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.

Top 3 Trade Partners (2013): United States, China, and Brazil
Top 3 Exported Goods (2013): Oil & Mineral Fuels, Organic Chemicals, and Iron & Steel

Top Industries Source: CIA World Factbook

Petroleum; Construction Materials; Food Processing; Textiles

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $542,221,478,965 (2014)
GDP Growth Rate (annual %) -5.7% (2015)
GDP Per Capita, PPP (current international) $17,640 (2014)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 38/195 (2014)

GDP Composition %

Note: GDP composition percentage may exceed 100. Manufacturing is included in the Industry figures and is also reported separately because it plays a critical role in many economies.

Economic Indicators [1]

Inflation, consumer prices (annual %) 254.949% (2016)
External debt stocks, total (DOD, current US$) $105,598,378,331 (2017)
Total tax rate (% of commercial profits) 65% (2017)
Real Interest Rate (5 year average %) -16.54% (2014)
Manufacturing, value added (% of GDP) 12.073% (2014)
Current Account Balance (BoP, current US$) ($3,870,000,000) (2016)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 14,732,987 (2017)
Employment in Agriculture (% of total employment) 10.213% (2017)
Employment in Industry (% of total employment) 23.263% (2017)
Employment in Services (% of total employment) 66.525% (2017)
Unemployment Rate 7.662% (2017)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $151,446,288,629 (2014)
Exports of goods and services (current US$) $80,524,231,883 (2014)
Total Merchandise Trade (% of GDP) 24.439% (2014)
FDI, net inflows (BoP, current US$) ($68,000,000) (2017)
Commercial Service Exports (current US$) $1,242,000,000 (2016)
Click on a row to display its 5-year graph on the right.

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.

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

Sources

  1. The World Bank