Venezuela

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Venezuela - In Short.

Overview of Venezuela

Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen who promoted the oil industry and allowed for some social reforms. Democratically elected governments have held sway since 1959, although the re-election of current disputed President Nicolas MADURO in an election boycotted by most opposition parties was widely viewed as fraudulent. Under Hugo CHAVEZ, president from 1999 to 2013, and his hand-picked successor, MADURO, the executive branch has exercised increasingly authoritarian control over other branches of government. National Assembly President Juan GUAIDO is currently recognized by more than 50 countries – including the United States – as the interim president while MADURO retains control of all other institutions within the country and has the support of security forces. Venezuela is currently authoritarian with only one democratic institution – the National Assembly – and strong restrictions on freedoms of expression and the press. The ruling party’s economic policies expanded the state’s role in the economy through expropriations of major enterprises, strict currency exchange and price controls that discourage private sector investment and production, and overdependence on the petroleum industry for revenues, among others. However, Caracas in 2019 relaxed some economic controls to mitigate some impacts of the economic crisis driven by a drop in oil production. Current concerns include human rights abuses, rampant violent crime, high inflation, and widespread shortages of basic consumer goods, medicine, and medical supplies.
Value
Country Full Name
Venezuela
Country Code
VEN
Region
Latin America & Caribbean
Income Group
Currency Unit
GDP
Population
28435943
Land Area
882050
Net National Income Per Capita
GDP per Capita (PPP)

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Venezuela - Economic

Economy of Venezuela

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 some of its sovereign and state oil company, Petroleos de Venezuela, S.A., (PDVSA) bonds. Domestic production and industry continues to severely underperform and the Venezuelan Government continues to rely on imports to meet its basic food and consumer goods needs.Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. Market uncertainty and PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production.Under President Nicolas MADURO, the Venezuelan Government’s response to the economic crisis has been to increase state control over the economy and blame the private sector for shortages. MADURO has given authority for the production and distribution of basic goods to the military and to local socialist party member committees. The Venezuelan Government has maintained strict currency controls since 2003. The government has been unable to sustain its mechanisms for distributing dollars to the private sector, in part because it needed to withhold some foreign exchange reserves to make its foreign bond payments. As a result of price and currency controls, local industries have struggled to purchase production inputs necessary to maintain their operations or sell goods at a profit on the local market. Expansionary monetary policies and currency controls have created opportunities for arbitrage and corruption and fueled a rapid increase in black market activity.

Unemployment Rate

Inflation Rate

Venezuela - GDP Composition

GDP Composiiton & Value Added of Venezuela

Last Updated: Jan, 2021, Updated For 2020.

Venezuela - GDP, Value Added

Demographics of Venezuela

most of the population is concentrated in the northern and western highlands along an eastern spur at the northern end of the Andes, an area that includes the capital of Caracas
Geographic Location

Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana

Races

unspecified Spanish, Italian, Portuguese, Arab, German, African, Indigenous

Languages

Spanish (official), numerous indigenous dialectsmajor-language

Religion

Roman Catholic 96%, Protestant 2%, other 2%

Dependency & Expectancy of Venezuela

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Venezuela - Social Media Briefing

Venezuela - Social Media & Social Commerce

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Politics & Policies of Venezuela

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

Caricom (observer), CD, CDB, CELAC, FAO, G-15, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ITSO, ITU, ITUC (NGOs), LAES, LAIA, LAS (observer), MIGA, NAM, OAS, OPANAL, OPCW, OPEC, PCA, Petrocaribe, UN, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Venezuela

Export of Venezuela

Import Destination

Export Destination