Government desists from using $1.87 bn petrochemical plant to revive the economy

The government informed this Saturday that it would not touch the Bs 13 billion ($1.87 bn) contemplated for the construction of the Propylene and Polypropylene plant to finance the program to reactivate the economy, hit by the coronavirus.

The unemployment rate in Bolivia reaches 7.38%

According to data from the National Statistics Institute (INE), up to April, the rate of the unemployed population in urban areas reached 7.34%, the highest since February 2016 (6.48%). In the micro, small and medium enterprise sector (Mype) some 150,000 business units have gone bankrupt and left more than 500,000 people unemployed. 73% of industrial companies estimate that they will reduce their workforce by 2020, and 49% of factories expect this reduction to be between 11% and 50%. The public administration and social services; agricultural industry, commerce, restaurants and hotels, manufacturing and construction concentrate 84% of workers nationwide.

Tourism revenues fell 2% in 2019 and 7% in the first quarter of 2020

In 2019, tourism income reached $797 million, 2% less than in 2018, equivalent to $19 million, due to the political and social conflicts that stopped the country in October and November. 24% of tourism expenditure was in food and beverages, 17% to internal transportation and 16% to recreation. In the first quarter of 2020, Bolivia registered 7% less international visitor arrivals, compared to the same period in 2019, mainly from China and India by more than 50%; exceptionally there was an increase of visitors from Israel by 54%.

Mining royalties fall by more than 50%

Mining operators in Oruro expressed concern on Thursday after learning that the National Service for Registration and Control of Marketing of Minerals and Metals (SENARECOM) reported that due to the emergency by Covid-19, to date mining royalties fell on average 56% compared to 2019. In January there was a drop of 26%, in February -19%, in March they fell 66%, in April the drop reached 98% and in May -73%.