Venezuela skyline with mountains

Venezuela Economy

Venezuela's economy in numbers:

Nominal GDP of USD 112 billion in 2021.

GDP per capita of USD 4,053 compared to the global average of USD 10,589.

Average real GDP growth of 9.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2014, services accounted for 58% of overall GDP, manufacturing 12%, other industrial activity 25%, and agriculture 5%. Looking at GDP by expenditure, private consumption accounted for 75% of GDP in 2014, government consumption 15%, fixed investment 25%, and net exports -15%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2013, manufactured products made up 2% of total merchandise exports, mineral fuels 98%, food 0%, ores and metals 0% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 1%, food 18%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 8% of the total. Total exports were worth USD 34 billion in 2018, while total imports were USD 13 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded an average annual decrease of 9.2% in the decade to 2022. To read more about GDP growth in Venezuela, go to our dedicated page.

Fiscal policy:

Venezuela's fiscal deficit averaged 10.5% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 7.5% in the decade to 2018. For more information on Venezuela's unemployment click here.

Inflation:

Inflation averaged 8213.6% in the decade to 2022. Go to our Venezuela inflation page for extra insight.

Monetary Policy:

Venezuela's monetary policy rate ended 2022 at 0.70%, up from 0.35% a decade earlier. See our Venezuela monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the bolívar weakened by 75% vs the U.S. dollar. For more info on the bolívar, click here.
The economy should have lost notable steam last year. Annual oil output growth slowed from 13% in 2022 to 9% in 2023. Moreover, prices for the country’s oil averaged around 16% lower in 2023 compared to the prior year, likely capping government spending. That said, economic activity should have been boosted in H2 2023 from lower inflation and the rollback of U.S. sanctions on Venezuela’s oil sector. Turning to Q1 2024, a large minimum wage hike from January and a decline in inflation should be supporting private spending, and ongoing U.S. sanctions relief will be aiding energy output. That said, recent geopolitical developments bode poorly for the economy ahead: In February, the U.S. reimposed sanctions on the mining sector and threatened to reimpose oil sanctions after Venezuela’s Supreme Court prevented the opposition leader from running in the upcoming presidential elections.
Projections out to 2033.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 19 expert analysts.

Want to get insight on the economic outlook for Venezuela in the coming years? FocusEconomics collects projections out to 2033 on 42 economic indicators for Venezuela from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Venezuela economy. To download a sample report on the Venezuela's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Venezuela Economic Data

2018 2019 2020 2021 2022
Population (million) 28.9 27.8 28.0 27.6 26.9
GDP (USD bn) 204 150 106 112 -
GDP per capita (USD) 7,061 5,398 3,810 4,053 -
Economic Growth (GDP, ann. var. %) -19.6 -27.7 -30.0 0.5 11.8
Domestic Demand (ann. var. %) -17.5 -35.1 -10.3 6.0 -
Private Consumption (ann. var. %) -20.1 -35.9 -15.4 0.4 -
Government Consumption (ann. var. %) -9.1 -25.7 -26.4 4.9 -
Fixed Investment (ann. var. %) -37.5 -28.7 -30.1 -3.0 -
Exports (G&S, ann. var. %) -10.8 -11.6 -48.1 -25.3 -
Imports (G&S, ann. var. %) 0.3 -22.2 -20.6 -14.4 -
Manufacturing Production (ann. var. %) -39.3 - - - -
Unemployment (% of active population, aop) 6.9 - - - -
Fiscal Balance (% of GDP) -30.3 -10.0 -5.0 -4.6 -6.0
Public Debt (% of GDP) 175 205 328 251 158
Money (ann. var. of M2 %) 63,257 4,946 1,287 635 354
Inflation (CPI, ann. var. %, eop) 130,060.2 9,585.5 2,959.8 686.4 234.1
Inflation (CPI, ann. var. %, aop) 65,374.1 19,906.0 2,355.1 1,588.5 186.7
90-Day Average Deposit Rate (%, eop) 14.89 24.12 24.00 36.00 36.00
Stock Market (ann. var. of IBC, %) 126,985 5,521 1,376 344 254
Exchange Rate (VED per USD, eop) 636.67 46,829.06 709,900.00 4.59 17.23
Exchange Rate (VED per USD, aop) 48.36 13,356.19 234,031.65 3.28 6.70
Current Account Balance (USD bn) 8.6 - - - -
Current Account Balance (% of GDP) 4.2 - - - -
Merchandise Trade Balance (USD bn) 20.9 - - - -
Merchandise Exports (USD bn) 33.7 - - - -
Merchandise Imports (USD bn) 12.8 - - - -
Merchandise Exports (ann. var. %) -1.0 - - - -
Merchandise Imports (ann. var. %) 6.3 - - - -
Venezuelan Oil Price (USD per barrel) 62.2 54.0 28.0 51.3 76.8
Foreign Direct Investment (USD bn) 0.9 -1.3 -0.5 -1.0 0.9
International Reserves (USD bn) 8.8 6.6 6.4 10.9 9.9
International Reserves (months of imports) 8.3 - - - -
External Debt (USD bn) 183 186 189 193 -
External Debt (% of GDP) 89.6 123.6 177.8 172.5 -

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