Venezuela's GDP changed from approximately $69B 841M in 1980 to $102B 328M in 2024, showing an overall 46.5% sharply increased during the period.
The lowest GDP was recorded in 2020 at $43B 788M, and the highest in 2012 at $372B 592M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 0.9%.
For comparison, the average annual growth rate of Colombia was 4.9%, and that of United States was 5.4%.
Venezuela GDP from 1980 to 2024
The total market value of goods and services produced annually in Venezuela.
Overview of Venezuela's GDP (1980–2024)
The Gross Domestic Product (GDP) of Venezuela recorded a 46.5% sharply increased from 1980 to 2024.
The average GDP during this period was $120B 156M, and the median was $91B 836M.
GDP fluctuated within a range of $328B 804M, with a standard deviation of $85B 268M.
The average annual change was $2B 645M.
Highest and Lowest GDP Records
- Lowest GDP: 2020, $43B 788M
- Highest GDP: 2012, $372B 592M
- Most Recent GDP: 2024, $102B 328M
Notable Annual GDP Changes
- 2008: Significant increase in GDP
- 2013: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Venezuela's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $73B 3M → $43B 788M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $232B 857M → $268B 624M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $117B 596M → $123B 119M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $85B 684M → $91B 836M
- Outcome: increased
Key Economic Indicators of Venezuela (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 69B 841M | $ 4,671.08 | $ 7,947.69 | $ 118B 832M | -4.947 % | 7.411 % | 32.35 % | 0 % | 14M 952K people |
1981 | $ 78B 367M | $ 5,085.58 | $ 8,332.37 | $ 128B 399M | -1.288 % | 5.661 % | 28.78 % | 0 % | 15M 410K people |
1982 | $ 79B 998M | $ 5,041.59 | $ 8,819.18 | $ 139B 939M | 2.645 % | -4.848 % | 21.05 % | 0 % | 15M 868K people |
1983 | $ 79B 672M | $ 4,883.23 | $ 8,034.49 | $ 131B 86M | -9.856 % | 6.028 % | 17.83 % | 0 % | 16M 315K people |
1984 | $ 57B 826M | $ 3,447.45 | $ 8,520.13 | $ 142B 912M | 5.223 % | 8.725 % | 27.58 % | 0 % | 16M 773K people |
1985 | $ 59B 865M | $ 3,472.19 | $ 8,625.21 | $ 148B 710M | 0.867 % | 6.209 % | 25.86 % | 0 % | 17M 241K people |
1986 | $ 60B 877M | $ 3,488.56 | $ 9,222.01 | $ 160B 927M | 6.08 % | -3.264 % | 18.65 % | 0 % | 17M 450K people |
1987 | $ 46B 854M | $ 2,619.24 | $ 9,661.76 | $ 172B 833M | 4.801 % | -2.967 % | 25.50 % | 0 % | 17M 888K people |
1988 | $ 60B 378M | $ 3,292.79 | $ 10,393.41 | $ 190B 577M | 6.51 % | -9.174 % | 20.14 % | -5.845 % | 18M 336K people |
1989 | $ 44B 672M | $ 2,378.16 | $ 9,075.79 | $ 170B 482M | -13.92 % | 5.46 % | 21.12 % | 4.466 % | 18M 784K people |
1990 | $ 48B 391M | $ 2,492.94 | $ 9,700.56 | $ 188B 301M | 6.468 % | 17.466 % | 25.93 % | 8.859 % | 19M 411K people |
1991 | $ 53B 382M | $ 2,685.29 | $ 10,745.46 | $ 213B 612M | 9.73 % | 3.604 % | 21.26 % | 1.885 % | 19M 879K people |
1992 | $ 60B 400M | $ 2,968.50 | $ 11,388.37 | $ 231B 720M | 6.06 % | -6.214 % | 17.54 % | -2.379 % | 20M 347K people |
1993 | $ 59B 865M | $ 2,876.08 | $ 11,427.62 | $ 237B 866M | 0.275 % | -3.329 % | 15 % | 1.698 % | 20M 815K people |
1994 | $ 58B 357M | $ 2,741.98 | $ 11,146.89 | $ 237B 238M | -2.349 % | 4.495 % | 18.51 % | -6.058 % | 21M 283K people |
1995 | $ 77B 427M | $ 3,559.77 | $ 11,575.82 | $ 251B 782M | 3.952 % | 2.759 % | 20.72 % | 0.343 % | 21M 751K people |
1996 | $ 70B 536M | $ 3,174.63 | $ 11,516.70 | $ 255B 885M | -0.198 % | 12.744 % | 29.25 % | 12.831 % | 22M 219K people |
1997 | $ 85B 684M | $ 3,778.54 | $ 12,210.04 | $ 276B 881M | 6.371 % | 4.356 % | 32.03 % | 5.585 % | 22M 676K people |
1998 | $ 91B 836M | $ 3,970.43 | $ 12,140.77 | $ 280B 816M | 0.294 % | -4.826 % | 25.83 % | -0.608 % | 23M 130K people |
1999 | $ 97B 517M | $ 4,133.37 | $ 11,350.44 | $ 267B 786M | -5.97 % | 2.166 % | 28.68 % | 4.584 % | 23M 593K people |