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CompareEconomy.com Comparison of world economies

Venezuela

World Rank Venezuela flag svg
Capital
Area
Currency
Caracas
916,445 km 2
Bolívar Soberano (VES)

Table of Contents

Introduction

The Bolivian Republic of Venezuela is a nation situated on the northern coast of South America. It consists of its mainland and several islands and islets that are located in the Caribbean Sea. With a land coverage of 916,000 square kilometers, it is one of the largest nations in size in Latin America. The capital city and its largest urban agglomeration is Caracas. 

Economy

Although Venezuela is the owner of the largest known oil reserves, it has been in decline since 2013. It was then the largely disputed presidential elections took place. Sadly, they led to many protests and turmoil that influenced the life of everyone to such extent, million people have decided to leave Venezuela. 

As a result of these problems, it is unclear what is the current GDP of the nation. The latest verified information comes from 2011 and it showed the value of approximately $506 billion. Unfortunately, the estimations from 2020 indicate that its GDP has been lowered to astonishing $200 billion, which is one of the largest declines in the nation’s economy in the last several decades.

Population

Due to the large migrant crisis, a lot of people fled the country in search of a better life. As a result, it lost almost 2 million people.

Gross domestic product (GDP, GDP PPP)

Gross domestic product (GDP)

  • Last
  • Historical chart
#27 (2014)
482,359,318,767 US$

List of countries by GDP

(United States of America (USA))

Gross domestic product growth rate

Gross domestic product per capita

Gross domestic product (PPP)

Gross domestic product (PPP) per capita

International trade (Export, Import)

External balance on goods and services

  • Last
  • Historical chart
#168 (2014)
-70,922,056,745 US$

List of countries by external balance on goods and services

(China)

External balance on goods and services (% of GDP)

Exports of goods and services (current US$)

Exports of goods and services (% of GDP)

Imports of goods and services (current US$)

Imports of goods and services (% of GDP)

Employment by sector, Unemployment

Unemployment (% of total labor force)

  • Last
  • Historical chart
#80 (2021)
6.47 %

List of countries by unemployment

(South Africa)

Employment in agriculture (% of total employment)

Employment in industry (% of total employment)

Employment in services (% of total employment)

Vulnerable employment (% of total employment)