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%.
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.
Venezuela GDP from 1980 to 2024
The total market value of goods and services produced annually in Venezuela.
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 |