Due to the source not updating data in all of 2014, we have decided that we will now check for new data once a month.
SYSTEM OF INDICATORS VOLUME, PRICE AND VALUE OF ACTIVITIES TRADE PRESENTATION
The Central Bank of Venezuela (BCV) available to the public, the results of the System of Indicators Volume, Prices and Value of trade activity, which means a major expansion and improvement on the Index of Retail Market Value of which was disclosed until December 2001, whose base year was 1984.
The aforementioned system of indicators is one of the achievements and framed on objectives of the Program Update Macroeconomic Estimates (PRACEM), developed by the BCV in a multi-year term. In this sense, it should be noted that this program was implemented with the aim to update the base year of National Accounts and the Consumer Price Index; adopt textbooks, international System of National Accounts and Balance of Payments, published in 1993 by the United Nations and the International Monetary Fund, respectively; apply Third Revision of the International Standard Industrial Classification of Economic Activities (ISIC Rev. 3.) and improve the basic economic statistics.
As part of the innovative improvements to the statistics, they were defined and developed in prices integrated volume, price and value, especially for indicators related to production, and demand for goods and services. The design of these indices is closely corresponded with the conceptual Methodology and scope of the development of the System of National Accounts, allowing greater consistency, and thus quality of the results expressed in terms of actual figures, prices and current values.
The system indexes of economic activity in reference, whose frequency is monthly, is the new base year 1997, consistent with the one selected for the System of National Accounts and the Consumer Price Index in the Metropolitan Area of Caracas, replacing since 1984, before the constraints that meant in light of the development of the Venezuelan economy.
As for the unbundling of the business, there are marketing services to wholesale and retail, with openings at the level of activity classes, following the recommendations of the ISIC, Rev. 3. In that sense, the classes of activity are shaped by economic units whose main sales refer to products that correspond to those classes.
These indicators are extremely useful for diagnosing and assessing the cyclical behavior of the distribution of goods across different marketing channels, as well as the respective demand. Hence these indexes, in addition to being required to use BCV, constitute an important input for statistical information for outside users on the development of the real economy, all within the framework of the statistical function developed by the Institute.
The Central Bank of Venezuela, expresses sincere gratitude to private sector companies that have provided the basic information required for the achievement of this indicator system, and hopes to continue with this collaboration by these sources.
Data is subjected to revisions.