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.

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.

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;

The score given to Venezuela on the Global Competitiveness Report, a study that assesses the competitiveness level of countries' economies worldwide, has been declining lately. In 2019, the Venezuelan economy had a competitiveness index of **** points (in a range from * to 100), down from ***** points observed one year before. Furthermore, Venezuela was deemed one of the least competitive economies in Latin America.

Venezuela VE: GDP: Growth: Gross Capital Formation data was reported at -22.924 % in 2014. This records a decrease from the previous number of -13.950 % for 2013. Venezuela VE: GDP: Growth: Gross Capital Formation data is updated yearly, averaging 4.026 % from Dec 1961 (Median) to 2014, with 54 observations. The data reached an all-time high of 107.986 % in 1997 and a record low of -52.574 % in 1989. Venezuela VE: GDP: Growth: Gross Capital Formation 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: Annual Growth Rate. Annual growth rate of gross capital formation based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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;

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.

Due to the recent hyperinflation crisis in Venezuela, the average inflation rate in Venezuela is estimated to be around 225 percent in 2026. However, this is well below the peak of 63,000 percent observed in 2018.What is hyperinflation?In short, hyperinflation is a very high inflation rate that accelerates quickly. It can be caused by a government printing huge amounts of new money to pay for its expenses. The subsequent rapid increase of prices causes the country’s currency to lose value and shortages in goods to occur. People then typically start hoarding goods, which become even more scarce and expensive, money becomes worthless, financial institutions go bankrupt, and eventually, the country’s economy collapses. The Venezuelan descent into hyperinflationIn Venezuela, the economic catastrophe began with government price controls and plummeting oil prices, which caused state-run oil companies to go bankrupt. The government then starting printing new money to cope, thus prices rose rapidly, unemployment increased, and GDP collapsed, all of which was exacerbated by international sanctions. Today, many Venezuelans are emigrating to find work and supplies elsewhere, and population growth is at a decade-low. Current president Nicolás Maduro does not seem inclined to steer away from his course of price controls and economic mismanagement, so the standard of living in the country is not expected to improve significantly anytime soon.

The Venezuelan oil and gas industry, while historically a significant global player, has experienced considerable volatility and decline in recent years due to political instability, economic sanctions, and underinvestment. The industry's market size in 2025 is estimated at $25 billion, reflecting a gradual recovery from its recent lows but still significantly below its peak production levels. This recovery is primarily driven by the ongoing efforts to increase oil production, albeit hindered by persistent infrastructural challenges and limited access to international finance. The compound annual growth rate (CAGR) from 2025 to 2033 is projected at 4%, reflecting a cautious optimism given the inherent risks and uncertainties within the Venezuelan economy. This modest growth anticipates a gradual increase in production, facilitated by potential foreign investment and technological upgrades, should geopolitical conditions improve. However, sustained growth hinges on significant reforms addressing political and economic instability. Resolution of international sanctions and a renewed focus on attracting foreign investment are crucial for unlocking the industry's full potential. The continued reliance on heavy crude oil also presents challenges in a global market increasingly shifting towards lighter grades and renewable energy sources. Further complicating the outlook is the need for substantial investment in upgrading aging infrastructure and enhancing operational efficiency to increase production and reduce operational costs. The projected 4% CAGR assumes a gradual improvement in these key areas, but significant challenges remain. A more optimistic scenario would involve substantial foreign direct investment which is not currently projected based on the current geopolitical climate. Key drivers for this market are: 4., Recovering Number of Air Passengers, on Account of the Cheaper Airfare in Recent Times4.; Increasing Disposable Income of Population. Potential restraints include: 4., High Share of Fossil-Fuel-Based Aviation Fuels in South American Countries. Notable trends are: Upstream Sector as a Prominent Market.

From 2017 to 2021, the share of households living under the poverty line in Venezuela has been surpassing 90 percent. In addition, more than six out of every ten households (67.97 percent) lived in extreme poverty in 2021. The overall household poverty rate in Venezuela has registered a steady growth from 2014 to 2019, after having remained relatively stable, below 40 percent, since 2005. Although poverty is widespread among the population as a whole, some groups are more vulnerable than others. That is the case of younger generations and particularly children: 98.03 percent of Venezuelans aged 15 or younger lived in poverty in 2021. An economy in disarray Venezuela, the country with the largest oil reserves in the world and whose economy has been largely dependent on oil revenues for decades, was once one of the most prosperous countries in Latin America. Today, hyperinflation and an astronomic public debt are only some of the many pressing concerns that affect the domestic economy. The socio-economic consequences of the crisis As a result of the economic recession, more than half of the population in every state in Venezuela lives in extreme poverty. This issue is particularly noteworthy in the states of Amazonas, Monagas, and Falcón, where the extreme poverty rate hovers over 80 percent. Such alarming levels of poverty, together with persistent food shortages, provoked a rapid increase in undernourishment, which was estimated at 17.9 percent between 2020 and 2022. The combination of humanitarian crisis, political turmoil and economic havoc led to the Venezuelan refugee and migrant crisis. As of 2020, more than five million Venezuelans had fled their home country, with neighboring Colombia being the main country of destination.

The Venezuelan renewable energy market, while currently underdeveloped, presents significant growth potential driven by increasing electricity demand, energy security concerns, and a supportive government policy environment aiming to diversify its energy matrix away from heavy reliance on fossil fuels. The market size in 2025 is estimated at $50 million USD, reflecting a modest but growing sector. A compound annual growth rate (CAGR) exceeding 1.50% from 2025 to 2033 projects substantial expansion, primarily fueled by investments in solar and wind power projects. While challenges remain, including limited infrastructure, economic instability, and regulatory hurdles, the long-term outlook is positive. Government incentives, coupled with technological advancements making renewable energy more cost-competitive, are expected to drive adoption across residential, commercial, and industrial sectors. Foreign investment, though currently limited, could become a major catalyst for growth if political and economic stability improves. The market segmentation will likely show a strong focus on solar and wind, with hydroelectricity continuing to hold a significant, albeit slowly growing, share. Import analysis will reveal a reliance on technology and components from international markets while export potential remains limited at this stage. Price trends will likely reflect global commodity prices and technological advancements, demonstrating a downward trend in the cost of renewable energy technologies over time. Production and consumption analyses will show a correlation between economic growth and renewable energy uptake. This means that as the Venezuelan economy stabilizes and grows, so too will the demand for and production of renewable energy. The relatively low current market size highlights the significant untapped potential and the substantial room for growth. Detailed analysis of specific segments, such as residential solar installations or wind farm developments, will reveal particular market drivers and future growth trajectories. Companies like Solinal CA and Ingesol CA, among others, are likely to play a key role in shaping the industry’s development. The forecast period of 2025-2033 provides ample opportunity for considerable expansion and a reshaping of the Venezuelan energy landscape. Recent developments include: In 2019, the Venezuelan government announced a plan to build its first utility-scale PV project to strengthen its National Electric System.. Notable trends are: Plans to Increase Renewable Energy Share in the Energy Mix to Drive the Market.

Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.

At the end of 2024, Zimbabwe had the highest inflation rate in the world, at 736.11 percent change compared to the previous year. Inflation in industrialized and in emerging countries Higher inflation rates are more present in less developed economies, as they often lack a sufficient central banking system, which in turn results in the manipulation of currency to achieve short term economic goals. Thus, interest rates increase while the general economic situation remains constant. In more developed economies and in the prime emerging markets, the inflation rate does not fluctuate as sporadically. Additionally, the majority of countries that maintained the lowest inflation rate compared to previous years are primarily oil producers or small island independent states. These countries experienced deflation, which occurs when the inflation rate falls below zero; this may happen for a variety of factors, such as a shift in supply or demand of goods and services, or an outflow of capital.

In 2025, Brazil and Mexico were expected to be the countries with the largest gross domestic product (GDP) in Latin America and the Caribbean. In that year, Brazil's GDP could reach an estimated value of 2.3 trillion U.S. dollars, whereas Mexico's amounted to almost 1.8 trillion U.S. dollars. GDP is the total value of all goods and services produced in a country in a given year. It measures the economic strength of a country and a positive change indicates economic growth.

In 2023, Puerto Rico and The Bahamas were the states with the highest gross domestic product (GDP) per capita in Latin America and the Caribbean. The average GDP generated per person in the Bahamas amounted to 34,749 U.S. dollars, whereas the average wealth created per capita in Puerto Rico was estimated at around 34,749 U.S. dollars. In that same year, this region's lowest GDP per capita was that of Haiti, at less than 1,693 U.S. dollars per person per year. The largest economies in Latin America GDP is the total value of all goods and services produced in a country in a year. It is an important indicator to measure the economic strength of a country and the average wealth of its population. By far, the two largest economies in the region are Brazil and Mexico, both registering GDPs three times bigger than the third place, Argentina. Nonetheless, they are the two most populated countries by a great margin.
Key economic indicators of Latin America Latin America emerges as an important region in the world economy, as of 2023, around 7.3 percent of the global GDP, a similar share to the Middle East. Nevertheless, the economic development of most of its countries has been heavily affected by other factors, such as corruption, inequality, inflation, or crime and violence. Countries such as Venezuela, Suriname, and Argentina are constantly ranking among the highest inflation rates in the world. While Jamaica, Ecuador, and Haiti rank as some of the most crime-ridden states.

In 2024, Sudan was ranked as the most miserable country in the world, with a misery index score of 374.8. Argentina ranked second with an index score of 195.9. Quality of life around the worldThe misery index was created by the economist Arthur Okun in the 1960s. The index is calculated by adding the unemployment rate, the lending rate and the inflation rate minus percent change of GDP per capita. Another famous tool used for the comparison of development of countries around the world is the Human Development Index, which takes into account such factors as life expectancy at birth, literacy rate, education level and gross national income (GNI) per capita. Better economic conditions correlate with higher quality of life Economic conditions affect the life expectancy, which is much higher in the wealthiest regions. With a life expectancy of 85 years, Liechtenstein led the ranking of countries with the highest life expectancy in 2023. On the other hand, Nigeria was the country with the lowest life expectancy, where men were expected to live 55 years as of 2024. The Global Liveability Index ranks the quality of life in cities around the world, basing on political, social, economic and environmental aspects, such as personal safety and health, education and transport services and other public services. In 2024, Vienna was ranked as the city with the highest quality of life worldwide.

The Consumer Price Index gauges the price changes in a basket of goods and services in a defined time period. In Argentina, the CPI in April 2024 was 289 percent higher than the one registered the same month of the previous year, with this figure being the largest monthly inflation rate since, at least, the beginning of 2018. The Argentinian inflation rate has been experiencing a steep increase from December 2020 onwards, when the decreasing trend witnessed since December 2019 came to an end. Long history of inflation in Latin America High inflation rates are nothing new in Latin America. In 2023, the region's inflation rate was 14.41 percent, while the global average was much lower at 6.78 percent. Nonetheless, the main drivers of this are Venezuela and Argentina, both being in the upper table of countries with the highest inflation rates in the world. During the last few years, Venezuela entered a period with five-digits inflation rates, having to issue a new currency and implementing new policies to control price increases.

A history of hyperinflation During the last couple of years, inflation has been a constant among the main problems the Argentine society faces. The country returned to a three-digit inflation rate with former president Alberto Fernández, and the constant price increases took a toll on households across the board. Nevertheless, the problem is far from a recent one or the worst it's ever been, in 1989 and 1990, the inflation rate was over 2,000 percent, reaching for the status of hyperinflation. Commonly, hyperinflation is defined as price increases with over 50 percent per month.

This statistic shows the 20 countries with the highest decrease of the gross domestic product (GDP) in 2024. In 2024, South Sudan ranked 1st among the countries with the highest GDP decrease with a decrease of approximately 27.61 percent compared to the previous year.

As of July 18, 2025, the major economy with the highest yield on 10-year government bonds was Turkey, with a yield of ** percent. This is due to the risks investors take when investing in Turkey, notably due to high inflation rates potentially eradicating any profits made when using a foreign currency to investing in securities denominated in Turkish lira. Of the major developed economies, United Kingdom had one the highest yield on 10-year government bonds at this time with **** percent, while Switzerland had the lowest at **** percent. How does inflation influence the yields of government bonds? Inflation reduces purchasing power over time. Due to this, investors seek higher returns to offset the anticipated decrease in purchasing power resulting from rapid price rises. In countries with high inflation, government bond yields often incorporate investor expectations and risk premiums, resulting in comparatively higher rates offered by these bonds. Why are government bond rates significant? Government bond rates are an important indicator of financial markets, serving as a benchmark for borrowing costs, interest rates, and investor sentiment. They affect the cost of government borrowing, influence the price of various financial instruments, and serve as a reflection of expectations regarding inflation and economic growth. For instance, in financial analysis and investing, people often use the 10-year U.S. government bond rates as a proxy for the longer-term risk-free rate.