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The GDP value of Venezuela represents 0.40 percent of the world economy.
The Trading Economics Application Programming Interface (API) provides direct access to our data. On the The economy recovered and grew by 16.8% in 2004. Venezuela gdp for 2014 was $482.36B, a 30.01% increase from 2013. Some debt instruments for the social funds are sold at public auctions.Kelly, Janet, and Palma, Pedro (2006), "The Syndrome of Economic Decline and the Quest for Change", in McCoy, Jennifer and Myers, David (eds, 2006), Weisbrot and Sandoval, 2008. Economic Data, Research, Advisory, Forecasting and Consumer Credit Risk Solutions from Direct estimates of unincorporated family businesses are not included. Oil output has declined for decades, reaching a new low in 2018.

Venezuela’s Gross National Product was reported at 17,922.462 USD bn in Dec 2017. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless.The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity.The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP.

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not lucrative - Millions Bolivars at 1997 prices

Please update this article to reflect recent events or newly available information.Data cover central government debt as well as the debt of state-owned oil company PDVSA. exclusive survey of global business confidence. Literacy and welfare programs benefited tremendously from these conditions.With the price collapse, the economy contracted and Overreliance on oil prices and a fractured political system without parties agreeing on policies caused many of the problems.In the first four years of the Chávez presidency, the economy grew at first (1999–2001), then contracted from 2001–2003 to GDP levels similar to 1997.
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The decree became effective on 1 December 2014.In September 2017, the National Union of Workers (UNETE) announced that Venezuela had lost 3,345,000 jobs since the election of President Maduro.In the 20th century when Venezuela benefitted from oil sales, infrastructure flourished in Venezuela.Venezuela has an extensive road system that was initially created in the 1960s helped aid the oil and aluminum industries.The Chavez government launched a National Railway Development Plan designed to create 15 railway lines across the country, with 13,700 kilometres (8,500 mi) of track by 2030. The absolute value of GDP in Venezuela dropped €43,976 $45,404 million with … The Gross Domestic Product (GDP) in Venezuela was worth 482.36 billion US dollars in 2014, according to official data from the World Bank and projections from Trading Economics. © 2020 Moody’s Analytics, Inc. and/or its affiliates and licensors. International reserves grew to US$27 billion. Formal and informal trade is estimated on the basis of coefficients for trade and transport margins obtained in the 1987 survey of margins and distribution channels. Venezuela is the sixth largest member of OPEC by oil production. However, Venezuela's rail project is being put on hold due to Venezuela not being able to pay the $7.5 billion and owing The Venezuelan electrical grid is plagued with occasional blackouts in various districts of the country. The Gross Domestic Product per capita in Venezuela was last recorded at 14025.36 US dollars in 2014. Current USD

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