The economic architecture of Venezuela is substantial, anchored by a Gross Domestic Product (GDP) of approximately $482.36B
2014
. This places it as the 32nd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $15.94K
2014
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $506.34B, offering a clearer picture of the population's domestic purchasing power. The economy is facing headwinds, marked by a contraction of -3.9%
2014
, a situation complicated by severe inflationary pressures (CPI at 254.9%), indicating potential stagflation.
2016
On the global stage, Venezuela's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 31.4% of GDP and exports at 16.7%
2014
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 0.24% of the economy
2014
. This performance positions the country 159th globally out of 186 nations, confirming its status as a competitive destination for foreign capital.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $12,990
2014
, ranking the nation 64th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market remains stable, with an unemployment rate of 5.5%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 70.9% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 33.1% of the population living below the national poverty line
2015
. The nation exhibits a moderate degree of income inequality, with a Gini index of 44.7.
2006
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 1,478.064 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. A significant commitment to sustainability is evident, with renewable energy accounting for 33.7% of consumption
2021
. This commitment places it 117th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 152.39K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Rampant inflation is the most urgent economic threat, eroding purchasing power, destabilizing markets, and complicating policy choices.

Trade & Investment Profile

The economy is largely insular and consumption-driven, relying heavily on imports and showing limited integration into global export markets.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.