Venezuela skyline with mountains

Venezuela GDP

Venezuela GDP

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 -
Consensus Forecasts and Projections for the next ten years

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 18 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.

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