The growth of the real gross domestic product (GDP) in Venezuela was estimated at 5.3 percent in 2024. From 1980 to 2024, the growth rose by 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 8.3 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 8.71 percent in the third quarter of 2025 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.

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.

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 4.4 %.
• The data reached an all-time high of 36.1 % in Mar 2004 and a record low of -26.8 % in Mar 2019.

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


Related information about Venezuela Real GDP Growth

• 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.

Key information about Venezuela Nominal GDP Growth

• Venezuela Nominal GDP Growth was reported at 615.154 % in Dec 2017.
• This records an increase from the previous number of 249.514 % for Dec 2016.
• Venezuela Nominal GDP Growth data is updated yearly, averaging 33.863 % from Dec 1998 to 2017, with 20 observations.
• The data reached an all-time high of 615.154 % in 2017 and a record low of 4.379 % in 2009.
• Venezuela Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Annual.

CEIC calculates annual Nominal GDP Growth from annual Nominal GDP. The Central Bank of Venezuela provides Nominal GDP in local currency.

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 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 15.4 %.
• 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.

Pertumbuhan PDB Nominal Venezuela dilaporkan sebesar 615.154 % pada 2017. Rekor ini naik dibanding sebelumnya yaitu 249.514 % untuk 2016. Data Pertumbuhan PDB Nominal Venezuela diperbarui tahunan, dengan rata-rata 25.554 % dari 1998 sampai 2017, dengan 20 observasi. Data ini mencapai angka tertinggi sebesar 615.154 % pada 2017 dan rekor terendah sebesar 4.379 % pada 2009. Data Pertumbuhan PDB Nominal Venezuela tetap berstatus aktif di CEIC dan dilaporkan oleh CEIC Data. Data dikategorikan dalam Global Economic Monitor World Trend Plus – Table: Nominal GDP: Y-o-Y Growth: Annual.

GDP per capita, PPP (constant 2017 international $) in Venezuela was reported at 9402 USD in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - GDP per capita, PPP (constant 2005 international $) - actual values, historical data, forecasts and projections were sourced from the World Bank on November of 2025.

Imports of goods and services (% of GDP) in Venezuela was reported at 36.43 % in 2017, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - Imports of goods and services (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on November of 2025.

Exports of goods and services (% of GDP) in Venezuela was reported at 30.72 % in 2017, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - Exports of goods and services (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on November of 2025.

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 3,191.476 USD.
• The data reached an all-time high of 640,750.491 USD in Dec 2017 and a record low of 869.041 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.

According to the 2023 IMD World Digital Competitiveness Ranking results, Venezuela obtained an overall score of ***** out of 100, ranking in the last position out of a total of ** countries. This was the eighth consecutive year in which this Latin American nation held the lowest score of all the ranked countries. The ranking is published every year and assesses the competitiveness level of economies to adopt and explore digital technologies leading to transformation in business, government, and society in general.

Abstract

Financial inclusion is critical in reducing poverty and achieving inclusive economic growth. When people can participate in the financial system, they are better able to start and expand businesses, invest in their children’s education, and absorb financial shocks. Yet prior to 2011, little was known about the extent of financial inclusion and the degree to which such groups as the poor, women, and rural residents were excluded from formal financial systems.

By collecting detailed indicators about how adults around the world manage their day-to-day finances, the Global Findex allows policy makers, researchers, businesses, and development practitioners to track how the use of financial services has changed over time. The database can also be used to identify gaps in access to the formal financial system and design policies to expand financial inclusion.

Geographic coverage

Sample excludes the Federal Dependencies because of remoteness and difficulty of access, as well as some additional areas because of security concerns.The excluded areas represent about 5% of the population.

Analysis unit

Individual

Universe

The target population is the civilian, non-institutionalized population 15 years and above.

Kind of data

Observation data/ratings [obs]

Sampling procedure

The indicators in the 2017 Global Findex database are drawn from survey data covering almost 150,000 people in 144 economies-representing more than 97 percent of the world's population (see Table A.1 of the Global Findex Database 2017 Report). The survey was carried out over the 2017 calendar year by Gallup, Inc., as part of its Gallup World Poll, which since 2005 has annually conducted surveys of approximately 1,000 people in each of more than 160 economies and in over 150 languages, using randomly selected, nationally representative samples. The target population is the entire civilian, noninstitutionalized population age 15 and above. Interview procedure Surveys are conducted face to face in economies where telephone coverage represents less than 80 percent of the population or where this is the customary methodology. In most economies the fieldwork is completed in two to four weeks.

In economies where face-to-face surveys are conducted, the first stage of sampling is the identification of primary sampling units. These units are stratified by population size, geography, or both, and clustering is achieved through one or more stages of sampling. Where population information is available, sample selection is based on probabilities proportional to population size; otherwise, simple random sampling is used. Random route procedures are used to select sampled households. Unless an outright refusal occurs, interviewers make up to three attempts to survey the sampled household. To increase the probability of contact and completion, attempts are made at different times of the day and, where possible, on different days. If an interview cannot be obtained at the initial sampled household, a simple substitution method is used.

Respondents are randomly selected within the selected households. Each eligible household member is listed and the handheld survey device randomly selects the household member to be interviewed. For paper surveys, the Kish grid method is used to select the respondent. In economies where cultural restrictions dictate gender matching, respondents are randomly selected from among all eligible adults of the interviewer's gender.

In economies where telephone interviewing is employed, random digit dialing or a nationally representative list of phone numbers is used. In most economies where cell phone penetration is high, a dual sampling frame is used. Random selection of respondents is achieved by using either the latest birthday or household enumeration method. At least three attempts are made to reach a person in each household, spread over different days and times of day.

The sample size was 1000.

Mode of data collection

Computer Assisted Personal Interview [capi]

Research instrument

The questionnaire was designed by the World Bank, in conjunction with a Technical Advisory Board composed of leading academics, practitioners, and policy makers in the field of financial inclusion. The Bill and Melinda Gates Foundation and Gallup Inc. also provided valuable input. The questionnaire was piloted in multiple countries, using focus groups, cognitive interviews, and field testing. The questionnaire is available in more than 140 languages upon request.

Questions on cash on delivery, saving using an informal savings club or person outside the family, domestic remittances, and agricultural payments are only asked in developing economies and few other selected countries. The question on mobile money accounts was only asked in economies that were part of the Mobile Money for the Unbanked (MMU) database of the GSMA at the time the interviews were being held.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country-specific margins of error, please refer to the Methodology section and corresponding table in Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar, and Jake Hess. 2018. The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. Washington, DC: World Bank

Discrepancy in expenditure estimate of GDP (constant LCU) in Venezuela was reported at 1E-05 LCU in 2017, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - Discrepancy in expenditure estimate of GDP (constant LCU) - actual values, historical data, forecasts and projections were sourced from the World Bank on November of 2025.

Key information about Venezuela Foreign Portfolio Investment: % of GDP

• Venezuela Foreign Portfolio Investment: % of GDP was reported at -0.0 % in Dec 2017.
• This records an increase from the previous number of -0.1 % for Dec 2016.
• Venezuela Foreign Portfolio Investment: % of GDP data is updated yearly, averaging 1.8 % from Dec 1997 to 2017, with 21 observations.
• The data reached an all-time high of 2.2 % in 2005 and a record low of -2.2 % in 2006.
• Venezuela Foreign Portfolio Investment: % of GDP data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Foreign Portfolio Investment: % of Nominal GDP: Annual.

CEIC calculates annual Foreign Portfolio Investment as % of Nominal GDP from annual Foreign Portfolio Investment and annual Nominal GDP. The Central Bank of Venezuela provides Foreign Portfolio Investment in USD. The Central Bank of Venezuela provides Nominal GDP in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.

Venezuelas Nominales BIP-Wachstum belief sich im 2017 auf 615.154 %. Dies stellt einen Anstieg im Vergleich zu den vorherigen Zahlen von 249.514 % für 2016 dar. Venezuelas Nominales BIP-Wachstum werden jährlich aktualisiert, mit einem Durchschnitt von 25.554 % von 1998 bis 2017, mit 20 Beobachtungen. Die Daten erreichten ein Allzeithoch in Höhe von 615.154 % im 2017 und ein Rekordtief in Höhe von 4.379 % im 2009. Venezuelas Nominales BIP-Wachstum Daten behalten den Aktiv-Status in CEIC und werden von CEIC Data gemeldet. Die Daten werden unter World Trend Pluss Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Annual kategorisiert.

Key information about Venezuela External Debt: % of GDP

• Venezuela External Debt accounted for 0.6 % of the country's Nominal GDP in 2017, compared with the ratio of 4.2 % in the previous year.
• Venezuela External Debt: % of Nominal GDP data is updated yearly, available from Dec 1997 to Dec 2017.
• The data reached an all-time high of 48.6 % in Dec 2003 and a record low of 0.6 % in Dec 2017.

CEIC calculates External Debt as % of Nominal GDP from quarterly External Debt and annual Nominal GDP. The Central Bank of Venezuela provides External Debt in USD and Nominal GDP in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.


Related information about Venezuela External Debt: % of GDP

• In the latest reports of Venezuela, Current Account recorded a surplus of 2.5 USD bn in Mar 2019.
• Foreign Direct Investment (FDI) increased by 105.0 USD mn in Mar 2019.
• Venezuela Direct Investment Abroad expanded by 234.0 USD mn in Mar 2019.
• Its Foreign Portfolio Investment increased by 581.0 USD mn in Mar 2019.
• The country's External Debt reached 110,159.0 in Mar 2019.
• The country's Nominal GDP was reported at 20,139.5 USD bn in Dec 2017.

Key information about Venezuela Total Trade of Goods and Services: % of Nominal GDP

• Venezuela Total Trade of Goods & Services: % of Nominal GDP recorded 67.150 % in Dec 2017, compared with 59.408 % in the previous year.
• Venezuela Total Trade of Goods & Services: % of Nominal GDP data is updated yearly, available from Dec 1950 to Dec 2017, with an averaged value of 40.127 %.
• The data reached an all-time high of 99.739 % in Dec 2015 and a record low of 38.521 % in Dec 2009.

CEIC calculates annual Total Trade of Goods and Services as % of Nominal GDP from annual Total Trade of Goods and Services and annual Nominal GDP. The Central Bank of Venezuela provides Total Trade of Goods and Services in local currency and Nominal GDP in local currency, both based on SNA 1993. Total Trade of Goods and Services as % of Nominal GDP prior to 1997 is calculated from Nominal GDP and Total Trade of Goods and Services both sourced from the International Monetary Fund.

Key information about Venezuela Private Consumption: % of GDP

• Venezuela Private Consumption accounted for 100.5 % of its Nominal GDP in Dec 2017, compared with a ratio of 85.8 % in the previous year.
• Venezuela Private Consumption contribution to Nominal GDP ratio is updated yearly, available from Dec 1950 to Dec 2017, with an average share of 23.0 %.
• The data reached an all-time high of 32.7 % in Dec 2014 and a record low of 18.2 % in Dec 2018.

CEIC calculates Private Consumption as % of Nominal GDP from annual Private Consumption Expenditure and annual Nominal GDP. The Central Bank of Venezuela provides Private Consumption Expenditure in local currency and Nominal GDP in local currency. Private Consumption as % of Nominal GDP prior to 1997 is sourced from the International Monetary Fund.


Related information about Venezuela Private Consumption: % of GDP

• 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.