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 growth of the real gross domestic product (GDP) in Venezuela was forecast to continuously decrease between 2024 and 2025 by in total 0.01 percentage points. According to this forecast, in 2025, the growth will have decreased for the third consecutive year to three percent. 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.Find more statistics on other topics about Venezuela with key insights such as the gross domestic product per capita, the total population, and ratio of the national debt to the gross domestic product.

The gross domestic product (GDP) in current prices in Venezuela was forecast to continuously increase between 2024 and 2025 by in total 3.6 billion U.S. dollars (+3.39 percent). According to this forecast, in 2025, the GDP will have increased for the fifth consecutive year to 109.96 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.Find more key insights for the gross domestic product (GDP) in current prices in countries like Guyana, Suriname, and Colombia.

GDP at purchaser's prices 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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The Gross Domestic Product (GDP) in Venezuela expanded 4 percent in the fourth quarter of 2023 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.

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.

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.

The gross domestic product (GDP) per capita in Venezuela was forecast to continuously increase between 2024 and 2025 by in total 0.1 thousand U.S. dollars (+2.49 percent). According to this forecast, in 2025, the GDP per capita will have increased for the fifth consecutive year to 4.12 thousand 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 prices and then divided by the total population. The gross domestic products 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).Find more key insights for the gross domestic product (GDP) per capita in countries like Suriname, Guyana, and Colombia.

Venezuela recorded a Government Debt to GDP of 148.20 percent of the country's Gross Domestic Product in 2023. This dataset provides - Venezuela Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

In 2019, Venezuela’s estimated gross domestic product (GDP) per capita dropped to 2,624.41 U.S. dollars from 3,529.72 U.S. dollars the year before. the country's GDP has been on a continuous downswing for about a decade now - in 2010, it amounted to more than 11,000 U.S. dollars, and seemed to recover from a sudden slump again in 2016, before decreasing rapidly ever since. GDP per capita is a measurement of a country’s economic output that accounts for its number of people, thus making it a good measurement of a country’s standard of living.

A time of economic hardships

Currently, a major economic crisis is shaking Venezuela, resulting in hyperinflation, food and water shortages, and unemployment. Venezuela’s inflation rate has skyrocketed to over 900,000 percent in 2018, and the economy is suffering, with the Venezuelan GDP growth decreasing substantially each year since 2014.

A population affected by instability

In response to the economic and political climate, many are leaving the country for places such as Colombia, Peru, and Ecuador, with hopes for more stability and better economic prospects. Due in part to this, Venezuela’s population growth has decreased consistently over the last five years: In 2019, the country’s population was around 28 million inhabitants - a figure that is estimated to decrease further in the future.

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;

Graph and download economic data for Price level of Output-side Real GDP at Current Purchasing Power Parities (Purchasing Power Parity/Exchange Rate) for Bolivarian Republic of Venezuela (PLGDPOVEA670NRUG) from 1950 to 2019 about Venezuela, PPP, real, GDP, and price.

Venezuela VE: GDP: Growth: GNI data was reported at -1.133 % in 2014. This records a decrease from the previous number of 1.016 % for 2013. Venezuela VE: GDP: Growth: GNI data is updated yearly, averaging 2.950 % from Dec 1962 (Median) to 2014, with 53 observations. The data reached an all-time high of 17.290 % in 2004 and a record low of -11.173 % in 1989. Venezuela VE: GDP: Growth: GNI 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. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Graph and download economic data for Outstanding Total International Debt Securities to GDP for Bolivarian Republic of Venezuela (DDDM07VEA156NWDB) from 1980 to 2020 about Venezuela, issues, debt, and GDP.

Venezuela recorded a Current Account surplus of 4.10 percent of the country's Gross Domestic Product in 2024. This dataset provides - Venezuela Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Economic growth is central to economic development. When national income grows, real people benefit. While there is no known formula for stimulating economic growth, data can help policy-makers better understand their countries' economic situations and guide any work toward improvement. Data here covers measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). It also includes indicators representing factors known to be relevant to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports.

Key information about Venezuela GDP Deflator Growth

• Venezuela GDP deflator (implicit price deflator) increased 748.1 % in Dec 2017, compared with an increase of 321.3 % in the previous year.
• Venezuela GDP Deflator Growth data is updated yearly, available from Dec 1998 to Dec 2017, with an average rate of 29.9 %.
• The data reached an all-time high of 748.1 % in Dec 2017 and a record low of 7.8 % in Dec 2009.

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


Related information about Venezuela GDP Deflator Growth

• In the latest reports, Venezuela GDP contracted 26.8 % YoY in Mar 2019.
• Its Nominal GDP reached 20,139.5 USD bn 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.