flexibilizaci\u00f3n.<\/p>\n<p style=\"font-weight: 400;\">Sin embargo, en el segundo trimestre de 2025, Venezuela registr\u00f3 una contracci\u00f3n del 2,5% respecto al mismo periodo del a\u00f1o anterior. Esta disminuci\u00f3n de la actividad econ\u00f3mica se vincula a factores pol\u00edticos internos y a elementos externos. Entre estos \u00faltimos destacan la eliminaci\u00f3n de la flexibilizaci\u00f3n de sanciones de Estados Unidos a PDVSA por incumplimiento pol\u00edtico del respeto a los resultados electorales del 28J, la salida de Chevron de la industria petrolera nacional y la reducci\u00f3n de los ingresos por exportaciones de crudo, y el descenso de los precios del petr\u00f3leo en los mercados mundiales.<\/p>\n<p><span style=\"font-weight: 400;\">Se prev\u00e9 que la producci\u00f3n petrolera comience a disminuir a finales de 2025 y principios de 2026. Si esta ca\u00edda se combina con un descenso en los precios del petr\u00f3leo, la econom\u00eda venezolana podr\u00eda entrar en una nueva fase recesiva de mayor profundidad.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b01<\/strong>: Variaci\u00f3n trimestral del PIB<\/h3>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">BCV, hasta I trimestre de 2019, y Albusdata<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1030\" height=\"672\" title=\"Captura de pantalla 2025-07-20 a las 16.47.39\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39.png\" alt class=\"lazyload img-responsive wp-image-6920\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271030%27%20height%3D%27672%27%20viewBox%3D%270%200%201030%20672%27%3E%3Crect%20width%3D%271030%27%20height%3D%27672%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39-200x130.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39-400x261.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39-600x391.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39-800x522.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.39.png 1030w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1030px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-3{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-3 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-3{width:100% !important;order : 0;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-3{width:100% !important;order : 0;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-5\"><h3 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">2. <strong>Variaci\u00f3n anualizada del PIB<\/strong><\/h3>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Al analizar el Producto Interno Bruto (PIB) anualizado, es decir, la suma de los \u00faltimos cuatro trimestres, se observa una variaci\u00f3n de 1,2%. A pesar de este crecimiento, es evidente una desaceleraci\u00f3n respecto a periodos anteriores, e insuficiente para atender las necesidades acumuladas de la poblaci\u00f3n. La contracci\u00f3n del segundo trimestre de 2025 no impidi\u00f3 que el PIB anualizado mantuviera su senda positiva gracias al crecimiento de los trimestres precedentes.<\/p>\n<p style=\"font-weight: 400;\">En este contexto, el futuro de Venezuela se presenta complejo. De no haber cambios sustanciales en la estabilidad pol\u00edtica interna, ni resolverse las presiones internacionales de las sanciones, y considerando la volatilidad del mercado petrolero mundial, es altamente probable que persista la disminuci\u00f3n de los ingresos del pa\u00eds. Esto se traducir\u00e1 en una menor capacidad de maniobra para el Gobierno venezolano y en una menor disponibilidad de divisas en el mercado cambiario, prolongando la constante depreciaci\u00f3n de la moneda nacional. La calidad de vida de los ciudadanos, ya afectada por la naturaleza del modelo y por recesiones anteriores, se enfrenta nuevamente a una etapa de incertidumbre y expectativas negativas para lo que resta de 2025.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h4 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b02: <\/strong><span lang=\"ES-VE\">Variaci\u00f3n anualizada del PIB<\/span><\/h4>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">BCV, hasta I trimestre de 2019, y Albusdata.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-2 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1088\" height=\"660\" title=\"Captura de pantalla 2025-07-20 a las 16.47.47\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47.png\" alt class=\"lazyload img-responsive wp-image-6922\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271088%27%20height%3D%27660%27%20viewBox%3D%270%200%201088%20660%27%3E%3Crect%20width%3D%271088%27%20height%3D%27660%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47-200x121.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47-400x243.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47-600x364.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47-800x485.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.47.png 1088w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1088px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-4{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-3{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-6\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">3. <strong>Variaci\u00f3n de los principales componentes de la demanda agregada<\/strong><\/h2>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Los componentes de la demanda agregada mostraron variaciones negativas en el segundo trimestre de 2025. La Formaci\u00f3n Bruta de Capital Fijo (FBKF) fue el componente de la econom\u00eda interna que m\u00e1s se contrajo, con un 3,2%. En periodos de inestabilidad, incertidumbre y expectativas de menor consumo, las empresas suelen adoptar una posici\u00f3n de mayor austeridad. Por su parte, el gasto en consumo p\u00fablico disminuy\u00f3 un 2,9%, mientras que el consumo privado, el componente de mayor peso de la demanda agregada, registr\u00f3 una ca\u00edda del 2,5%. En el sector externo, las exportaciones retrocedieron un 3%, y las importaciones lo hicieron en un 3,2%.<\/p>\n<p style=\"font-weight: 400;\">Al analizar la demanda agregada anualizada (la suma de los \u00faltimos cuatro trimestres), el gasto p\u00fablico creci\u00f3 un 1,1%, y el consumo privado report\u00f3 una variaci\u00f3n del 1%. La FBKF mostr\u00f3 un crecimiento marginal del 0,7%. En cuanto a las relaciones con el resto del mundo, las exportaciones aumentaron un 5,7%, influenciadas principalmente por trimestres anteriores y por los env\u00edos petroleros hacia Estados Unidos. Por su parte, las importaciones incrementaron un 5,6%.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b03: <\/strong>Variaci\u00f3n de los principales componentes del PIB Real al segundo trimestre de 2025<\/h3>\n<p style=\"text-align: center;\">Fuente: Albusdata<\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-3 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1196\" height=\"662\" title=\"Captura de pantalla 2025-07-20 a las 16.47.53\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53.png\" alt class=\"lazyload img-responsive wp-image-6923\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271196%27%20height%3D%27662%27%20viewBox%3D%270%200%201196%20662%27%3E%3Crect%20width%3D%271196%27%20height%3D%27662%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53-200x111.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53-400x221.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53-600x332.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53-800x443.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.47.53.png 1196w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1196px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-5{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-4{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-7\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">4. <b>PIB petrolero <i>vs.<\/i> PIB no petrolero<\/b><\/h2>\n<div class=\"page\" title=\"Page 3\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Dada la alta dependencia de la econom\u00eda venezolana del sector petrolero, resulta \u00fatil evaluar el desempe\u00f1o del Producto Interno Bruto (PIB) de forma separada para comprender mejor el crecimiento de la actividad econ\u00f3mica. En el segundo trimestre de 2025, el PIB petrolero registr\u00f3 un decrecimiento del 2,2%. Aunque la producci\u00f3n petrolera aument\u00f3 (seg\u00fan datos de PDVSA), el restablecimiento de las sanciones y la tendencia a la baja de los precios internacionales generaron una disminuci\u00f3n en los ingresos por exportaciones petroleras.<\/p>\n<p><span style=\"font-weight: 400;\">Por otro lado, el PIB no petrolero se contrajo un 2,5% en el mismo per\u00edodo, pasando de un crecimiento marginal y modesto a una etapa recesiva. Como se ha se\u00f1alado anteriormente, dada la naturaleza rentista del modelo econ\u00f3mico venezolano, es dif\u00edcil esperar un desempe\u00f1o econ\u00f3mico significativo sin una robusta recuperaci\u00f3n del sector petrolero y un ambiente pol\u00edtico que genere mayor credibilidad.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b04<\/strong>:\u00a0Variaci\u00f3n interanual del PIB petrolero y PIB no petrolero<\/h3>\n<p style=\"text-align: center;\">Fuente: BCV, hasta I trimestre de 2019 y Albusdata.<\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-4 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1042\" height=\"680\" title=\"Captura de pantalla 2025-07-20 a las 16.48.00\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00.png\" alt class=\"lazyload img-responsive wp-image-6924\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271042%27%20height%3D%27680%27%20viewBox%3D%270%200%201042%20680%27%3E%3Crect%20width%3D%271042%27%20height%3D%27680%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00-200x131.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00-400x261.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00-600x392.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00-800x522.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.00.png 1042w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1042px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-6{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-6 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-6{width:100% !important;order : 0;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-6{width:100% !important;order : 0;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-5{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-6 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-8\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">5. <strong>Recaudaci\u00f3n fiscal real<\/strong><\/h2>\n<div class=\"page\" title=\"Page 3\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">En junio, la recaudaci\u00f3n fiscal, ajustada por inflaci\u00f3n, registr\u00f3 una contracci\u00f3n del 44% en comparaci\u00f3n con el mismo periodo del a\u00f1o anterior. Este es el cuarto mes consecutivo con variaciones interanuales negativas en la recaudaci\u00f3n fiscal real, un comportamiento que genera gran preocupaci\u00f3n. Los ingresos p\u00fablicos son esenciales para financiar programas de protecci\u00f3n social, el pago de n\u00f3minas a trabajadores p\u00fablicos y proyectos de infraestructura, \u00e1reas que ya muestran graves niveles de deterioro desde hace a\u00f1os. La disminuci\u00f3n de la recaudaci\u00f3n real es un reflejo de una econom\u00eda que inicia una etapa recesiva, impulsada por la reducci\u00f3n del consumo, la inversi\u00f3n y los ingresos petroleros.<\/p>\n<p style=\"font-weight: 400;\">Analizando los componentes, la renta aduanera fue el \u00fanico que experiment\u00f3 una variaci\u00f3n interanual positiva del 23%. En contraste, el Impuesto al Valor Agregado (IVA) se contrajo un 20%, mientras que el Impuesto sobre la Renta (ISLR) y otras rentas internas reflejaron disminuciones dr\u00e1sticas, superiores al 50%.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b05<\/strong>: Variaci\u00f3n real interanual de la recaudaci\u00f3n total<\/h3>\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">Seniat y Albusdata<\/span><\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-5 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1350\" height=\"852\" title=\"Captura de pantalla 2025-07-20 a las 16.48.11\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11.png\" alt class=\"lazyload img-responsive wp-image-6925\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271350%27%20height%3D%27852%27%20viewBox%3D%270%200%201350%20852%27%3E%3Crect%20width%3D%271350%27%20height%3D%27852%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11-200x126.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11-400x252.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11-600x379.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11-800x505.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11-1200x757.png 1200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.11.png 1350w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1200px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-7{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-7 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-7{width:100% !important;order : 0;}.fusion-builder-column-7 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-7{width:100% !important;order : 0;}.fusion-builder-column-7 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-6{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-7 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-9\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">6. <strong>Recaudaci\u00f3n fiscal equivalente en d\u00f3lares <\/strong><\/h2>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">La recaudaci\u00f3n fiscal, equivalente en d\u00f3lares, experiment\u00f3 una contracci\u00f3n mensual de 7% y se situ\u00f3 en US$ 592 millones en junio. Estos son los niveles de recaudaci\u00f3n m\u00e1s bajos desde enero de 2024 (US$ 531 millones), lo que refleja una desaceleraci\u00f3n significativa en los \u00faltimos meses. Es crucial destacar que estos ingresos fiscales no son suficientes para cubrir el elevado gasto p\u00fablico del Gobierno ni para sostener las dimensiones del Estado venezolano.<\/p>\n<p style=\"font-weight: 400;\">En cuanto a los componentes de la recaudaci\u00f3n de junio, el Impuesto al Valor Agregado (IVA) fue el de mayor aporte con US$ 227,5 millones, seguido por el Impuesto sobre la Renta (ISLR) con US$ 151,7 millones. La renta aduanera contribuy\u00f3 con US$ 145,5 millones, mientras que otras rentas internas, que incluyen impuestos sobre cigarrillos, licores, sucesiones, multas e intereses, sumaron US$ 67,2 millones.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b06<\/strong>: Recaudaci\u00f3n fiscal (millones de US$)<\/h3>\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">Seniat y Albusdata<\/span><\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-6 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1294\" height=\"774\" title=\"Captura de pantalla 2025-07-20 a las 16.48.21\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21.png\" alt class=\"lazyload img-responsive wp-image-6927\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271294%27%20height%3D%27774%27%20viewBox%3D%270%200%201294%20774%27%3E%3Crect%20width%3D%271294%27%20height%3D%27774%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21-200x120.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21-400x239.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21-600x359.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21-800x479.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21-1200x718.png 1200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.21.png 1294w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1200px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-8{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-8 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-8{width:100% !important;order : 0;}.fusion-builder-column-8 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-8{width:100% !important;order : 0;}.fusion-builder-column-8 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-7{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-8 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-10\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">7.\u00a0Reservas internacionales<\/h2>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Las reservas internacionales de Venezuela alcanzaron los US$ 11.195 millones en junio, lo que representa un crecimiento mensual del 3%, sumando US$ 349 millones m\u00e1s que en mayo. Este incremento se vincula al aumento de la cotizaci\u00f3n del oro, cuya demanda como instrumento de reserva de valor se eleva en contextos de incertidumbre geopol\u00edtica, tanto por factores comerciales como b\u00e9licos.<\/p>\n<p style=\"font-weight: 400;\">Seg\u00fan el balance monetario del Banco Central de Venezuela (BCV), la composici\u00f3n de las reservas internacionales se distribuye de la siguiente manera: el oro monetario representa el 44% del total, mientras que los Derechos Especiales de Giro (DEG) ocupan el segundo lugar con un 42%. Los dep\u00f3sitos a la vista en bancos extranjeros y el efectivo en moneda extranjera constituyen el 11%. El 3% restante se distribuye entre dep\u00f3sitos en el Fondo Latinoamericano de Reservas y posiciones en el FMI.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b07: <\/strong>Reservas internacionales (millones de US$)<\/h3>\n<p style=\"text-align: center;\">Fuente: BCV<\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-7 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1018\" height=\"766\" title=\"Captura de pantalla 2025-07-20 a las 16.48.28\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28.png\" alt class=\"lazyload img-responsive wp-image-6928\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271018%27%20height%3D%27766%27%20viewBox%3D%270%200%201018%20766%27%3E%3Crect%20width%3D%271018%27%20height%3D%27766%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28-200x150.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28-400x301.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28-600x451.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28-800x602.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.28.png 1018w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1018px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-9{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-9 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-9{width:100% !important;order : 0;}.fusion-builder-column-9 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-9{width:100% !important;order : 0;}.fusion-builder-column-9 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-8{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-9 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-10 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-11\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\">8.\u00a0Liquidez y base monetaria<\/h2>\n<div class=\"page\" title=\"Page 5\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Seg\u00fan el \u00faltimo reporte del BCV, la base monetaria se ubic\u00f3 en Bs 206.500 millones en junio, registrando una variaci\u00f3n mensual del 10%. Este es el cuarto mes consecutivo con incrementos de dos d\u00edgitos en el dinero primario. En el an\u00e1lisis semanal, la base monetaria mostr\u00f3 tasas de crecimiento positivas en todas las semanas, salvo una contracci\u00f3n marginal del 0,7% en la segunda semana. Por su parte, la liquidez monetaria en junio alcanz\u00f3 los Bs 299.900 millones, con una variaci\u00f3n positiva del 9.,6%. Al igual que la base monetaria, solo en la segunda semana registr\u00f3 una contracci\u00f3n, esta vez del 2,2%.<\/p>\n<p style=\"font-weight: 400;\">Es importante se\u00f1alar c\u00f3mo el peso de la base monetaria dentro de la liquidez ha aumentado significativamente en los \u00faltimos meses, pasando de un promedio del 52% en 2024 a un 68% en junio de 2025. Este comportamiento sugiere que la pol\u00edtica monetaria est\u00e1 priorizando la creaci\u00f3n de dinero primario por encima del dinero generado por la banca comercial a trav\u00e9s de los cr\u00e9ditos.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b08: Variaci\u00f3n semanal de la liquidez y base monetaria<\/strong><\/h3>\n<p style=\"text-align: center;\">Fuente: BCV<\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-8 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1402\" height=\"724\" title=\"Captura de pantalla 2025-07-20 a las 16.48.35\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35.png\" alt class=\"lazyload img-responsive wp-image-6929\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271402%27%20height%3D%27724%27%20viewBox%3D%270%200%201402%20724%27%3E%3Crect%20width%3D%271402%27%20height%3D%27724%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35-200x103.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35-400x207.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35-600x310.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35-800x413.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35-1200x620.png 1200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.35.png 1402w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1200px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-10{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-10 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-10{width:100% !important;order : 0;}.fusion-builder-column-10 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-10{width:100% !important;order : 0;}.fusion-builder-column-10 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-9{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-10 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-11 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-12\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\"><strong>9.\u00a0<\/strong><strong>Raz\u00f3n <\/strong><b><span lang=\"ES-MX\">entre base monetaria y reservas internacionales<\/span><\/b><\/h2>\n<div class=\"page\" title=\"Page 5\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">La relaci\u00f3n entre la base monetaria y las reservas internacionales al cierre del segundo trimestre de 2025 se situ\u00f3 en un 17%. Esto representa un descenso respecto a los tres meses anteriores, cuando se mantuvo consecutivamente en un 18%. A pesar de esta reciente baja, dicha proporci\u00f3n ha mostrado una tendencia creciente desde 2023. Mientras las reservas internacionales han experimentado un leve crecimiento, la base monetaria ha disminuido, reflejo de los altos niveles de volatilidad cambiaria y la depreciaci\u00f3n de la moneda nacional.<\/p>\n<p style=\"font-weight: 400;\">Se estima que la base monetaria, convertida a d\u00f3lares, ronda los US$ 1.919 millones, siendo este el nivel m\u00e1s bajo de dinero primario en lo que va de 2025. Por su parte, las reservas se ubican contablemente en US$ 11.195 millones. El promedio de la relaci\u00f3n entre la base monetaria y las reservas durante el segundo trimestre de 2025 fue del 18%.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b09: Raz\u00f3n <\/strong><span lang=\"ES-VE\">entre base monetaria y reservas internacionales<\/span><\/h3>\n<p style=\"text-align: center;\">Fuente: BCV<\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-9 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1054\" height=\"696\" title=\"Captura de pantalla 2025-07-20 a las 16.48.41\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41.png\" alt class=\"lazyload img-responsive wp-image-6930\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271054%27%20height%3D%27696%27%20viewBox%3D%270%200%201054%20696%27%3E%3Crect%20width%3D%271054%27%20height%3D%27696%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41-200x132.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41-400x264.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41-600x396.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41-800x528.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.41.png 1054w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1054px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-11{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-11 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-11{width:100% !important;order : 0;}.fusion-builder-column-11 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-11{width:100% !important;order : 0;}.fusion-builder-column-11 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-10{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-11 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-12 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-13\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\"><strong>10.\u00a0<\/strong><b><span lang=\"ES-MX\">Exportaciones e importaciones a EEUU<\/span><\/b><\/h2>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Seg\u00fan el \u00faltimo reporte del U.S. Census Bureau, en abril de 2025, Venezuela export\u00f3 US$ 393,1 millones a Estados Unidos, el nivel m\u00e1s bajo registrado desde marzo de 2024. Por su parte, las importaciones desde Estados Unidos hacia Venezuela en abril se ubicaron en US$ 361 millones. Esta relaci\u00f3n comercial result\u00f3 en un super\u00e1vit de US$ 32,1 millones a favor de Venezuela.<\/p>\n<p style=\"font-weight: 400;\">La empresa estadounidense Chevron hab\u00eda jugado un rol muy importante en la din\u00e1mica comercial entre Venezuela y Estados Unidos durante los \u00faltimos a\u00f1os. Su salida del pa\u00eds y la reimposici\u00f3n de sanciones podr\u00edan llevarnos a un escenario similar al que experimentamos entre 2019 y finales de 2022, periodo en el que Venezuela registr\u00f3, por primera vez, una balanza comercial deficitaria con Estados Unidos.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b010<\/strong>: <span lang=\"ES-VE\">Exportaciones e Importaciones a EEUU<\/span><\/h3>\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">US Census Bureau.<\/span><\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-10 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1136\" height=\"684\" title=\"Captura de pantalla 2025-07-20 a las 16.48.47\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47.png\" alt class=\"lazyload img-responsive wp-image-6932\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271136%27%20height%3D%27684%27%20viewBox%3D%270%200%201136%20684%27%3E%3Crect%20width%3D%271136%27%20height%3D%27684%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47-200x120.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47-400x241.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47-600x361.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47-800x482.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.47.png 1136w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1136px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-12{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-12 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-12{width:100% !important;order : 0;}.fusion-builder-column-12 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-12{width:100% !important;order : 0;}.fusion-builder-column-12 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-11{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-12 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-13 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-14\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\"><strong>11.\u00a0<\/strong><b><span lang=\"ES-MX\">Producci\u00f3n petrolera venezolana (mbd)<\/span><\/b><\/h2>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">De acuerdo a los reportes de PDVSA a la Organizaci\u00f3n de Pa\u00edses Exportadores de Petr\u00f3leo (OPEP), la producci\u00f3n petrolera de Venezuela en mayo promedi\u00f3 1.06 millones de barriles diarios, un incremento mensual de 7 mil barriles diarios. En lo que va de a\u00f1o, la comunicaci\u00f3n directa de Venezuela indica un aumento del 7% en la producci\u00f3n, lo que equivale a 68 mil barriles diarios adicionales respecto a finales de 2024. Sin embargo, fuentes secundarias estiman una producci\u00f3n de 896 mil barriles diarios. Esta brecha entre las fuentes podr\u00eda sugerir que PDVSA est\u00e1 sobreestimando la producci\u00f3n actual.<\/p>\n<p style=\"font-weight: 400;\">PDVSA ha mostrado en los \u00faltimos a\u00f1os su incapacidad para elevar la producci\u00f3n por falta de m\u00fasculo financiero. Es posible que los niveles de producci\u00f3n diaria logrados con las inversiones de Chevron comiencen a disminuir a finales de 2025 y principios de 2026. Esto representa un reto significativo para la econom\u00eda venezolana en el mediano plazo.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b011<\/strong>: <span lang=\"ES-VE\">Producci\u00f3n petrolera (mbd)<\/span><\/h3>\n<p style=\"text-align: center;\">Fuente: OPEP<\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-11 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1054\" height=\"814\" title=\"Captura de pantalla 2025-07-20 a las 16.48.53\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53.png\" alt class=\"lazyload img-responsive wp-image-6935\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271054%27%20height%3D%27814%27%20viewBox%3D%270%200%201054%20814%27%3E%3Crect%20width%3D%271054%27%20height%3D%27814%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53-200x154.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53-400x309.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53-600x463.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53-800x618.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.48.53.png 1054w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1054px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-13{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-13 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-13{width:100% !important;order : 0;}.fusion-builder-column-13 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-13{width:100% !important;order : 0;}.fusion-builder-column-13 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-12{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-13 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-14 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-15\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\"><strong>12. <\/strong><b><span lang=\"ES-MX\">Cesta petrolera venezolana, WTI y merey<\/span><\/b><\/h2>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">En mayo, el West Texas Intermediate (WTI) promedi\u00f3 US$ 61,08 por barril, una disminuci\u00f3n del 3%. Actualmente, esta referencia ha mostrado un crecimiento, ubic\u00e1ndose alrededor de los US$ 67,00 por barril. De manera similar, el Brent promedi\u00f3 US$ 64,01 en mayo, y actualmente ronda los US$ 68,00 por barril.<\/p>\n<p style=\"font-weight: 400;\">Por su parte, la referencia venezolana Merey promedi\u00f3 US$ 51,73 por barril en junio, registrando una ca\u00edda del 9% mensual. Esto representa US$ 5,00 menos por barril en comparaci\u00f3n con abril. De acuerdo con estimaciones, la Cesta Petrolera Venezolana (CPV) se estar\u00eda cotizando alrededor de los US$ 46,20 por barril.<\/p>\n<p style=\"font-weight: 400;\">Si bien los precios internacionales del petr\u00f3leo mostraban una tendencia descendente en los \u00faltimos meses, la situaci\u00f3n cambi\u00f3 en junio. Tras el inicio de los bombardeos entre Israel e Ir\u00e1n y la posible amenaza de bloqueo del estrecho de Ormuz, el mercado petrolero entr\u00f3 en un escenario de volatilidad que elev\u00f3 los precios por encima de los US$ 75,00 por barril. Aunque los precios altos suelen traducirse en mayores ingresos para los pa\u00edses petroleros, Venezuela no tiene actualmente la capacidad de capitalizar este escenario de la mejor manera debido a su limitado nivel de producci\u00f3n.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b012: <\/strong><span lang=\"ES-VE\">Cesta petrolera venezolana (CPV), West Texas Intermediate (WTI) y merey<\/span><\/h3>\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">OPEP, EIE y Albusdata<\/span><\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-12 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1248\" height=\"824\" title=\"Captura de pantalla 2025-07-20 a las 16.49.04\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04.png\" alt class=\"lazyload img-responsive wp-image-6934\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271248%27%20height%3D%27824%27%20viewBox%3D%270%200%201248%20824%27%3E%3Crect%20width%3D%271248%27%20height%3D%27824%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04-200x132.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04-400x264.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04-600x396.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04-800x528.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04-1200x792.png 1200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.04.png 1248w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1200px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-14{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-14 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-14{width:100% !important;order : 0;}.fusion-builder-column-14 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-14{width:100% !important;order : 0;}.fusion-builder-column-14 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-13{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-14 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-15 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-16\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\"><strong>13. <\/strong><b><span lang=\"ES-MX\">Riesgo de Inversi\u00f3n \u2013 EMBI <\/span><\/b><\/h2>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">Al cierre del segundo trimestre de 2025, el EMBI de Venezuela se situ\u00f3 en 181,56 puntos, lo que representa un incremento del 13% respecto al primer trimestre. Este aumento refleja un creciente riesgo de inversi\u00f3n en Venezuela, impulsado por el contexto internacional adverso, las sanciones y las dificultades pol\u00edticas internas, entre otros factores. Desde una perspectiva global, Venezuela sigue siendo uno de los pa\u00edses con mayor riesgo de inversi\u00f3n del mundo.<\/p>\n<p style=\"font-weight: 400;\">En un marcado contraste, la calificaci\u00f3n promedio de riesgo de inversi\u00f3n en Am\u00e9rica Latina es de apenas 4,01 puntos, mientras que el promedio mundial es de solo 2,95 puntos. En la regi\u00f3n, el pa\u00eds con mayor riesgo despu\u00e9s de Venezuela es Bolivia, con 18,77 puntos, seguido por Ecuador con 8,14 puntos.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b013: Riesgo pa\u00eds de Venezuela, Latam y el Mundo<\/strong><\/h3>\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">J.P. Morgan<\/span><\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-13 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1154\" height=\"708\" title=\"Captura de pantalla 2025-07-20 a las 16.49.10\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10.png\" alt class=\"lazyload img-responsive wp-image-6936\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271154%27%20height%3D%27708%27%20viewBox%3D%270%200%201154%20708%27%3E%3Crect%20width%3D%271154%27%20height%3D%27708%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10-200x123.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10-400x245.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10-600x368.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10-800x491.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.10.png 1154w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1154px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-15{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-15 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-15{width:100% !important;order : 0;}.fusion-builder-column-15 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-15{width:100% !important;order : 0;}.fusion-builder-column-15 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-14{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-15 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:hsla(var(--awb-color8-h),var(--awb-color8-s),var(--awb-color8-l),calc( var(--awb-color8-a) - 92% ));border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-16 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-17\"><h2 class=\"fusion-responsive-typography-calculated\" data-fontsize=\"43\" data-lineheight=\"60.2px\"><strong>14. <\/strong><strong>Mercado burs\u00e1til de Venezuela <\/strong><\/h2>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"font-weight: 400;\">La Bolsa de Valores de Caracas (BVC) cerr\u00f3 junio con un crecimiento del 20% en su \u00cdndice Burs\u00e1til de Caracas (IBC), situ\u00e1ndose en 373,071.88 puntos. Durante el mes, se ejecutaron 6.310 operaciones, un 6% menos que en mayo. A pesar de esto, el monto total transado ascendi\u00f3 a US$ 24.8 millones, lo que representa un aumento del 8% en comparaci\u00f3n con mayo.<\/p>\n<p style=\"font-weight: 400;\">El mercado de otros bienes se consolid\u00f3 como el segmento de mayor volumen de negociaci\u00f3n por monto, con una cuota del 55% (US$ 13.6 millones) distribuidos en 126 operaciones. El mercado de renta fija primaria ocup\u00f3 el segundo lugar, con el 18% del monto total transado, equivalente a aproximadamente US$ 4.4 millones. Por su parte, el mercado de renta fija secundaria contribuy\u00f3 con US$ 4.1 millones en 28 operaciones. Finalmente, el mercado de renta variable lider\u00f3 en cantidad de operaciones, con 6.051, aunque manej\u00f3 un monto total aproximado de US$ 2.6 millones.<\/p>\n<p style=\"font-weight: 400;\">Las acciones m\u00e1s negociadas durante junio fueron Ron Santa Teresa, Invaca clase B, Banco Provincial, Bolsa de Valores de Caracas, Banco Nacional de Cr\u00e9dito y Banco de Venezuela, todas figurando en el top 10 de acciones m\u00e1s adquiridas.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 class=\"fusion-responsive-typography-calculated\" style=\"text-align: center;\" data-fontsize=\"28\" data-lineheight=\"36.4px\"><strong>Gr\u00e1fico N\u00b014: <\/strong><span lang=\"ES-MX\">Montos de las operaciones de la Bolsa de Valores de Caracas<\/span><\/h3>\n<p style=\"text-align: center;\">Fuente: <span lang=\"ES-VE\">Bolsa de Valores de Caracas<\/span><\/p>\n<\/div><div style=\"text-align:center;\"><span class=\" fusion-imageframe imageframe-none imageframe-14 hover-type-none\" style=\"border-radius:8px;\"><img decoding=\"async\" width=\"1102\" height=\"678\" title=\"Captura de pantalla 2025-07-20 a las 16.49.18\" src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18.png\" data-orig-src=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18.png\" alt class=\"lazyload img-responsive wp-image-6938\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271102%27%20height%3D%27678%27%20viewBox%3D%270%200%201102%20678%27%3E%3Crect%20width%3D%271102%27%20height%3D%27678%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18-200x123.png 200w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18-400x246.png 400w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18-600x369.png 600w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18-800x492.png 800w, https:\/\/cedice.org.ve\/ogp\/wp-content\/uploads\/2025\/07\/Captura-de-pantalla-2025-07-20-a-las-16.49.18.png 1102w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 640px) 100vw, 1102px\" \/><\/span><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-16{width:100% !important;margin-top : 20px;margin-bottom : 20px;}.fusion-builder-column-16 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-16{width:100% !important;order : 0;}.fusion-builder-column-16 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-16{width:100% !important;order : 0;}.fusion-builder-column-16 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-15{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":6941,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"portfolio_category":[18],"portfolio_skills":[],"portfolio_tags":[],"class_list":["post-6919","avada_portfolio","type-avada_portfolio","status-publish","format-standard","has-post-thumbnail","hentry","portfolio_category-vzla-en-cifras"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Con el objetivo de hacerle seguimiento a la evoluci\u00f3n de la macroeconom\u00eda venezolana y de evidenciar su relevante v\u00ednculo con el gasto p\u00fablico, el Observatorio de Gasto P\u00fablico de Cedice Libertad desarrolla los Reportes Macro-OGP, ofreciendo a la ciudadan\u00eda e influenciadores clave informaci\u00f3n valiosa y permiti\u00e9ndole el monitoreo de estos indicadores. 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