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Economy Overview

Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the governmentâ€™s revenue, despite a continued decline in oil production in 2017. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on some of its sovereign and state oil company, Petroleos de Venezuela, S.A., (PDVSA) bonds. Domestic production and industry continues to severely underperform and the Venezuelan Government continues to rely on imports to meet its basic food and consumer goods needs.Falling oil prices since 2014 have aggravated Venezuelaâ€™s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. Market uncertainty and PDVSAâ€™s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production.Under President Nicolas MADURO, the Venezuelan Governmentâ€™s response to the economic crisis has been to increase state control over the economy and blame the private sector for shortages. MADURO has given authority for the production and distribution of basic goods to the military and to local socialist party member committees. The Venezuelan Government has maintained strict currency controls since 2003. The government has been unable to sustain its mechanisms for distributing dollars to the private sector, in part because it needed to withhold some foreign exchange reserves to make its foreign bond payments. As a result of price and currency controls, local industries have struggled to purchase production inputs necessary to maintain their operations or sell goods at a profit on the local market. Expansionary monetary policies and currency controls have created opportunities for arbitrage and corruption and fueled a rapid increase in black market activity.

Agriculture Products

sugar cane, maize, milk, rice, plantains, bananas, pineapples, potatoes, beef, poultry

Industries

agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Industrial Production Growth Rate

-2% (2017 est.)

Labor Force

14.21 million (2017 est.)

Labor Force by Occupation

Agriculture: 7.3%

Industry: 21.8%

Services: 70.9% (4th quarter, 2011 est.)

Unemployment Rate

0: 6.9% (2018 est.)

1: 27.1% (2017 est.)

Population Below Poverty Line

33.1% (2015 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 1.7%

Highest 10%: 32.7% (2006)

Distribution of Family Income Gini Index

0: 39 (2011)

1: 49.5 (1998)

Budget

Revenues: 92.8 billion (2017 est.)

Expenditures: 189.7 billion (2017 est.)

Budget Surplus

-46.1% (of GDP) (2017 est.)

Public Debt

0: 38.9% of GDP (2017 est.)

1: 31.3% of GDP (2016 est.)

Note: data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $9.661 billion (31 December 2017 est.)

1: $11 billion (31 December 2016 est.)

Debt External

0: $100.3 billion (31 December 2017 est.)

1: $109.8 billion (31 December 2016 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: bolivars (VEB) per US dollar -

1: 3,345 (2017 est.)

2: 673.76 (2016 est.)

3: 48.07 (2015 est.)

4: 13.72 (2014 est.)

5: 6.284 (2013 est.)

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Taxes and Other Revenues

44.2% (of GDP) (2017 est.)

Fiscal Year

calendar year

Real GDP

$269.068 billion
1
$381.6 billion
2
$334.751 billion

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

$7,704 (2018 est.)
1
$12,500 (2017 est.)
2
$9,417 (2017 est.)
note
data are in 2017 dollars

Inflation Rate

146,101.7% (2019 est.)
1
45,518.1% (2018 est.)
2
416.8% (2017 est.)

Credit Ratings

Fitch rating
RD (2017)
Moody s rating
WR (2019)
Standard & Poors rating
SD (2017)

Gross National Saving

GDP Composition by end Use

Household consumption
68.5% (2017 est.)
Government consumption
19.6% (2017 est.)
Investment in fixed capital
13.9% (2017 est.)
Investment in inventories
1.7% (2017 est.)
Exports of goods and services
7% (2017 est.)
Imports of goods and services
-10.7% (2017 est.)

GDP Composition by Sector of Origin

Agriculture
4.7% (2017 est.)
Industry
40.4% (2017 est.)
Services
54.9% (2017 est.)

Inflation Rate Consumer Prices

Current Account Balance

0
$4.277 billion (2017
1
-$3.87 billion (2016

Exports

0
$83.401 billion (2018
1
$93.485 billion (2017

Exports Partners

India
34%
China
28%
United
States
Spain
6%

Exports Commodities

Crude petroleum, refined petroleum, industrial alcohols, gold, iron (2019)

Imports

0
$18.432 billion (2018
1
$18.376 billion (2017

Imports Partners

China
28%
United
States
Brazil
8%
Spain
6%
Mexico
6%Â

Imports Commodities

Refined petroleum, rice, corn, tires, soybean meal, wheat (2019)

British Virgin Islands