Gross domestic product (GDP) of Venezuela fell to 43.79 billion U.S. dollars in 2020, down from a 2012 peak of 372.59 U.S. dollars.

Venezuela’s economic capacity

Venezuela is famously the country with the largest oil reserves. However, mismanagement of the economy has led to several economic problems. Most notably, inflation has gotten out of control and has turned into hyperinflation. This represents a complete breakdown in people’s faith in the currency and, to a similar extent, the entire financial system.

The Maduro Diet

President Nicolás Maduro has largely been blamed for the economic situation in Venezuela. Many people have lost weight due to food shortages, which critics refer to as the “Maduro Diet”. In early 2019, opposition leader Juan Guaido declared the Maduro administration illegitimate, plunging the country into a constitutional crisis that divided the diplomatic world. Regardless of the outcome, Venezuela will still have to deal with high inflation, growing national debt, and challenges in infrastructure.

The Gross Domestic Product (GDP) in Venezuela was worth 111.81 billion US dollars in 2021, according to official data from the World Bank. The GDP value of Venezuela represents 0.11 percent of the world economy. This dataset provides - Venezuela GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The gross domestic product (GDP) in current prices in Venezuela was estimated at about 119.81 billion U.S. dollars in 2024. From 1980 to 2024, the GDP rose by around 49.97 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2026, the GDP will decrease by approximately 18.79 billion U.S. dollars.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

The growth of the real gross domestic product (GDP) in Venezuela was estimated at about 5.30 percent in 2024. From 1980 to 2024, the growth rose by around 10.25 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2026, the growth will decrease by approximately 10.80 percentage points.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

The Gross Domestic Product (GDP) in Venezuela expanded 8.54 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides - Venezuela GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Venezuela Nominal GDP

• Venezuela Nominal GDP reached 20,139.5 USD bn in Dec 2017, compared with 3,035.9 USD bn in the previous year.
• Nominal GDP in Venezuela is updated yearly, available from Dec 1995 to Dec 2017, with an average number of 183.6 USD bn.
• The data reached an all-time high of 20,139.5 USD bn in Dec 2017 and a record low of 70.7 USD bn in Dec 1996.

CEIC converts annual Nominal GDP into USD. The Central Bank of Venezuela provides Nominal GDP in local currency based on SNA 1993 with benchmark year 1997. Federal Reserve Board average market exchange rate is used for currency conversions. Nominal GDP prior to 1997 is based on SNA 1968 with previous benchmark year 1984.


Related information about Venezuela Nominal GDP

• In the latest reports, Venezuela GDP contracted 26.8 % YoY in Mar 2019.
• Its GDP deflator (implicit price deflator) increased 748.1 % in Dec 2017.
• Venezuela GDP Per Capita reached 640,750.5 USD in Dec 2017.
• Its Gross Savings Rate was measured at -17.8 % in Dec 2017.
• For Nominal GDP contributions, Investment accounted for -3.7 % in Dec 2017.
• Public Consumption accounted for 9.0 % in Dec 2017.
• Private Consumption accounted for 100.5 % in Dec 2017.

Venezuela VE: GDP: Growth data was reported at -3.894 % in 2014. This records a decrease from the previous number of 1.343 % for 2013. Venezuela VE: GDP: Growth data is updated yearly, averaging 3.044 % from Dec 1961 (Median) to 2014, with 54 observations. The data reached an all-time high of 18.287 % in 2004 and a record low of -8.856 % in 2002. Venezuela VE: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Venezuela – Table VE.World Bank: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Key information about Venezuela Real GDP Growth

• The Gross Domestic Product (GDP) in Venezuela contracted 26.8 % YoY in Mar 2019, following a negative growth of 20.2 % in the previous quarter.
• Real GDP Growth YoY data in Venezuela is updated quarterly, available from Mar 1998 to Mar 2019, with an average rate of 0.8 %.
• The data reached an all-time high of 36.1 % in Mar 2004 and a record low of -26.8 % in Mar 2019.

CEIC calculates Real GDP Growth from quarterly Real GDP. The Central Bank of Venezuela provides Real GDP in local currency, at 1997 prices.


Related information about Venezuela Real GDP Growth

• In the latest reports, Nominal GDP of Venezuela reached 20,139.5 USD bn in Dec 2017.
• Its GDP deflator (implicit price deflator) increased 748.1 % in Dec 2017.
• GDP Per Capita in Venezuela reached 640,750.5 USD in Dec 2017.
• Its Gross Savings Rate was measured at -17.8 % in Dec 2017.
• For Nominal GDP contributions, Investment accounted for -3.7 % in Dec 2017.
• Public Consumption accounted for 9.0 % in Dec 2017.
• Private Consumption accounted for 100.5 % in Dec 2017.

Graph and download economic data for Gross Domestic Product Per Capita for Bolivarian Republic of Venezuela (PCAGDPVEA646NWDB) from 1960 to 2014 about Venezuela, per capita, and GDP.

Key information about Venezuela Investment: % of GDP

• Venezuela Investment accounted for -3.7 % of its Nominal GDP in Dec 2017, compared with a ratio of 0.1 % in the previous year.
• Venezuela investment share of Nominal GDP data is updated yearly, available from Dec 1950 to Dec 2017, with an average ratio of 24.8 %.
• The data reached an all-time high of 42.8 % in Dec 1978 and a record low of -3.7 % in Dec 2017.

CEIC calculates Investment as % of Nominal GDP from annual Nominal Gross Capital Formation and annual Nominal GDP. The Central Bank of Venezuela provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency. Investment as % of Nominal GDP prior to 1997 is sourced from the International Monetary Fund.


Related information about Venezuela Investment: % of GDP

• In the latest reports, Venezuela GDP contracted 26.8 % YoY in Mar 2019.
• Venezuela Nominal GDP reached 20,139.5 USD bn in Dec 2017.
• Its GDP deflator (implicit price deflator) increased 748.1 % in Dec 2017.
• Venezuela GDP Per Capita reached 640,750.5 USD in Dec 2017.
• Its Gross Savings Rate was measured at -17.8 % in Dec 2017.

The Gross Domestic Product per capita in Venezuela was last recorded at 17131.39 US dollars in 2014, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Venezuela, when adjusted by Purchasing Power Parity is equivalent to 96 percent of the world's average. This dataset provides - Venezuela GDP per capita PPP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product per capita in Venezuela was last recorded at 14025.36 US dollars in 2014. The GDP per Capita in Venezuela is equivalent to 111 percent of the world's average. This dataset provides - Venezuela GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the gross domestic product (GDP) per capita in Venezuela was estimated at 4,510 U.S. dollars. From 1980 to 2024, the figure dropped by 160 U.S. dollars, though the decline followed an uneven course rather than a steady trajectory. Between 2024 and 2026, the GDP per capita will decrease by 750 U.S. dollars.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

Historical chart and dataset showing Venezuela GDP by year from 1960 to 2014.

Venezuela recorded a Government Debt to GDP of 164.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - Venezuela Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Venezuela VE: GDP: Growth: Gross Value Added: Industry: Manufacturing data was reported at -7.225 % in 2014. This records a decrease from the previous number of -0.297 % for 2013. Venezuela VE: GDP: Growth: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 3.754 % from Dec 1961 (Median) to 2014, with 54 observations. The data reached an all-time high of 42.502 % in 1997 and a record low of -14.624 % in 1989. Venezuela VE: GDP: Growth: Gross Value Added: Industry: Manufacturing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Venezuela – Table VE.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for manufacturing value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

Graph and download economic data for Output-side Real GDP at Current Purchasing Power Parities for Bolivarian Republic of Venezuela (CGDPOSVEA666NRUG) from 1950 to 2019 about Venezuela, PPP, real, and GDP.

GDP per capita (constant 2015 US$) in Venezuela was reported at 7697 USD in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - GDP per capita (constant 2000 US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

GDP (current US$) in Venezuela was reported at 482359318768 USD in 2014, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

GDP per capita growth (annual %) in Venezuela was reported at --8.1731 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - GDP per capita growth (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.