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 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.

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.

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.

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.

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

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 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.

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 GDP Per Capita

• Venezuela Gross Domestic Product (GDP) per Capita reached 640,750.491 USD in Dec 2017, compared with 97,841.180 USD in Dec 2016.
• Venezuela GDP Per Capita data is updated yearly, available from Dec 1960 to Dec 2017, with an average number of 3,256.471 USD.
• The data reached an all-time high of 640,750.491 USD in Dec 2017 and a record low of 869.907 in Dec 1965.
• CEIC calculates GDP per Capita from annual Nominal GDP and annual Population and converts it into USD. The Central Bank of Venezuela provides Nominal GDP in local currency. The National Institute of Statistics provides Mid-Year Population. Federal Reserve Board average market exchange rate is used for currency conversions. GDP per Capita prior to 1997 is sourced from the World Bank.

Related information about Venezuela GDP Per Capita data

• In the latest reports, Venezuela GDP contracted 26.791 % YoY in Mar 2019.
• Venezuela Nominal GDP reached 20,139.534 USD bn in Dec 2017.
• Its GDP deflator (implicit price deflator) increased 748.056 % in Dec 2017.
• Gross Savings Rate of Venezuela was measured at -17.807 % in Dec 2017.

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.

The gross domestic product (GDP) at PPP of Venezuela was estimated at about 227.28 billion PPP dollars in 2024. From 1980 to 2024, the GDP rose by around 108.45 billion PPP dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2026, the GDP will decrease by approximately 10.99 billion PPP dollars.This indicator describes the gross domestic product at current prices expressed in international dollars and adjusted for purchasing 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.

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.

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).

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.

Venezuela: Gross Domestic Product, billions of U.S. dollars: The latest value from 2014 is 482.36 billion U.S. dollars, an increase from 371.01 billion U.S. dollars in 2013. In comparison, the world average is 412.12 billion U.S. dollars, based on data from 193 countries. Historically, the average for Venezuela from 1960 to 2014 is 96.93 billion U.S. dollars. The minimum value, 7.66 billion U.S. dollars, was reached in 1960 while the maximum of 482.36 billion U.S. dollars was recorded in 2014.

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.

Venezuela VE: GDP: % of GDP: Gross Value Added: Industry data was reported at 37.245 % in 2014. This records a decrease from the previous number of 44.726 % for 2013. Venezuela VE: GDP: % of GDP: Gross Value Added: Industry data is updated yearly, averaging 45.160 % from Dec 1968 (Median) to 2014, with 47 observations. The data reached an all-time high of 59.676 % in 1990 and a record low of 36.405 % in 1983. Venezuela VE: GDP: % of GDP: Gross Value Added: Industry 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: Share of GDP. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. 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 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.