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.

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.

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 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.

Graph and download economic data for Purchasing Power Parity Converted GDP Per Capita, G-K method, at current prices for Venezuela (PPCGDPVEA620NUPN) from 1950 to 2010 about Venezuela, PPP, per capita, and GDP.

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.

Venezuela VE: GDP: Growth:(GDP) Gross Domestic Productper Capita data was reported at -5.209 % in 2014. This records a decrease from the previous number of -0.077 % for 2013. Venezuela VE: GDP: Growth:(GDP) Gross Domestic Productper Capita data is updated yearly, averaging -0.021 % from Dec 1961 (Median) to 2014, with 54 observations. The data reached an all-time high of 16.226 % in 2004 and a record low of -10.814 % in 1989. Venezuela VE: GDP: Growth:(GDP) Gross Domestic Productper Capita 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 per capita based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP per capita is gross domestic product divided by midyear population. 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Venezuela VE: Government Expenditure per Student: Primary: % of(GDP) Gross Domestic Productper Capita data was reported at 0.019 % in 2015. This records a decrease from the previous number of 17.908 % for 2009. Venezuela VE: Government Expenditure per Student: Primary: % of(GDP) Gross Domestic Productper Capita data is updated yearly, averaging 8.555 % from Dec 2006 (Median) to 2015, with 4 observations. The data reached an all-time high of 17.908 % in 2009 and a record low of 0.019 % in 2015. Venezuela VE: Government Expenditure per Student: Primary: % of(GDP) Gross Domestic Productper Capita 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.WDI: Education Statistics. Government expenditure per student is the average general government expenditure (current, capital, and transfers) per student in the given level of education, expressed as a percentage of GDP per capita.; ; United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.; Median;

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.

• 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.

GDP per capita based on PPP of Venezuela (Bolivarian Republic of) surged by 9.32% from 7,266 international dollars in 2022 to 7,943 international dollars in 2023. Since the 29.41% drop in 2020, GDP per capita based on PPP soared by 38.62% in 2023. GDP per capita (PPP based) is gross domestic product converted to international dollars using purchasing power parity rates and divided by total population. An international dollar has the same purchasing power over GDP as a U.S. dollar has in the United States. A purchasing power parity (PPP) between two countries, A and B, is the ratio of the number of units of country A’s currency needed to purchase in country A the same quantity of a specific good or service as one unit of country B’s currency will purchase in country B. PPPs can be expressed in the currency of either of the countries. In practice, they are usually computed among large numbers of countries and expressed in terms of a single currency, with the U.S. dollar (US$) most commonly used as the base or “numeraire” currency.

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.

Venezuela VE: GDP: 2010 Price: USD: GNI per Capita data was reported at 13,607.755 USD in 2014. This records a decrease from the previous number of 13,954.673 USD for 2013. Venezuela VE: GDP: 2010 Price: USD: GNI per Capita data is updated yearly, averaging 12,959.921 USD from Dec 1961 (Median) to 2014, with 54 observations. The data reached an all-time high of 15,662.002 USD in 1977 and a record low of 9,455.878 USD in 2003. Venezuela VE: GDP: 2010 Price: USD: GNI per Capita 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.WDI: Gross Domestic Product: Real. GNI per capita is gross national income divided by midyear population. 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 constant 2010 U.S. dollars.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Graph and download economic data for Purchasing Power Parity Converted GDP Per Capita (Chain Series) for Venezuela (RGDPCHVEA625NUPN) from 1950 to 2010 about Venezuela, chained, PPP, per capita, and GDP.

Graph and download economic data for Investment Share of Purchasing Power Parity Converted GDP Per Capita at current prices for Venezuela (CIPPPGVEA156NUPN) from 1950 to 2010 about Venezuela, PPP, investment, per capita, and GDP.

Graph and download economic data for Consumption Share of Purchasing Power Parity Converted GDP Per Capita at current prices for Venezuela (CSPPPGVEA156NUPN) from 1950 to 2010 about Venezuela, PPP, per capita, consumption, and GDP.

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.

• 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.

The gross domestic product (GDP) in current prices in Guyana was forecast to continuously increase between 2024 and 2029 by in total 8.8 billion U.S. dollars (+38.21 percent). After the fifteenth consecutive increasing year, the GDP is estimated to reach 31.81 billion U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product at current prices, consistent with the definition given by the International Monetary Fund. This means that 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 Suriname, Venezuela, and Colombia.

The gross domestic product (GDP) per capita (in PPP dollars) in Colombia was forecast to continuously increase between 2024 and 2029 by in total 2.2 thousand PPP dollars (+11.66 percent). After the sixth consecutive increasing year, the GDP per capita is estimated to reach 21.03 thousand PPP dollars and therefore a new peak in 2029. Find more key insights for the gross domestic product (GDP) per capita (in PPP dollars) in countries like Suriname, Guyana, and Venezuela.

The ratio of national debt to gross domestic product (GDP) in Venezuela decreased to 146.26 percent compared to the previous year. Nevertheless, the last two years recorded a significantly higher ratio than the preceding years.This indicator describes the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more statistics on other topics about Venezuela with key insights such as the ratio of government expenditure to the gross domestic product, the gross domestic product per capita, and the budget balance in relation to the gross domestic product.