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, rice, plantains, oil palm fruit, bananas, chicken, pineapples, potatoes (2023).
More about the economy of Venezuela
| Labor force | 11.136 million (2024 est.) |
|---|---|
| Industrial production growth rate | |
| 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 | |
| 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.) |
| Exchange rates 2013 | 6.048 (2013 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 (-) | |
| Average household expenditures | |
| On food | 52% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2.8% of household expenditures (2023 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 35%, USA 24%, Brazil 12%, Colombia 7%, Turkey 4% (2023) |
| Comodities Imports force | refined petroleum, soybean meal, corn, plastic products, vehicle parts/accessories (2023) |
| Exports | |
| Imports 2018 | $18.432 billion (2018 est.) |
| Imports 2017 | $18.376 billion (2017 est.) |
| Imports 2016 | $25.81 billion (2016 est.) |
| Exports (partners) | USA 50%, China 10%, Spain 9%, Brazil 6%, Turkey 5% (2023) |
| Comodities Exports force | crude petroleum, petroleum coke, scrap iron, alcohols, fertilizers (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $110.943 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $106.672 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $98.768 billion (2021 est.) |
| GDP (official exchange rate) | $139.395 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $4,900 (2023 est.) |
| Real GDP per capita 2022 | $4,600 (2022 est.) |
| Real GDP per capita 2021 | $4,000 (2021 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.5% (2024 est.) |
| Unemployment rate 2023 | 5.5% (2023 est.) |
| Unemployment rate 2022 | 5.8% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.6% (2024 est.) |
| Male | 9.3% (2024 est.) |
| Female | 13.2% (2024 est.) |
All Important Facts about Venezuela
Want to know more about Venezuela? Check all different factbooks for Venezuela below.
