Venezuela - Economy
How is the economy of Venezuela? Based on the information we have, Venezuela has a 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. Key agricultural products in this country include: milk, sugarcane, maize, plantains, oil palm fruit, bananas, rice, potatoes, pineapples, chicken (2022).
More about the economy of Venezuela
Labor force 11.548 million (2023 est.)
Industrial production growth rate -5.84% (2014 est.)
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
Population below poverty line 33.1% (2015 est.)
Taxes and other revenues 44.2% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency bolivars (VEB) per US dollar -
Exchange rates 2017 9.975 (2017 est.)
Exchange rates 2016 9.257 (2016 est.)
Exchange rates 2015 6.284 (2015 est.)
Exchange rates 2014 6.284 (2014 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2017 $9.794 billion (2017 est.)
Reserves of foreign exchange and gold 2016 $10.15 billion (2016 est.)
Reserves of foreign exchange and gold 2015 $15.625 billion (2015 est.)
Current account balance
Current account balance 2016 -$3.87 billion (2016 est.)
Current account balance 2015 -$16.051 billion (2015 est.)
Public debt
Public debt 2017 38.9% of GDP (2017 est.)
Budget
Revenues $30 million (2017 est.)
Expenditures $76 million (2017 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2014 0.03% of GDP (2014 est.)
Average household expenditures
On food 18.4% of household expenditures (2022 est.)
On alcohol and tobacco 3.8% of household expenditures (2022 est.)
Imports
Imports 2018 $18.432 billion (2018 est.)
Imports 2017 $18.376 billion (2017 est.)
Imports 2016 $25.81 billion (2016 est.)
Imports (partners) China 31%, US 23%, Brazil 14%, Colombia 7%, Turkey 4% (2022)
Comodities Imports force soybean oil, wheat, soybean meal, corn, plastic products (2022)
Exports
Imports 2018 $18.432 billion (2018 est.)
Imports 2017 $18.376 billion (2017 est.)
Imports 2016 $25.81 billion (2016 est.)
Exports (partners) China 16%, Turkey 14%, Spain 12%, US 10%, Brazil 8% (2022)
Comodities Exports force scrap iron, petroleum coke, crude petroleum, acyclic alcohols, aluminum (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2018 $269.068 billion (2018 est.)
Real GDP (purchasing power parity) 2017 $334.751 billion (2017 est.)
GDP (official exchange rate) $482.359 billion (2014 est.)
Real GDP Per capita
Real GDP per capita 2018 $7,704 (2018 est.)
Real GDP per capita 2017 $9,417 (2017 est.)
GDP - composition, by sector of origin
Agriculture 5% (2014 est.)
Industry 37.2% (2014 est.)
Services 51.7% (2014 est.)
GDP - composition, by end use
Household consumption 75.3% (2014 est.)
Government consumption 14.6% (2014 est.)
Investment in fixed capital 21.6% (2014 est.)
Investment in inventories 3.2% (2014 est.)
Exports of goods and services 16.7% (2014 est.)
Imports of goods and services -31.4% (2014 est.)
Unemployment rate
Unemployment rate 2023 5.53% (2023 est.)
Unemployment rate 2022 5.75% (2022 est.)
Unemployment rate 2021 7.03% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 10.8% (2023 est.)
Male 9.5% (2023 est.)
Female 14.1% (2023 est.)
All Important Facts about Venezuela

Want to know more about Venezuela? Check all different factbooks for Venezuela below.

Venezuela is found in South America