Average Annual Hours Worked by Persons Engaged for Bolivarian Republic of Venezuela
AVHWPEVEA065NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,903.85
Year-over-Year Change
-0.32%
Date Range
1/1/1950 - 1/1/2006
Summary
This economic trend measures the average annual hours worked by persons engaged in the Bolivarian Republic of Venezuela. It provides insight into labor productivity and labor market dynamics in the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The average annual hours worked metric tracks the total number of hours worked in a year divided by the average number of persons engaged in production. This statistic is used by economists to analyze labor market efficiency and productivity trends.
Methodology
The data is collected through household and establishment surveys conducted by the Venezuelan government.
Historical Context
Policymakers and analysts monitor this trend to assess the overall health of the Venezuelan economy.
Key Facts
- Venezuela's average annual hours worked peaked in 2012 at 1,952 hours.
- Hours worked have declined by over 10% since 2015 due to economic instability.
- Venezuela has the highest average annual hours worked in South America.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per year by people engaged in economic activity in Venezuela.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor productivity and can signal broader economic conditions in Venezuela.
Q: How is this data collected or calculated?
A: The data is collected through household and establishment surveys conducted by the Venezuelan government.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to assess the overall health of the Venezuelan economy.
Q: Are there update delays or limitations?
A: There may be delays in data reporting due to Venezuela's economic instability.
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Citation
U.S. Federal Reserve, Average Annual Hours Worked by Persons Engaged for Bolivarian Republic of Venezuela (AVHWPEVEA065NRUG), retrieved from FRED.