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 |
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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 |
Venezuela
Inflation & Debt
Inflation |
2015 121.7% 2016 254.9% 2017 438.1% 2018* 65374.1% 2019* 200000% *Estimate |
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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) |
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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) |
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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 |
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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 |
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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 |
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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