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 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.

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.

PDB (Produk Domestik Bruto) di Venezuela tumbuh 4 persen pada kuartal keempat tahun 2023 dibandingkan dengan kuartal yang sama tahun sebelumnya. Nilai saat ini, data historis, perkiraan, statistik, grafik dan kalender ekonomi - Venezuela - Pertumbuhan PDB (y-on-y).

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.

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.

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.

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 mencatat Utang Pemerintah terhadap PDB sebesar 148,20 persen dari Produk Domestik Bruto negara pada tahun 2023. Nilai saat ini, data historis, perkiraan, statistik, grafik dan kalender ekonomi - Venezuela - Nilai Utang Pemerintah dibandingkan dengan PDB.

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.

The gross domestic product (GDP) per capita (in PPP dollars) in Venezuela was forecast to continuously increase between 2024 and 2025 by in total 0.2 thousand PPP dollars (+2.7 percent). According to this forecast, in 2025, the GDP per capita will have increased for the fifth consecutive year to 7.55 thousand PPP dollars. Find more key insights for the gross domestic product (GDP) per capita (in PPP dollars) in countries like Guyana, Suriname, and Colombia.

The gross domestic product (GDP) at PPP in Venezuela was forecast to continuously increase between 2024 and 2025 by in total 10.8 billion international dollars (+4.86 percent). According to this forecast, in 2025, the GDP will have increased for the fifth consecutive year to 233.18 billion international dollars. This indicator describes the gross domestic product at current prices expressed in international dollars and adjusted for pruchasing power parity. The gross domestic product refers to the total value of final goods and services produced during a year. For the indicator at hand the GDP value has been adjusted for purchasing power parity to increase comparability regarding the costs for goods and services. The International Monetary Fund database provides further details on the utilized exchange rates.Find more key insights for the gross domestic product (GDP) at PPP in countries like Suriname, Guyana, and Colombia.

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.

GDP, PPP (current international $) in Venezuela was reported at 543891085574 USD in 2014, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - GDP, PPP (current international $) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Pdb Per Kapita Venezuela dilaporkan sebesar 640,750.491 USD pada 2017. Rekor ini naik dibanding sebelumnya yaitu 97,841.180 USD untuk 2016. Data Pdb Per Kapita Venezuela diperbarui tahunan, dengan rata-rata 3,256.471 USD dari 1960 sampai 2017, dengan 58 observasi. Data ini mencapai angka tertinggi sebesar 640,750.491 USD pada 2017 dan rekor terendah sebesar 869.907 USD pada 1965. Data Pdb Per Kapita Venezuela tetap berstatus aktif di CEIC dan dilaporkan oleh CEIC Data. Data dikategorikan dalam Global Economic Monitor World Trend Plus – Table: GDP Per Capita: USD: Annual.

The gross domestic product (GDP) at current prices in Venezuela was forecast to continuously increase between 2024 and 2025 by in total 3.9 trillion U.S. dollars (+77.51 percent). After the sixth consecutive increasing year, the GDP is estimated to reach 8.8 trillion U.S. dollars and therefore a new peak in 2025. Notably, the gross domestic product (GDP) at current prices was continuously increasing over the past years.Find more key insights for the gross domestic product (GDP) at current prices in countries like Guyana, Colombia, and Suriname.

General government final consumption expenditure (% of GDP) in Venezuela was reported at 8.9985 % in 2017, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - General government final consumption expenditure (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

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. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.

Trade in services (% of GDP) in Venezuela was reported at 3.9717 % in 2014, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - Trade in services (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.