CARACAS, Thursday November 22, 2012 | Update

Number of private employers shrinks by 19% in the last year in Venezuela

Fedecámaras suggest the government to revise regulatory measures

Thursday November 22, 2012  03:59 PM
The clout of the private sector in the economy leads us to believe that entrepreneurship in Venezuela is buoyant and steadily growing.

Nevertheless, official numbers show otherwise. The number of employers has gradually downsized. Fewer and fewer employers are recorded by the National Statistics Institute (INE).

The government agency disclosed that in the past 12 months, the number of employers plunged by 19%. In October 2012 there were 377,865 of them, compared to 466,309 one year ago, that is, 88,444 fewer employers.

Such situation has become a matter of concern for businesspersons.  Indeed, in its latest general meetings, the Federation of Chambers of Industry and Commerce (Fedecámaras) has called upon the government to consider the issue.

For Venezuelan businesspersons, the siege laid on them, together with price and exchange controls are some of the primary troubles faced by them and resulting in disinvestment. Add to this little access to the government in order to set agreed-upon policies.

"A total of 170,000 enterprises have been lost over the past 10 years, and this shows that government policies have been a failure," Fedecámaras President Jorge Botti said.
Venezuelan reservoirs in critical conditions

According to forecasts made in August by National Oceanic and Atmospheric Administration (NOAA), repercussions of El Niño Southern Oscillation (ENSO) phenomenon would be enhanced at least until March 2016.

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