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;

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 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.

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.

Historical dataset showing Venezuela gdp growth rate by year from 1961 to 2014.

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: Growth: Gross Value Added: Industry: Manufacturing data was reported at -7.225 % in 2014. This records a decrease from the previous number of -0.297 % for 2013. Venezuela VE: GDP: Growth: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 3.754 % from Dec 1961 (Median) to 2014, with 54 observations. The data reached an all-time high of 42.502 % in 1997 and a record low of -14.624 % in 1989. Venezuela VE: GDP: Growth: Gross Value Added: Industry: Manufacturing 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 growth rate for manufacturing value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Manufacturing refers to industries belonging to ISIC divisions 15-37. 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

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

Venezuela: Economic growth forecast: The latest value from 2026 is -5.5 percent, a decline from -4 percent in 2025. In comparison, the world average is 3.36 percent, based on data from 182 countries. Historically, the average for Venezuela from 1980 to 2026 is -0.88 percent. The minimum value, -30 percent, was reached in 2020 while the maximum of 18.29 percent was recorded in 2004.

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.

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;

GDP per capita growth (annual %) in Venezuela was reported at --8.1731 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. Venezuela - GDP per capita growth (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

Venezuela VE: GDP: Growth: Gross Value Added: Services data was reported at -1.341 % in 2014. This records a decrease from the previous number of 3.554 % for 2013. Venezuela VE: GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 3.143 % from Dec 1969 (Median) to 2014, with 46 observations. The data reached an all-time high of 15.218 % in 2004 and a record low of -6.726 % in 1984. Venezuela VE: GDP: Growth: Gross Value Added: Services 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 growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. 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 industrial 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;

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.

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.

GDP per capita growth of Venezuela (Bolivarian Republic of) sank by 3,963.09% from 0.1 % in 2013 to -5.0 % in 2014. Since the 51.27% jump in 2012, GDP per capita growth plummeted by 215.59% in 2014. Annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant 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.

Venezuela VE: GDP: Growth: Imports of Goods and Services data was reported at -18.532 % in 2014. This records a decrease from the previous number of -9.687 % for 2013. Venezuela VE: GDP: Growth: Imports of Goods and Services data is updated yearly, averaging 8.493 % from Dec 1974 (Median) to 2014, with 41 observations. The data reached an all-time high of 57.667 % in 2004 and a record low of -52.798 % in 1983. Venezuela VE: GDP: Growth: Imports of Goods and Services 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 growth rate of imports of goods and services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.; ; 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 (Laspeyres), derived from growth rates of domestic absorption for Venezuela (RGDPL2VEA625NUPN) from 1950 to 2010 about Venezuela, PPP, domestic, per capita, GDP, and rate.