World Factbook

Venezuela

República Bolivariana de Venezuela

Last updated: 2026-03-28 (today)

Budget

revenues

$30 million (2017 est.)

expenditures

$76 million (2017 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2016

$28.684 billion (2016 est.)

Exports 2017

$93.485 billion (2017 est.)

Exports 2018

$83.401 billion (2018 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2016

$25.81 billion (2016 est.)

Imports 2017

$18.376 billion (2017 est.)

Imports 2018

$18.432 billion (2018 est.)

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

Labor force

11.136 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

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 intragovernmental debt; intragovernmental 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

Public debt 2017

38.9% of GDP (2017 est.)

Exchange rates

Currency

bolivars (VEB) per US dollar -

Exchange rates 2013

6.048 (2013 est.)

Exchange rates 2014

6.284 (2014 est.)

Exchange rates 2015

6.284 (2015 est.)

Exchange rates 2016

9.257 (2016 est.)

Exchange rates 2017

9.975 (2017 est.)

Economic overview

South American economy; ongoing hyperinflation since mid-2010s; chaotic economy due to political corruption, infrastructure cuts, and human rights abuses; in debt default; oil exporter; hydropower consumer; rising Chinese relations

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

5.8% (2022 est.)

Unemployment rate 2023

5.5% (2023 est.)

Unemployment rate 2024

5.5% (2024 est.)

Exports - partners

USA 50%, China 10%, Spain 9%, Brazil 6%, Turkey 5% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

China 35%, USA 24%, Brazil 12%, Colombia 7%, Turkey 4% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2015 dollars

Real GDP per capita 2021

$4,000 (2021 est.)

Real GDP per capita 2022

$4,600 (2022 est.)

Real GDP per capita 2023

$4,900 (2023 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2017

-15.76% (2017 est.)

Real GDP growth rate 2018

-19.67% (2018 est.)

Agricultural products

milk, sugarcane, maize, rice, plantains, oil palm fruit, bananas, chicken, pineapples, potatoes (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

crude petroleum, petroleum coke, scrap iron, alcohols, fertilizers (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, soybean meal, corn, plastic products, vehicle parts/accessories (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2015

-$16.051 billion (2015 est.)

Current account balance 2016

-$3.87 billion (2016 est.)

GDP (official exchange rate)

$139.395 billion (2023 est.)

note: data in current dollars at official exchange rate

Population below poverty line

33.1% (2015 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

52% of household expenditures (2023 est.)

on alcohol and tobacco

2.8% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2020

2,355.1% (2020 est.)

Inflation rate (consumer prices) 2021

1,588.5% (2021 est.)

Inflation rate (consumer prices) 2022

200.9% (2022 est.)

Real GDP (purchasing power parity)

note

note: data in 2015 dollars

Real GDP (purchasing power parity) 2021

$98.768 billion (2021 est.)

Real GDP (purchasing power parity) 2022

$106.672 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$110.943 billion (2023 est.)

Youth unemployment rate (ages 15-24)

male

9.3% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

10.6% (2024 est.)

female

13.2% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2015

$15.625 billion (2015 est.)

Reserves of foreign exchange and gold 2016

$10.15 billion (2016 est.)

Reserves of foreign exchange and gold 2017

$9.794 billion (2017 est.)