Venezuela’s Gamble Poses US Energy Security Risk
Venezuela’s state-owned oil company is struggling to make bond payments, and could put US oil company Citgo up for sale to Russia’s Rosneft.
Venezuela GDP and Economic Data
Country Report 2017 - 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.
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International Reserves
USD 6.7 billion (2015)
International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product - GDP
USD 314.1 billion (2017, estimate)
GDP (Purchasing Power Parity)
Intl$ 457.1 billion (2017, estimate)
Real GDP growth
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 9.9% | 8.8% | 5.3% | -3.2% | -1.5% | 4.2% | 5.6% |
| 2013 | 2014* | 2015* | 2016* | 2017* | ||
| 1.3% | 2.3% | -6.2% | -10% | -4.5% |
*Estimate
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 0.92% | 0.70% | 0.58% | 0.54% | 0.4% |
*Estimate
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GDP - composition by sector
- agriculture: 4%
- industry: 36.1%
- services: 59.9%
(2016 estimate)
Inflation
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 40.6% | 62.2% | 121.7% | 475.8% | 1660.1% |
*Estimate
Unemployment rate
| 2013* | 2014* | 2015* | 2016* | 2017* |
| 7.5% | 6.7% | 7.4% | 18.1% | 21.4% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2013* | 2014* | 2015* | 2016* | 2017* |
| 73.7% | 63.5% | 41.5% | 32.8% | 28.2% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2013* | 2014* | 2015* | 2016* | 2017* |
| -14.3% | -16.8% | -23.1% | -25.7% | -26.1% |
*Estimate
Government bond ratings
Standard & Poor's: CCC
Moody's: Caa3
Standard & Poor's / Moody's (Updated January 2017)
Source
Market value of publicly traded shares
| 2013 | 2014 | 2015 |
| N/A | N/A | N/A |
Largest companies
Mercantil Servicios, Banco De Venezuela, Banco Occidental, Banco del Caribe, C.A. Banco Universal.
Source
Source
Current account balance by percentage of GDP
-0.9% (2017 estimate)
Exports as percent of GDP (Exports of goods and services)
16.7% (2014)
Shares in world total merchandising export
0.2% (2015)
Shares in world total commercial services export
0.03% (2015)
Export commodities
Petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products
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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 26.6%, India 13.7%, China 11.7%, Cuba 6.4% (2015)
Imports - major partners
US 18.4%, China 15.3%, Brazil 9.7%, Colombia 5.9%, Mexico 4.2% (2015)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 2,680 million | USD 320 million | USD 1,591 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD 752 million | USD 1,024 million | USD -1,119 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| USD -16.2 million | USD 58.0 million | USD 1371.9 million | USD 3.3 million |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
(for a monthly update on M&A; click here )
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: 187 out of 190 countries (2017)
Subcategories:
Starting a business: 189 out of 190 countries
Enforcing Contracts: 137 out of 190 countries
Registering Property: 129 out of 190 countries
Getting Credit: 118 out of 190 countries
Protecting Minority Investors: 175 out of 190 countries
Trading Across Borders: 187 out of 190 countries
Paying Taxes: 185 out of 190 countries
Dealing with Construction Permits: 137 out of 190 countries
Getting Electricity: 186 out of 190 countries
Resolving Insolvency: 165 out of 190 countries
Source
Global competitiveness ranking
130 out of 138 countries
(2016-2017)
Index of Economic Freedom
Ranking: 176 / Score: 33.74 (Repressed) (2016)
(100=totally free 0=totally repressed)
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Source
Religions
Nominally Roman Catholic 96%, Protestant 2%, other 2%
Total population
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 19.411 million | 24.394 million | 28.524 million | 31.029 million | 32.986 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2015 |
| 62% | 79% | 88% | 89% |
Literacy
Total population: 96.3%
Male: 96.4%
Female: 96.2% (2015 est.)
(age 15 and over can read and write)
Freedom House rating
Political Rights: 6
Civil Liberties: 5 (2017)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 24.86% Mobile 92.97% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)