Venezuela: Economy
Due to political unrest, the information on these pages may not reflect current conditions in the country.
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
High Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Venezuela is a founding member of OPEC and is one of the biggest exporters of crude oil in the world. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2013): United States, China, and Brazil |
| Top Industries Source: CIA World Factbook | Petroleum; Construction Materials; Food Processing; Textiles |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $543,891,085,574 (2014) |
| GDP Growth Rate (annual %) | -19.621% (2018) |
| GDP Per Capita, PPP (current international) | $18,102 (2014) |
GDP Country Rank 45/197 (2014)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 254.949% (2016) |
| External debt stocks, total (DOD, current US$) | $189,305,601,068 (2020) |
| Total tax rate (% of commercial profits) | 73.3% (2019) |
| Real Interest Rate (5 year average %) | -85.725% (2017) |
| Manufacturing, value added (% of GDP) | 12.073% (2014) |
| Current Account Balance (BoP, current US$) | ($3,870,000,000) (2016) |
Labor and Employment [1]
| Labor Force, Total | 10,811,318 (2022) |
| Employment in Agriculture (% of total employment) | 13.094% (2021) |
| Employment in Industry (% of total employment) | 17.536% (2021) |
| Employment in Services (% of total employment) | 69.369% (2021) |
| Unemployment Rate | 5.328% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $151,446,288,629 (2014) |
| Exports of goods and services (current US$) | $80,524,231,883 (2014) |
| Total Merchandise Trade (% of GDP) | 24.439% (2014) |
| FDI, net inflows (BoP, current US$) | $941,333,333 (2022) |
| Commercial Service Exports (current US$) | $1,242,000,000 (2016) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Venezuela’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.