Economy of Venezuela
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| Currency | Bolívar fuerte (VEF) |
|---|---|
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DIPRO/DICOM: Bs. 10.00 = 1 USD: subsidy to food and medicines Bs. 639.44 = 1 USD: rest of the economy. |
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| calendar | |
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Trade organizations
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WTO, OPEC, Unasur, MERCOSUR, ALBA |
| Statistics | |
| GDP | $515.1 billion (2015, PPP) $131.9 billion (2015, nominal) |
| GDP rank | 32nd (nominal) / 41st (PPP) |
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GDP growth
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 -10% (2016) |
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GDP per capita
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$15,891 (2015, PPP) $4,262 (2015, nominal) |
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GDP by sector
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agriculture: 3.9%, industry: 32.9%, services: 63.2% (2015 est.) |
 475.8% (2016) |
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Population below poverty line
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≈80% (April 2016 est.) |
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Labor force
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14.17 million (2015 est.) |
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Labor force by occupation
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Communal, social and personal services: 31.4%, Commercial, restaurants and hotels: 23.4%, Manufacturing industry: 11.6%, Construction: 9.0%, Transport, storage and communications: 8.7%, Agriculture: 6.5%, Financial, insurance and real estate: 6.1% (2015) |
| Unemployment |
18.1% (2016) |
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Main industries
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Petroleum, construction materials, food processing, iron ore mining, steel, aluminum; motor vehicle assembly, real estate, tourism and ecotourism |
| 187th (2017) | |
| External | |
| Exports | $28.07 billion (201 est.) |
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Export goods
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Petroleum, chemicals, agricultural products, basic manufactures |
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Main export partners
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 United States 26.6% India 13.7% China 11.7% Cuba 6.4% (2015 est.) |
| Imports | $17.8 billion (2016) |
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Import goods
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food, clothing, cars, technological items, raw materials, machinery and equipment, transport equipment, construction material |
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Main import partners
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United States 18.4% China 15.3% Brazil 9.7% Colombia 5.9% Mexico 4.2% (2015 est.) |
| Public finances | |
| 51.4% of GDP (2014 est.) | |
| Revenues | $142.6 billion (2014 est.) |
| Expenses | $204 billion (2014 est.) |
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Standard & Poor's: Moody's: CCC Outlook: Negative |
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Foreign reserves
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$10.261 billion (April 2017) |
Standard & Poor's:
CCC (Domestic)
CCC (Foreign)
CCC (T&C Assessment)
Outlook: Negative
Moody's:
Caa3
Outlook: Negative
The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports. Venezuela is the sixth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America. During the collapse of oil prices in the 1980s the economy contracted, the monetary sign commenced a progressive devaluation, and inflation skyrocketed to reach peaks of 84% in 1989 and 99% in 1996, three years prior to Hugo Chávez taking office.
Venezuela manufactures and exports heavy industry products such as steel, aluminium and cement, with production concentrated around Ciudad Guayana, near the Guri Dam, one of the largest in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes electronics and automobiles, as well as beverages, and foodstuffs. Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork, and beef. The country is not self-sufficient in most areas of agriculture.
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Wikipedia