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.) |
| Debt - external | |
| Debt - external 31 December 2017 | $100.3 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $109.8 billion (31 December 2016 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 | 18.6% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.8% of household expenditures (2021 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 | 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.) |
| 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.
