Venezuela/Economy

Economy of Venezuela

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$482.4B(2014)
GDP PPP (USD)
$506.3B(2011)
GDP per Capita (USD)
$15,944(2014)
GDP Growth (inflation-adjusted)
-3.9%(2014)
Inflation (CPI Annual %)
254.9%(2016)

Trade & Finance

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Exports (as share of GDP)
16.7%(2014)
Imports (as share of GDP)
31.4%(2014)
FDI Inflows (as share of GDP)
0.2%(2014)
Remittance Inflow (USD)
$0.0(2023)

Labor & Income

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Unemployment Rate
5.5%(2024)
Employment in Services
70.9%(2023)
Poverty Rate
33.1%(2015)
GINI Index
44.7(2006)
GNI per Capita (USD)
$12,990(2014)

Energy & Environment

Coming Soon
Energy Use per Capita
1478 kg oil eq.(2022)
Renewable Energy Consumption (%)
33.7%(2021)

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 $482.36B
    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 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 economy
    2014
    . 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 $12,990
    2014
    . 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 employment
    2023
    . Poverty remains a key issue, with 33.1% of the population living below the national poverty line
    2015
    . There is a moderate level of income inequality, with a Gini index of 44.7
    2006
    .
  • On the environment and energy front, energy consumption per capita is 1,478.064 kg of oil equivalent
    2022
    . The country is a leader in clean energy, with renewable sources making up 33.7% of total final energy consumption
    2021
    . 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.

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.