Gross domestic product (GDP) in Venezuela 2024

Venezuela: Gross domestic product (GDP) in current prices from 2014 to 2024 (in billion U.S. dollars)

by H. Plecher, last edited Aug 9, 2019
Gross domestic product (GDP) in Venezuela 2024 Gross domestic product (GDP) of Venezuela fell to 134 billion U.S. dollars in 2017, down from a 2015 peak of 324 U.S. dollars. This downward trend is predicted to continue until 2023, for a total contraction of nearly 83 percent of the economy.
Venezuela’s economic capacity

Venezuela is famously the country with the largest oil reserves. However, mismanagement of the economy has led to several economic problems. Most notably, inflation has gotten out of control and has turned into hyperinflation. This represents a complete breakdown in people’s faith in the currency and, to a similar extent, the entire financial system.

The Maduro Diet

President Nicolás Maduro has largely been blamed for the economic situation in Venezuela. Many people have lost weight due to food shortages, which critics refer to as the “Maduro Diet”. In early 2019, opposition leader Juan Guaido declared the Maduro administration illegitimate, plunging the country into a constitutional crisis that divided the diplomatic world. Regardless of the outcome, Venezuela will still have to deal with high inflation, growing national debt, and challenges in infrastructure.
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Venezuela: Gross domestic product (GDP) in current prices from 2014 to 2024 (in billion U.S. dollars)

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