Venezuela GDP Growth Rate

The Gross Domestic Product (GDP) in Venezuela stagnated 0 percent in the third quarter of 2013 over the previous quarter. GDP Growth Rate in Venezuela is reported by the Banco Central De Venezuela. GDP Growth Rate in Venezuela averaged 0.74 Percent from 1997 until 2013, reaching an all time high of 22.70 Percent in the second quarter of 2003 and a record low of -15.30 Percent in the first quarter of 2003. Venezuela is a state-controlled economy and the fifth biggest in Latin America. From 1997 to 2012, the country has been growing at an average rate of 0.75 percent on a quarter over quarter basis, mostly due to exports of oil. Venezuela has the largest proven oil reserves in the world. Oil accounts for 96 percent of total exports and for 12 percent of the GDP. Yet, in order to reach its full growth potential, the country needs to reduce its dependence on oil revenue; increase competition in the energy sector; improve its infrastructure and reduce the levels of poverty and inequality. This page provides - Venezuela GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-24

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.00 1.70 22.70 -15.30 -0.28 | 2013/12 1997 - 2013 Percent Quarterly

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Venezuela GDP Growth Rate
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
Gross Fixed Capital Formation 4681.00 2013-08-15 4759.00 7328.00 996.00 4483.96 2013-12-31 VEF Million [+]
GDP per capita 6406.87 2012-12-31 6163.97 7138.19 4322.64 6746.64 2014-06-30 USD [+]
GDP per capita PPP 11613.29 2012-12-31 11173.01 11799.43 7835.35 12242.81 2014-06-30 USD [+]
GDP Growth Rate 0.00 2013-09-30 1.70 22.70 -15.30 -0.28 2013-12-31 Percent [+]
GDP Annual Growth Rate 1.10 2013-09-30 2.60 36.10 -26.70 -0.40 2013-12-31 Percent [+]
GDP 382.42 2012-12-31 316.48 387.85 8.61 352.52 2014-06-30 USD Billion [+]
[+]


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


RELATED NEWS

Venezuela Changes in Inventories at 1691.00 VEF Million  
Changes in Inventories in Venezuela decreased to 1691 VEF Million in the third quarter of 2013 from 1880 VEF Million in the second quarter of 2013. Changes in Inventories in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Consumer Price Index (CPI) at 527.70 Index Points  
Consumer Price Index (CPI) in Venezuela increased to 527.70 Index Points in February of 2014 from 514.40 Index Points in January of 2014. Consumer Price Index (CPI) in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Consumer Spending at 11605.00 VEF Million  
Consumer Spending in Venezuela increased to 11605 VEF Million in the third quarter of 2013 from 11160 VEF Million in the second quarter of 2013. Consumer Spending in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Core Consumer Prices at 594.30 Index Points  
Core Consumer Prices in Venezuela increased to 594.30 Index Points in December of 2013 from 582.30 Index Points in November of 2013. Core Consumer Prices in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Crude Oil Production at 2300.00 Thousands Barrels per Day  
Crude Oil Production in Venezuela remained unchanged at 2300 Thousands Barrels per Day in December of 2013 from 2300 Thousands Barrels per Day in November of 2013. Crude Oil Production in Venezuela is reported by the U.S. Energy Information Administration.
Venezuela Employed Persons at 13005919.00  
The number of employed persons in Venezuela increased to 13005919 in February of 2014 from 12530619 in January of 2014. Employed Persons in Venezuela is reported by the National Institute of Statistics, Venezuela.
Venezuela External Debt at 610.00 USD Million  
External Debt in Venezuela increased to 610 USD Million in February of 2014 from 143 USD Million in January of 2014. External Debt in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Government Spending at 2876.00 VEF Million  
Government Spending in Venezuela increased to 2876 VEF Million in the third quarter of 2013 from 2655 VEF Million in the second quarter of 2013. Government Spending in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Gross Fixed Capital Formation at 4681.00 VEF Million  
Gross Fixed Capital Formation in Venezuela decreased to 4681 VEF Million in the third quarter of 2013 from 4759 VEF Million in the second quarter of 2013. Gross Fixed Capital Formation in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Commercial Bank Loan Rate at 15.59 Percent  
Interbank Rate in Venezuela decreased to 15.59 percent in March of 2014 from 16.27 percent in February of 2014. Interbank Rate in Venezuela is reported by the Banco Central De Venezuela.
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