Gross domestic product (GDP) in Venezuela 2021

Gross domestic product (GDP) of Venezuela fell to 143 billion U.S. dollars in 2017, down from a 2015 peak of 324 U.S. 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 2021

Gross domestic product in billion U.S. dollars
2021*59.68
2020*62.92
2019*70.14
201898.44
2017143.84
2016279.25
2015323.6
2014212.35
2013234.4
2012 331.46
2011 334.07
2010 294.28
2009 237.29
2008 289.74
2007 221.82
2006 177.53
2005 143.29
2004 112.19
2003 83.67
2002 95.57
2001 123.16
2000 117.68
1999 97.24
1998 91.91
1997 85.67
1996 70.54
1995 77.43
1994 58.36
1993 59.87
1992 60.4
1991 53.38
1990 48.39
1989 44.67
1988 60.38
1987 46.85
1986 60.88
1985 59.87
1984 57.83
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Source

Release date

October 2019

Region

Venezuela

Survey time period

1984 to 2018

Supplementary notes

* Estimates.

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

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Statistics on "Venezuela"

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