The Venezuelan economy shrank 16.6 percent in 2017 compared to 2016, the sharpest contraction on record, according to preliminary data being prepared by Venezuela's central bank, two sources familiar with the matter said on November 22. In particular, preliminary data shows that the non-oil sector shrank 15.2 percent and oil sector declined 11.3 percent. For the first time since 2016, the bank is preparing to hand over comprehensive economic data for the International Monetary Fund to avoid sanctions including a possible expulsion from the lender, but it has not officially approved the figures. Following a conference call between the bank and IMF last week, bank technicians began working to deliver new growth and inflation data to meet a strict November 30 deadline issued by IMF officials. GDP Annual Growth Rate in Venezuela averaged 1.62 percent from 1998 until 2017, reaching an all time high of 36.10 percent in the first quarter of 2004 and a record low of -26.70 percent in the first quarter of 2003.

GDP Annual Growth Rate in Venezuela is expected to be -19.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Venezuela to stand at -18.00 in 12 months time. In the long-term, the Venezuela GDP Annual Growth Rate is projected to trend around -11.00 percent in 2020, according to our econometric models.

Venezuela GDP Annual Growth Rate
Forecast Data Chart
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Venezuela GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate -16.60 -16.50 36.10 -26.70 percent [+]
GDP 482.40 371.00 482.40 8.61 USD Billion [+]
Gross Fixed Capital Formation 3219.00 3225.00 7328.00 996.00 VEF Million [+]
GDP per capita 13709.04 14462.42 15557.33 9710.31 USD [+]
GDP per capita PPP 16745.02 17665.24 17897.10 11383.41 USD [+]

Venezuela GDP Annual Growth Rate

The biggest sector of Venezuela´s economy is services. Financing, insurance, real estate and business services; communication, transport and warehousing; trade, repairs, restaurants and hotels; community, personal, household and government services account for 60 percent of the GDP. Manufacturing and mining create 16 percent of the wealth and oil exploitation 12.3 percent. Construction and water and electricity distribution account for the remaining 12 percent of GDP. This page provides - Venezuela GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Venezuela GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-16.60 -16.50 36.10 -26.70 1998 - 2017 percent Quarterly
Constant 1997 prices

Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Euro Area 1.20 Mar/19
Mexico 1.20 Mar/19
Singapore 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18