Venezuela: Economy

Economic Trivia

Venezuela is a founding member of OPEC and is one of the biggest exporters of crude oil in the world.

Trade Source: United Nations Comtrade
Note: Top 3 trade partners are calculated by imports + exports.

Data unavailable

Top Industries Source: CIA World Factbook

Petroleum; Construction Materials; Food Processing; Textiles

Gross Domestic Product (GDP) Source: The World Bank

GDP, PPP (current international $) $553 billion (2013)
GDP Growth Rate (annual %) 1.343% (2013)
GDP Per Capita, PPP (current international $) $18,194 (2013)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 31/192 (2013)

Economic Indicators Source: The World Bank

Inflation, consumer prices (annual %) 40.639% (2013)
External debt stocks, total (DOD, current US$) $72,097 million (2012)
Total tax rate (% of commercial profits) 61.7% (2013)
Real Interest Rate (5 year average %) -27.535% (2013)
Manufacturing, value added (% of GDP) 13.923% (2010)
Current Account Balance (BoP, current US$) $11,016,000,000 (2012)
Click on a row to display its 5-year graph on the right.

Labor and Employment Source: The World Bank

Labor Force, Total 13,856,075 (2012)
Employment in Agriculture (% of total employment) 7.7% (2012)
Employment in Industry (% of total employment) 21.2% (2012)
Employment in Services (% of total employment) 70.7% (2012)
Unemployment Rate 7.8% (2012)
Click on a row to display its 5-year graph on the right.
Imports of goods and services (current US$) $92,395 million (2012)
Exports of goods and services (current US$) $99,786 million (2012)
Total Merchandise Trade (% of GDP) 41.266% (2012)
FDI, net inflows (BoP, current US$) $2,199 million (2012)
Commercial Service Exports (current US$) $1,855,000,000 (2012)
Click on a row to display its 5-year graph on the right.

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.

Due to unavailable data the following indicators have been omitted:
  • Exports
  • FDI, net inflows
  • GDP Growth Rate
  • GDP Per Capita
  • Inflation
  • Unemployment

Glossary