Gross domestic product (GDP) in Venezuela 2019

Gross domestic product (GDP) of Venezuela fell to 305.46 billion international dollars in 2018, down from a 2013 peak of 555.42 international dollars. This downward trend is predicted to continue until 2021, 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.

Venezuela: Gross domestic product (GDP) in current prices from 1984 to 2019

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Source

Release date

April 2020

Region

Venezuela

Survey time period

1984 to 2019

Supplementary notes

According to the source, due to the high level of uncertainty in current global economic conditions, the IMF projections for these indicators are provided only through 2021.

"International dollar" is a hypothetical currency that has a comparable purchase power parity to the U.S. dollar at any given time, i.e. one international dollar would buy a comparable amount of goods and services in the respective country to the amount one U.S. dollar would buy in the United States.

* Estimates.

Figures have been rounded up to facilitate the comprehension of the statistic.

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Statistics on "Venezuela"

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