Venezuela Economy - 2024

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

Real GDP (purchasing power parity)

$269.068 billion (2018 est.)
$381.6 billion (2017 est.)
$334.751 billion (2017 est.)

note: data are in 2017 dollars

Real GDP growth rate

-19.67% (2018 est.)
-14% (2017 est.)
-15.76% (2017 est.)

Real GDP per capita

$7,704 (2018 est.)
$12,500 (2017 est.)
$9,417 (2017 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$210.1 billion (2017 est.)

Inflation rate (consumer prices)

146,101.7% (2019 est.)
45,518.1% (2018 est.)
416.8% (2017 est.)

Credit ratings

Fitch rating: RD (2017)

Moody's rating: WR (2019)

Standard & Poors rating: SD (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.7% (2017 est.)

industry: 40.4% (2017 est.)

services: 54.9% (2017 est.)

GDP - composition, by end use

household consumption: 68.5% (2017 est.)

government consumption: 19.6% (2017 est.)

investment in fixed capital: 13.9% (2017 est.)

investment in inventories: 1.7% (2017 est.)

exports of goods and services: 7% (2017 est.)

imports of goods and services: -10.7% (2017 est.)

Agricultural products

sugar cane, maize, milk, rice, plantains, bananas, pineapples, potatoes, beef, poultry

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

Industrial production growth rate

-2% (2017 est.)

Labor force

10.245 million (2021 est.)

Unemployment rate

6.41% (2021 est.)
6.63% (2020 est.)
5.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 14.9% (2021 est.)

male: 13.4% NA

female: 19.3% NA

Population below poverty line

33.1% (2015 est.)

Gini Index coefficient - distribution of family income

39 (2011 est.)

Average household expenditures

on food: 19.1% of household expenditures (2018 est.)

on alcohol and tobacco: 3.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 32.7% (2006)

Budget

revenues: $30 million (2017 est.)

expenditures: $76 million (2017 est.)

Budget surplus (+) or deficit (-)

-46.1% (of GDP) (2017 est.)

Public debt

38.9% of GDP (2017 est.)
31.3% of GDP (2016 est.)

note: 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

Taxes and other revenues

44.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$3.87 billion (2016 est.)
-$3.87 billion (2016 est.)

Exports

$83.401 billion (2018 est.)
$93.485 billion (2017 est.)

Exports - partners

India 34%, China 28%, United States 12%, Spain 6% (2019)

Exports - commodities

crude petroleum, refined petroleum, industrial alcohols, gold, iron (2019)

Imports

$18.432 billion (2018 est.)
$18.376 billion (2017 est.)

Imports - partners

China 28%, United States 22%, Brazil 8%, Spain 6%, Mexico 6%  (2019)

Imports - commodities

refined petroleum, rice, corn, tires, soybean meal, wheat (2019)

Reserves of foreign exchange and gold

$9.794 billion (31 December 2017 est.)
$11 billion (31 December 2016 est.)

Debt - external

$100.3 billion (31 December 2017 est.)
$109.8 billion (31 December 2016 est.)

Exchange rates

bolivars (VEB) per US dollar -

Exchange rates:
9.975 (2017 est.)
9.257 (2016 est.)
6.284 (2015 est.)
6.284 (2014 est.)
6.048 (2013 est.)