Venezuela Economy

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 This means you avoid the risk of relying on out of date, biased or outlier forecasts.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 .