Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 45% of budget revenues, and around 12% of GDP. Fueled by high oil prices, pre-election government spending helped spur GDP growth in 2012 to 5.6%. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 20% in 2012 and rising to more than 56% in 2013. Former President Hugo CHAVEZ's efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In 2013, Venezuela continued to wrestle with housing and electricity crises, and rolling food and goods shortages, resulting from the government's unorthodox economic policies. The budget deficit for the public sector reached 17% of GDP in 2012 and was trimmed to under 10% of GDP in 2013. The Venezuelan government has maintained a regime of strict currency exchange controls since 2003. Venezuelan law now sanctions a three-tiered exchange rate system, with rates based on the government's import priorities.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$407.4 billion (2013 est.)
country comparison to the world: 34
$403.3 billion (2012 est.)
$381.9 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$367.5 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
1.6% (2013 est.)
country comparison to the world: 159
5.6% (2012 est.)
4.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$13,600 (2013 est.)
country comparison to the world: 99
$13,700 (2012 est.)
$13,100 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
23.8% of GDP (2013 est.)
country comparison to the world: 58
28.9% of GDP (2012 est.)
30.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
62.3%
government consumption:
13.2%
investment in fixed capital:
17.3%
investment in inventories:
5.7%
exports of goods and services:
25%
imports of goods and services:
-23.5%
(2013 est.)
agriculture:
3.7%
industry:
35.5%
services:
60.8% (2013 est.)
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
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
1% (2013 est.)
country comparison to the world: 150
[see also: Industrial production growth rate country ranks ]
14.01 million (2013 est.)
country comparison to the world: 40
[see also: Labor force country ranks ]
agriculture:
7.3%
industry:
21.8%
services:
70.9% (4th quarter, 2011)
7.9% (2013 est.)
country comparison to the world: 84
7.8% (2012 est.)
[see also: Unemployment rate country ranks ]
31.6% (2011 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
1.7%
highest 10%:
32.7% (2006)
39 (2011)
country comparison to the world: 67
49.5 (1998)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$103.4 billion
expenditures:
$139.4 billion (2013 est.)
28.1% of GDP (2013 est.)
country comparison to the world: 105
[see also: Taxes and other revenues country ranks ]
-9.8% of GDP (2013 est.)
country comparison to the world: 205
[see also: Budget surplus (+) or deficit (-) country ranks ]
34.2% of GDP (2013 est.)
country comparison to the world: 109
26.8% of GDP (2012 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 intra-governmental debt; intra-governmental 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
[see also: Public debt country ranks ]
calendar year
56.2% (2013 est.)
country comparison to the world: 222
21.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
29.5% (31 December 2010)
country comparison to the world: 3
29.5% (31 December 2009)
[see also: Central bank discount rate country ranks ]
18% (31 December 2013 est.)
country comparison to the world: 32
16.38% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$181.4 billion (31 December 2013 est.)
country comparison to the world: 22
$162.7 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$185.6 billion (31 December 2013 est.)
country comparison to the world: 39
$166.7 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$176.7 billion (31 December 2013 est.)
country comparison to the world: 42
$160.1 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$25.3 billion (31 December 2012 est.)
country comparison to the world: 78
$5.143 billion (31 December 2011)
$3.991 billion (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]
$3.195 billion (2013 est.)
country comparison to the world: 34
$11.02 billion (2012 est.)
[see also: Current account balance country ranks ]
$91.78 billion (2013 est.)
country comparison to the world: 41
$97.34 billion (2012 est.)
[see also: Exports country ranks ]
petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products
US 39.1%, China 14.3%, India 12%, Netherlands Antilles 7.8%, Cuba 4.6% (2012)
$59.32 billion (2013 est.)
country comparison to the world: 49
$59.31 billion (2012 est.)
[see also: Imports country ranks ]
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products
US 31.7%, China 16.8%, Brazil 9.1%, Colombia 4.8% (2012)
$21.15 billion (31 December 2013 est.)
country comparison to the world: 58
$29.89 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$74.87 billion (31 December 2013 est.)
country comparison to the world: 53
$75.75 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$49.9 billion (31 December 2013 est.)
country comparison to the world: 55
$47.4 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$21.94 billion (31 December 2013 est.)
country comparison to the world: 46
$21.25 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
bolivars (VEB) per US dollar -
6.048 (2013 est.)
4.289 (2012 est.)
2.5821 (2010 est.)
2.147 (2009)
2.147 (2008)