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Venezuela's economy in numbers:
Nominal GDP of USD 129 billion in 2022.
Nominal GDP of USD 112 billion in 2021.
GDP per capita of USD 4,053 compared to the global average of USD 10,589.
GDP per capita of USD 4,804 compared to the global average of USD 10,589.
Average real GDP growth of 9.2% over the last decade.
Average real GDP growth of 9.5% over the last decade.
Economic structure:
In 2014, services accounted for 58% of overall GDP, manufacturing 12%, other industrial activity 25%, and agriculture 5%. Looking at GDP by expenditure, private consumption accounted for 75% of GDP in 2014, government consumption 15%, fixed investment 25%, and net exports -15%.International trade:
In 2013, manufactured products made up 2% of total merchandise exports, mineral fuels 98%, food 0%, ores and metals 0% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 1%, food 18%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 8% of the total. Total exports were worth USD 34 billion in 2018, while total imports were USD 13 billion.Economic growth:
The economy recorded an average annual decrease of 9.2% in the decade to 2022. To read more about GDP growth in Venezuela, go to our dedicated page.
Fiscal policy:
Venezuela's fiscal deficit averaged 10.5% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 7.5% in the decade to 2018. For more information on Venezuela's unemployment click here.
Inflation:
Inflation averaged 8213.6% in the decade to 2022. Go to our Venezuela inflation page for extra insight.
Monetary Policy:
Venezuela's monetary policy rate ended 2022 at 0.70%, up from 0.35% a decade earlier. See our Venezuela monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the bolívar weakened by 75% vs the U.S. dollar. For more info on the bolívar, click here.
46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 18 expert analysts.
Want to get insight on the economic outlook for Venezuela in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Venezuela 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. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Venezuela economy. To download a sample report on the Venezuela's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.