Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue. In 2017, GDP contracted 12%, inflation exceeded 650%, people faced widespread shortages of consumer goods, the exchange rate tumbled, and central bank international reserves dwindled. On the other hand, Venezuela managed to pay down its external debt and narrow its current account deficit. 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 Venezuela’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 state oil company PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production.Under President Nicolas MADURO, the Venezuelan Government’s response to the economic crisis has been to increase state control over the economy and blame the private sector for the shortages. MADURO has ceded increasing authority for the production and distribution of scarce goods to the military and to local socialist party member committees. The Venezuelan Government has maintained strict currency controls since 2003. On 17 February 2016, the Venezuelan Government announced a change from three official currency exchange mechanisms to only two official rates for the sale of dollars to private-sector firms and individuals, with rates based on the government's import priorities. The official exchange rate used for food and medicine imports was devalued to 10 bolivars per dollar from 6.3 bolivars per dollar. The second rate moved to a managed float. These currency controls present significant obstacles to trade with Venezuela because importers cannot obtain sufficient dollars to purchase goods needed to maintain their operations. Meting out access to the multiple exchange rates has created opportunities for arbitrage and corruption. MADURO has used decree powers to enact legislation to deepen the state’s role as the primary buyer and distributor of imports, further tighten currency controls, cap business profits, and extend price controls.

GDP (purchasing power parity):
$389.4 billion (2017 est.) $442.5 billion (2016 est.) $529.6 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 48

GDP (official exchange rate):
$215.3 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-12% (2017 est.) -16.5% (2016 est.) -6.2% (2015 est.)
country comparison to the world: 222
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$12,400 (2017 est.) $14,300 (2016 est.) $17,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 126

Gross national saving:
8.8% of GDP (2017 est.) 7.6% of GDP (2016 est.) 31.8% of GDP (2015 est.)
country comparison to the world: 163
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 73.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 15%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 8.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -16.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 38.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 57.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

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.)
country comparison to the world: 194
[see also: Industrial production growth rate country ranks ]

Labor force:
14.21 million (2017 est.)
country comparison to the world: 41
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 70.9% (4th quarter, 2011)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
26.4% (2017 est.) 20.6% (2016 est.)
country comparison to the world: 194
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.7% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.7% (2006)

Distribution of family income - Gini index:
39 (2011) 49.5 (1998)
country comparison to the world: 68
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $77.89 billion
[see also: Budget - revenues country ranks ]
expenditures: $160 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
36.2% of GDP (2017 est.)
country comparison to the world: 51
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-38.1% of GDP (2017 est.)
country comparison to the world: 219
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
25.8% of GDP (2017 est.) 39.3% 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 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
country comparison to the world: 175
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
652.7% (2017 est.) 254.4% (2016 est.)
country comparison to the world: 227
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
29.5% (2015)
country comparison to the world: 1
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
23.8% (31 December 2017 est.) 20.78% (31 December 2016 est.)
country comparison to the world: 12
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$145.3 billion (31 December 2017 est.) $163.3 billion (31 December 2016 est.)
country comparison to the world: 30
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$159.5 billion (31 December 2017 est.) $165.4 billion (31 December 2016 est.)
country comparison to the world: 49
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$194.8 billion (31 December 2017 est.) $339.6 billion (31 December 2016 est.)
country comparison to the world: 47
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$25.3 billion (31 December 2012 est.) $5.143 billion (31 December 2011 est.) $3.991 billion (31 December 2011 est.)
country comparison to the world: 62
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$947 million (2017 est.) -$3.87 billion (2016 est.)
country comparison to the world: 133
[see also: Current account balance country ranks ]

Exports:
$29.16 billion (2017 est.) $27.2 billion (2016 est.)
country comparison to the world: 64
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products

Exports - partners:
US 35.1%, India 17.2%, China 14.1%, Netherlands Antilles 8%, Singapore 5.3%, Cuba 4.1% (2016)

Imports:
$17.75 billion (2017 est.) $20.19 billion (2016 est.)
country comparison to the world: 78
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products

Imports - partners:
US 22.1%, China 14.3%, Brazil 7.4%, Colombia 4.2% (2016)

Reserves of foreign exchange and gold:
$6.696 billion (31 December 2017 est.) $10.99 billion (31 December 2016 est.)
country comparison to the world: 85
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$103.1 billion (31 December 2017 est.) $109.8 billion (31 December 2016 est.)
country comparison to the world: 48
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$36.36 billion (31 December 2017 est.) $33.78 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$32.47 billion (31 December 2017 est.) $31.12 billion (31 December 2016 est.)
country comparison to the world: 50
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
bolivars (VEB) per US dollar - 437.1 (2017 est.) 48.07 (2016 est.) 48.07 (2015 est.) 13.72 (2014 est.) 6.28 (2013 est.)