Countries
Venezuela
Key Economic Indicators
<strong>note:</strong> data in 2015 dollars
<strong>note:</strong> data in 2015 dollars
5.3%
2,355.1% (2020 est.)
5.31%
$139.395 billion (2023 est.)
<strong>note:</strong> data cover central government debt, as well as the debt o
-$16.051 billion (2015 est.)
Economic Overview
South American economy; ongoing hyperinflation since mid-2010s; chaotic economy due to political corruption, infrastructure cuts, and human rights abuses; in debt default; oil exporter; hydropower consumer; rising Chinese relations
All Economic Data
Agricultural products
milk, sugarcane, maize, rice, plantains, oil palm fruit, bananas, chicken, pineapples, potatoes (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
2.8% of household expenditures (2023 est.)
On food:
52% of household expenditures (2023 est.)
Budget
Expenditures:
$76 million (2017 est.)
Revenues:
$30 million (2017 est.)
Currency
code:
VES
name:
Venezuelan bolívar soberano (VES) [Bs.S.]
Current account balance
Current account balance 2015:
-$16.051 billion (2015 est.)
Current account balance 2016:
-$3.87 billion (2016 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
bolivars (VEB) per US dollar -
Exchange rates 2013:
6.048 (2013 est.)
Exchange rates 2014:
6.284 (2014 est.)
Exchange rates 2015:
6.284 (2015 est.)
Exchange rates 2016:
9.257 (2016 est.)
Exchange rates 2017:
9.975 (2017 est.)
Exports
$20.2 billion
Exports 2016:
$28.684 billion (2016 est.)
Exports 2017:
$93.485 billion (2017 est.)
Exports 2018:
$83.401 billion (2018 est.)
Note:
<strong>note:</strong> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, petroleum coke, scrap iron, alcohols, fertilizers (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 50%, China 10%, Spain 9%, Brazil 6%, Turkey 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.63 billion
GDP (official exchange rate)
$139.395 billion (2023 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$4,218
Gini Index coefficient - distribution of family income
44.8 (2006)
GNI (gross national income)
$120.8 billion
GNI per capita
$3,820
Gross domestic investment
5 % of GDP
Imports
$11.05 billion
Imports 2016:
$25.81 billion (2016 est.)
Imports 2017:
$18.376 billion (2017 est.)
Imports 2018:
$18.432 billion (2018 est.)
Note:
<strong>note:</strong> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, soybean meal, corn, plastic products, vehicle parts/accessories (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 35%, USA 24%, Brazil 12%, Colombia 7%, Turkey 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industries
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2020:
2,355.1% (2020 est.)
Inflation rate (consumer prices) 2021:
1,588.5% (2021 est.)
Inflation rate (consumer prices) 2022:
200.9% (2022 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
11.136 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
11.12 million persons
Labor force - by occupation
agriculture:
8.87%
industry:
16.75%
services:
74.37%
Population below poverty line
33.1% (2015 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<strong>note:</strong> data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions
Public debt 2017:
38.9% of GDP (2017 est.)
Real GDP (purchasing power parity)
Note:
<strong>note:</strong> data in 2015 dollars
Real GDP (purchasing power parity) 2021:
$98.768 billion (2021 est.)
Real GDP (purchasing power parity) 2022:
$106.672 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$110.943 billion (2023 est.)
Real GDP growth rate
5.3%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2017:
-15.76% (2017 est.)
Real GDP growth rate 2018:
-19.67% (2018 est.)
Real GDP per capita
Note:
<strong>note:</strong> data in 2015 dollars
Real GDP per capita 2021:
$4,000 (2021 est.)
Real GDP per capita 2022:
$4,600 (2022 est.)
Real GDP per capita 2023:
$4,900 (2023 est.)
Reserves of foreign exchange and gold
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2015:
$15.625 billion (2015 est.)
Reserves of foreign exchange and gold 2016:
$10.15 billion (2016 est.)
Reserves of foreign exchange and gold 2017:
$9.794 billion (2017 est.)
Unemployment rate
5.31%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
5.8% (2022 est.)
Unemployment rate 2023:
5.5% (2023 est.)
Unemployment rate 2024:
5.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
13.2% (2024 est.)
Male:
9.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
10.6% (2024 est.)
World Bank Indicators
Currency
Venezuelan bolivar soberano (VES) Bs.S. (2025)
Gini Index
44.80 (2006)
Languages
Spanish (2025)
Economic Rankings
Inflation Rate
#1
Gini Index
#34
Exports
#51
GDP (Nominal)
#61
Reserves
#67
Unemployment Rate
#86
Imports
#87
GDP Growth Rate
#88
GDP (PPP)
#91
GDP per Capita
#156
Quick Facts
Industries
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil
Agricultural products
milk, sugarcane, maize, rice, plantains, oil palm fruit, bananas, chicken, pineapples, potatoes (2023)
Labor force
11.136 million (2024 est.)
Exports - partners
USA 50%, China 10%, Spain 9%, Brazil 6%, Turkey 5% (2023)
Imports - partners
China 35%, USA 24%, Brazil 12%, Colombia 7%, Turkey 4% (2023)
Exchange rates
bolivars (VEB) per US dollar -
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