Economy of Venezuela
Population: 28.87 M (2018)
GDP per Capita: 16,054 USD (2014)
482,360 M.

GDP USD

(2014)

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80,520 M.

EXPORTS USD

(2014)

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151,450 M.

IMPORTS USD

(2014)

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23.12 %

PUBLIC DEBT

(2017)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.34 % (2013)
GDP of 2010 USD USD 222.20 B. (2018)
GDP Current USD USD 482.36 B. (2014)
GDP per Capita Current USD USD 16,054 (2014)
GDP per capita, PPP USD 9,402 (2018)
GDP per Capita, 2010 USD USD 7,697 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 14.60 % (2014)
Government Spending USD 70.44 B. (2014)
Government Debt % GDP 23.12 % (2017)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 339.60 (2018)
Trade Openness 48.09 % (2014)
Exports of Goods and Services % GDP 30.72 % (2017)
Exports Goods & Services USD 80.52 B. (2014)
Exports Annual Growth 1.59 % (2012)
Imports as % GDP 36.43 % (2017)
Total Imports USD 151.45 B. (2014)
Foreign Direct Investment % GDP 0.24 % (2014)
Foreign Direct Investment USD 0.96 B. (2018)
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold USD 9.79 B. (2017)
Remittances % GDP 0.03 % (2014)
Remittances USD 258 M. (2016)
Balance of Payments USD 258 M. (2016)

Labor Market

Indicator Value
Labor Force 12.86 M. (2019)
Unemployment Rate 9.08 % (2019)
Unemployment Rate Females 9.32 % (2019)
Unemployment Rate Males 8.47 % (2019)
Youth Unemployment (ages 15-24) 17.49 % (2019)
Labor Force Participation Rate 62.11 % (2019)
Labor Force (Percent Female) 39.12 % (2019)
Female Labor Force Participation Rate 47.78 % (2019)
Male Labor Force Participation Rate 76.91 % (2019)
Dependent People 53.69 % (2018)

Agriculture Sector

Indicator Value
Forest Area 52.70 % (2016)
Forest Area km² 465,186 km² (2016)
Agricultural Land 24.49 % (2016)
Agricultural Land km² 216,000 km² (2016)
Employment 7.09 % (2019)
Value added % GDP 5.03 % (2014)
Agriculture Value added USD 24.25 B. (2014)
Crop Production Index 78.50 (2016)
Precipitation 2,044 mm (2014)
Arable Land 3 % (2016)
Cereal Yield 3,138 kg/hectare (2017)
Food production index 108 (2016)
Rural Population 12 % (2018)
Fertilizer use of Arable Land 184 kg/hectare (2016)
Livestock Production Index 130 (2016)
Economy of Venezuela

According to the World Bank and its latest published data, the economy of the Venezuela presents a growth rate of 1.34 % (2013) to the previous year.

With a population that reaches 28.87 M (2018) and a gross domestic product of USD 482.36 B. (2014), it translates a Gross Domestic Product per Capita of USD 16,054 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Venezuela also has a workforce of 12.86 M. (2019) with an unemployment rate of 9.08 % (2019), where women represent 9.32 % (2019) and men 8.47 % (2019), the unemployment rate for young people between 15-24 years old stood at 17.49 % (2019). The total number of dependent people stands at 53.69 % (2018).

The central government spent 14.60 % (2014) of its gross domestic product that year, which in absolute terms is USD 70.44 B. (2014). Its consolidated public debt reached 23.12 of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Venezuela exported USD 80.52 B. (2014), which represents 30.72 % (2017) of its gross domestic product, in that same sense its imports reached USD 151.45 B. (2014) with a direct foreign investment of USD 0.96 B. (2018).

Venezuela has a forest area of 465,186 km² (2016), which represents 52.70 % (2016) of its total area, an average rainfall of 2,044 mm (2014) per year and a population of 12 % (2018) living in rural areas. With a total area of 216,000 km² (2016) available for agriculture and 7.09 % (2019) of its employments, the agricultural sector contributes to the economy of the Venezuela about USD 24.25 B. (2014) (5.03 % (2014) of its GDP).