The president announced Saturday that, as of May 1, minimum wage in the country would stand at 15,051 bolivars a month, or $1,512.
“Do you think a right-wing president could do that? Only a Chavista president can defend wages and pensions,” Maduro said as quoted by the EFE news agency.
In January, Maduro declared an economic emergency in Venezuela. The announcement came two days after Venezuela’s oil price dropped to $24 a barrel, the lowest mark in 12 years. Up to 96 percent of Venezuela’s budget depends on oil revenues.
In February, Venezuela’s annual inflation rate passed the historic 180-percent mark in 2015.
Growth in China’s factory activity eased in March, an official survey showed on Sunday, reinforcing signs of a tepid economic recovery but raising questions about the efficacy of recent stimulus measures.
The government’s Purchasing Mangers’ Index for the manufacturing sector was 50.1 in April, still above the 50-point level that separates contraction from expansion, but down from 50.2 in March. Economists had forecast the index at 50.4, according to a Reuters poll. The services PMI also eased to 53.5 from 53.8 in March.
The second straight month of manufacturing expansion is broadly positive news following seven straight months of contraction before March. But the pullback also raises questions about whether a flood of new credit in the first quarter, as well as increased fiscal spending, is providing bang for the government’s stimulus buck.
Exports of over half of the 30 sectors closely monitored by the Commerce Ministry were in the negative zone in March due to a fall in global commodity prices amid tepid demand.
Outbound shipments of as many as 17 key sectors, including petroleum products, textiles, man-made yarn and fabrics, engineering and leather dipped during the month under review, according to the ministry data.
Exporters’ body Federation of Indian Export Organisations (FIEO) expressed serious concerns over the trade data and asked the government to take immediate steps to contain this persistent dip.