Economic Growth in Venezuela
Venezuela's economy recorded an average growth rate of -10.7% in the decade leading to 2022, below the 1.3% average for Latin America. In 2022, real GDP growth was 11.8%. For more GDP information, visit our dedicated page.
Venezuela GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Venezuela from 2018 to 2017.
Source: Macrobond.
Venezuela GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -27.7 | -30.0 | 1.0 | 8.0 | - |
| GDP (USD bn) | 149 | 106 | 112 | 129 | - |
| GDP (VES bn) | 0 | 0 | 0 | 0 | - |
| Economic Growth (Nominal GDP, ann. var. %) | 16,666.7 | 1,323.8 | 1,209.1 | 244.1 | - |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Venezuelan GDP projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Venezuelan GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Venezuelan GDP projections.
Want to get access to the full dataset of Venezuelan GDP forecasts? Send an email to info@focus-economics.com.