Browse a full set of economic indicators

Venezuela

Includes Venezuela real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Venezuela economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Venezuela best banks and safest banks are also available.

Basic Information

Government Type: Federal presidential republic

Capital City: Caracas

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Venezuela
Currency Bolivars (VEB)
International Reserves USD 9.79 billion (2017)

International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product – GDP USD 98.5 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 371.5 billion (2017, estimate)

GDP Data

Real GDP growth 2007 8.8%
2008 5.3%
2009 -3.2%
2010 -1.5%
2011 4.2%
2012 5.6%
2013 1.3%
2014 -3.9%
2015 -6.2%
2016 -17%
*2017 -15.7%
*2018 -18%

*Estimate
GDP per capita – current prices USD 3,373.7 (2018, estimate)
GDP per capita – PPP Intl$ 12,184.6 (2017, estimate)
GDP (PPP) – share of world total 1980 0.92%
1990 0.70%
2000 0.58%
2010 0.54%
2019* 0.17%

*Estimate
GDP – composition by sector griculture: 4.7%
industry: 40.4%
services: 54.9%
(2017 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015 121.7%
2016 254.9%
2017 438.1%
2018* 65374.1%
2019* 200000%

*Estimate

Inflation & Debt

Inflation 2015 121.7%
2016 254.9%
2017 438.1%
2018* 65374.1%
2019* 200000%

*Estimate
Government Bond Ratings Standard & Poor’s: SD

Moody’s: WR

Standard & Poor’s / Moody’s
Unemployment rate 2015 7.4%
2016 20.9%
2017 27.9%
2018* 35%
2019* N/A

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 11.1%
2016 5.1%
2017 23.1%
2018* 182.4%
2019* N/A

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015 -10.7%
2016 -10.8%
2017 -16.6%
2018* -30.6%
2019* N/A

*Estimate
Market value of publicly traded shares 2016 N/A
2017 N/A
2018 N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 16.7% (2014)
Shares in world total merchandising export 0.17% (2018)
Shares in world total commercial services export 0.03% (2016)
Total exports USD 28.4 billion (2016)
Export commodities Petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products
Total imports USD 25.8 billion (2016 estimate)

Import commodities Agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products
Exports – major partners US 34.8%, India 17.2%, China 16%, Netherlands Antilles 8.2%, Singapore 6.3%, Cuba 4.2%(2017)
Imports – major partners US 24.8%, China 14.2%, Mexico 9.5% (2017)

Competitiveness & Trade

Current account balance USD 6.3 billion (2018 estimate)
Current account balance by percentage of GDP 6.4 % (2018 estimate)
FDI inflows 2016 USD 1,068 million
2017 USD -68 million
2018 USD 956 million
FDI Outflows 2016 USD 1,041 million
2017 USD 2,234 million
2018 USD 1,655 million
Value of cross-border M&A, by country of purchaser 2015 USD 3.3 million
2016 USD 21.3 million
2017 USD -167.3 million
2018 USD 17 million
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

188 out of 190 countries

​Subcategories:
Starting a Business: 190 out of 190 countries
Dealing with Construction Permits: 175 out of 190 countries
Getting Electricity: 174 out of 190 countries
Registering Property: 145 out of 190 countries
Getting Credit: 132 out of 190 countries
Protecting Minority Investors: 170 out of 190 countries
Paying Taxes: 189 out of 190 countries
Trading across Borders: 188 out of 190 countries
Enforcing Contracts: 150 out of 190 countries
Resolving Insolvency: 165 out of 190 countries
Global competitiveness ranking
133 out of 141 countries

(2019)
Index of Economic Freedom Ranking: 179 / Score: 25.9 (Repressed)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 912,050 sq km

Total Population 1990 19.41 Million
2000 24.39 Million
2010 28.52 Million
2015 30.62 Million
2020 25.92 Million
Urban population as % of total population 1960 61.6%
1980 79.2%
2000 87.6%
2018 88.2%
Population median age 28.7 years
Population growth rate 1.21% (2018 estimate)
Life expectancy 76.2 years (2018 estimate)
% of population living on less than $3.10 a day N/A
Inequality of wealth distribution (Gini index) N/A
Freedom House rating Not Free
Political Rights: 7
Civil Liberties: 6 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population ixed: 19.2%

Mobile: 71.8%

(2018)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 72 % (2017)

Language & Religon

Languages Spanish (official), numerous indigenous dialects
Literacy
Total population: 97.1%
Male: 97%
Female: 97.2%
Definition: age 15 and over can read and write (2016 est.)
Religions Nominally Roman Catholic 96%, Protestant 2%, other 2%

World Rankings

Population 25.92 million
Mercer Cost of living index N/A
C02 Emissions per capita 6.16 metric tons per capita (2014)

Global Finance Rankings & Awards: Venezuela

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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