Economy of Venezuela
An overview of key economic indicators. Select a category for detailed trends, charts, and insights.
Explore Economic Domains
Growth & Output
Trade & Finance
Labor & Income
Energy & Environment
Economic Snapshot Overview
A summary of key economic indicators for Venezuela
- The economic architecture of Venezuela is substantial, anchored by a Gross Domestic Product (GDP) of approximately $482.36B2014. 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 $15.94K2014, while its GDP in Purchasing Power Parity (PPP) terms is estimated at $506.34B, reflecting the population's domestic purchasing power. The economy is facing a contraction, with a negative growth rate of -3.9%2014, but this is challenged by high inflation, with the Consumer Price Index (CPI) at 254.9%2016.
- On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 16.7% of GDP and imports at 31.4%2014. Foreign Direct Investment (FDI) inflows are significant, constituting 0.24% of the economy2014. This performance positions the country 159th globally out of 186 nations, indicating its relative attractiveness to foreign capital.
- The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $12,9902014. Globally, this ranks the nation 64th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is stable, with unemployment at 5.5%2024. The services sector is a primary driver of the labor market, accounting for 70.9% of total employment2023. Poverty remains a key issue, with 33.1% of the population living below the national poverty line2015. There is a moderate level of income inequality, with a Gini index of 44.72006.
- On the environment and energy front, energy consumption per capita is 1,478.064 kg of oil equivalent2022. The country is a leader in clean energy, with renewable sources making up 33.7% of total final energy consumption2021. Its commitment to clean energy places it 117th among 190 countries for its share of renewable energy consumption.
Key Economic Insights
Macroeconomic Health
Runaway inflation is the most pressing economic threat, eroding purchasing power and creating instability.
Trade & Investment Profile
The economy is primarily driven by domestic demand, with limited exposure to global trade fluctuations but also fewer opportunities for export-led growth.
Social Equity & Distribution
Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.
Energy & Sustainability
Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.
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.