Includes historical data for the Venezuela’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Economy Devastated By Government Mismanagement
Venezuela is home to some of the world’s largest proven oil reserves, along with significant quantities of coal, iron and gold. Once a leading global oil exporter, Venezuela’s economy suffered due to poor economic management under the governments of presidents Hugo Chávez and Nicolás Maduro.
Today, Venezuela faces significant challenges, including hyperinflation, widespread shortages of goods, pervasive corruption, and high crime rates. Unprecedented levels of unemployment, poverty and inequality have driven millions of Venezuelans to seek opportunities abroad. Entrepreneurial activities are hindered by extensive government control, legal framework deficiencies, and inconsistent enforcement of regulations. Additionally, the economy remains undiversified, and the allocation of oil revenues lacks transparency and strategic planning.
Macroeconomy & Sovereign Data
| Type of Government | Federal presidential republic |
|---|---|
| Capital | Caracas |
| Sovereign Ratings |
S&P: Rating withdrawn Moody’s: Rating withdrawn Fitch: Rating withdrawn |
| Total Population | 24.5 million |
| Median Age | 28.4 |
| Adult Per Capita Income (PPP) | 13,036.25 |
| Total GDP (2023) | 102.3 billion |
Venezuela GDP & Economic Overview
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Banking & Finance
Trade & Investment
| Total Exports | USD 11.2 billion (2023) |
|---|---|
| Leading Exports |
Crude Petroleum Refined Petroleum Industrial Alcohols Gold Iron |
| Total Imports | USD 9.1 billion (2022) |
| Leading Imports |
Refined Petroleum Rice Corn Tires Soybean Meal Wheat |
| Source: | World Integrated Trade Solution |
Venezuela Leading Companies
| Banco Nacional de Venezuela (BNV) | Financials |
|---|---|
| Banco Provincial | Financials |
| Petróleos de Venezuela (PDVSA) | Oil & Gas Exploration & Production |
| Siderúrgica del Orinoco (SIDOR) | Metals & Mining, Iron & Steel Producers |
| Compañía Anónima Nacional Teléfonos de Venezuela | Telecommunication Services |
| Corporación Eléctrica Nacional | Utilities |
| Empresas Polar | Conglomerates, Consumer Staples Distribution & Retail |
Global Finance Rankings & Awards
Data Sources:
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000