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Economic overview
Venezuela — 35 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | Petroleum is the cornerstone of the economy and accounted for 17% of GDP, 52% of central government revenues, and 81% of export earnings in 1988. President Perez introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and price supports, a free market exchange rate, and market-linked interest rates have thrown the economy into confusion, causing about an 8% decline in GDP. |
| 1991 | Petroleum is the cornerstone of the economy and accounted for 21% of GDP, 60% of central government revenues, and 81% of export earnings in 1989. President Perez introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and price supports, a free market exchange rate, and market-linked interest rates have thrown the economy into confusion, causing about an 8% decline in GDP in 1989, but the economy recovered part way in 1990. |
| 1992 | Petroleum is the cornerstone of the economy and accounted for 23% of GDP, 80% of central government revenues, and 80% of export earnings in 1991. President PEREZ introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and price supports, a free market exchange rate, and market-linked interest rates threw the economy into confusion, causing an 8% decline in GDP in 1989. However, the economy recovered part way in 1990, and grew by 9.2% in 1991, led by the |
| 1993 | Petroleum is the backbone of the economy, accounting for 23% of GDP, 70% of central government revenues, and 82% of export earnings in 1992. President PEREZ introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and the removal of price controls, a free market exchange rate, and market-linked interest rates threw the economy into confusion, causing an 8% decline in GDP in 1989. However, the economy recovered part way in 1990 and grew by 10.4% in 1991 a |
| 1994 | Petroleum is the backbone of the economy, accounting for 23% of GDP, 61% of central government ordinary revenues, and 77% of export earnings in 1993. Former President PEREZ introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and the removal of price controls, a free market exchange rate, and market-linked interest rates threw the economy into confusion, causing an 8% decline in GDP in 1989. The economy recovered part way in 1990 and grew by 9.7% in |
| 1995 | Despite efforts to broaden the base of the economy, petroleum continues to play a dominant role. In 1994, as GDP declined 3.3%, the oil sector - which accounts for 24% of the total - enjoyed a 6% expansion, provided 45% of the budget revenues, and generated 70% of the export earnings. President CALDERA, who assumed office in February 1994, has used an interventionist, reactive approach to managing the economy, instituting price and foreign exchange controls in mid-year to slow inflation and stop |
| 1997 | The petroleum sector dominates the economy, accounting for roughly 25% of GDP, 70% of export earnings, and 50% of central government revenues. It is likely to become even more important as the state petroleum company plans to double its production over the next ten years. The non-petroleum sectors have been contracting, however, with GDP shrinking by 1.6% during 1996. Realizing the failure of interventionist policies, the CALDERA administration embarked on a comprehensive reform program and succ |
| 1998 | The petroleum sector dominates the economy, accounting for 27% of GDP, 78% of export earnings, and more than half of government operating revenues. It is likely to become even more important as the state petroleum company plans to double its production over the next 10 years. Realizing the failure of interventionist policies, the CALDERA administration embarked on a comprehensive economic reform program, which included negotiation of a stand-by agreement with the IMF in 1996, elimination of pric |
| 1999 | The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. As a result, the steep downturn in international oil prices has had a severe impact on the economy; fiscal cuts spurred by the loss of revenues, high interest rates, and the sharp downturn in export earnings drove the economy into recession in 1998. The recession continued into 1999 with oil prices forecast to stay relatively low, |
| 2000 | Venezuelan officials estimate the economy contracted 7.2% in 1999. A steep downturn in international oil prices during the first half of the year fueled the recession, and spurred the CHAVEZ administration to abide by OPEC-led production cuts in an effort to raise world oil prices. The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Higher oil prices during the second half 1999 took |
| 2001 | The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuelan officials estimate that GDP grew by 3.2% in 2000. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight undercut the recovery. The bolivar is widely believed to be overvalued by as much as 50%. The government is still rebui |
| 2002 | The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuelan officials estimate that GDP grew by 2.7% in 2001. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight - and a temporary fall in oil prices - undercut the recovery. In early 2002, President CHAVEZ changed the exchange rate |
| 2003 | Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of GDP, around 80% of export earnings, and more than half of government operating revenues. Despite higher oil prices at the end of 2002 and into 2003, domestic political instability, culminating in a two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy is likely to remain in a recession in 2003, after sinking an estimated 8.9 pe |
| 2004 | Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of GDP, around 80% of export earnings, and more than half of government operating revenues. Despite higher oil prices at the end of 2002 and into 2003, domestic political instability, culminating in a disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fa |
| 2005 | Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. A disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. Despite continued domestic instability, output recovered strongly in 2004, aided by high oil prices. Bot |
| 2006 | Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. Government revenue also has been bolstered by increased tax collection, which has surpassed its 2005 collection goal by almost 50%. Tax revenue is the primary source of non-oil revenue, which accounts for 53% of the 2006 budget. A disastrous two-month national oil strike, from December 2002 to February 2003, te |
| 2007 | Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP. Tax collection - Venezuela's primary source of non-oil revenue - is expected to surpass $23 billion in 2006, exceeding the yearend collection goal by more than 20%. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but eco |
| 2008 | Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by high oil prices, record government spending helped to boost GDP in 2006 by about 9% and in 2007 by about 8% |
| 2009 | Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, about 50% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% |
| 2010 | Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 55% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% |
| 2011 | Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 55% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output recovered strongly through 2008. Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% i |
| 2012 | Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 45% of federal budget revenues, and around 12% of GDP. Fueled by high oil prices, record government spending helped to boost GDP growth by 4.2% in 2011, after a sharp drop in oil prices caused an economic contraction in 2009-10. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause hig |
| 2013 | Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 45% of federal budget revenues, and around 12% of GDP. Fueled by high oil prices, record government spending helped to boost GDP growth by 4.2% in 2011, after a sharp drop in oil prices caused an economic contraction in 2009-10. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause hig |
| 2014 | Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 45% of budget revenues, and around 12% of GDP. Fueled by high oil prices, pre-election government spending helped spur GDP growth in 2012 to 5.6%. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 20% in 2012 and rising to more than 56% in 2013. Former Pr |
| 2015 | Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 40% of government revenues, and 11% of GDP. The country ended 2014 with an estimated 4% contraction in its GDP, 68.4% inflation, widespread shortages of consumer goods, and declining central bank international reserves. The International Monetary Fund forecasts that the GDP will shrink another 7% in 2015 and inflation may reach 80%. Under President Nicolas MADURO, the Venezuelan government |
| 2016 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue. The country ended 2015 with an estimated 10% contraction in its GDP, 275% inflation, widespread shortages of consumer goods, and declining central bank international reserves. The IMF forecasts that the GDP will shrink another 8% in 2016 and inflation may reach 720%. | Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient |
| 2017 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue. In 2016, GDP contracted 10%, inflation hit 720%, people faced widespread shortages of consumer goods, and central bank international reserves dwindled. On the other hand, Venezuela managed to pay down its external debt and narrow its current account deficit. Domestic production and industry continues to severely underperform and the Venezuelan government c |
| 2018 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue, despite a continued decline in oil production in 2017. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on |
| 2019 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue, despite a continued decline in oil production in 2017. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on |
| 2020 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue, despite a continued decline in oil production in 2017. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on |
| 2021 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue, despite a continued decline in oil production in 2017. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on |
| 2022 | Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government s revenue, despite a continued decline in oil production in 2017. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on |
| 2023 | 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 |
| 2024 | 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 |
| 2025 | 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 |