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. 2014-04-17

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 6502.94 2013-12-31 USD [+]
GDP per capita PPP 11613.29 2012-12-31 11173.01 11799.43 7835.35 12014.46 2013-12-31 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 8.61 325.37 2013-12-31 USD Billion [+]
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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 Crude Oil Production at 2300.00 Thousands Barrels per Day  
Crude Oil Production in Venezuela remained unchanged at 2300 Thousands Barrels per Day in October of 2013 from 2300 Thousands Barrels per Day in September of 2013. Crude Oil Production in Venezuela is reported by the U.S. Energy Information Administration.
Venezuela Balance of Trade at 10191.00 USD Million  
Venezuela recorded a trade surplus of 10191 USD Million in the third quarter of 2013. Balance of Trade in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Current Account at 4121.00 USD Million  
Venezuela recorded a Current Account surplus of 4121 USD Million in the third quarter of 2013. Current Account in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Exports at 22231.00 USD Million  
Exports in Venezuela decreased to 22231 USD Million in the third quarter of 2013 from 22386 USD Million in the second quarter of 2013. Exports in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Imports at -12040.00 USD Million  
Imports in Venezuela increased to -12040 USD Million in the third quarter of 2013 from -13257 USD Million in the second quarter of 2013. Imports in Venezuela is reported by the Banco Central De Venezuela.
Venezuela Unemployment Rate at 7.20 Percent  
Unemployment Rate in Venezuela decreased to 7.20 percent in February of 2014 from 9.50 percent in January of 2014. Unemployment Rate in Venezuela is reported by the National Institute of Statistics, Venezuela.
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.
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LATEST NEWS

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Brazil Unemployment Rate Down to 5%  
In March of 2014, Brazil’s jobless rate fell by 0.1 percentage point to 5 percent, below market forecasts. A year earlier, unemployment reached 5.7 percent.
Dutch Unemployment Rate Falls for the First Time in 2014  
In March of 2014, Netherlands’ a seasonally adjusted jobless rate fell to 8.7 percent from 8.8 percent in the previous month and 8.1 percent a year earlier, as more people left permanently the labor market rather than found jobs.
Singaporean Trade Surplus Narrows Sharply in March  
The trade surplus decreased 51.1 percent in March of 2014 over a year earlier and 47.2 percent from February to SGD 2.3 billion. Imports rose at a faster pace than exports, as sales of pharmaceuticals and electronics fell, while shipments of petrochemicals and re-exports contributed to overall increase.
Mozambique Leaves Lending Rate Steady at 8.25%  
At its April 16th, 2014 meeting, Bank of Mozambique left its benchmark interest rate unchanged at 8.25 percent for the sixth consecutive meeting, saying this was consistent with meeting domestic economic targets for 2014.
Spanish Trade Deficit Narrows to 4-Month Low  
In February of 2014, Spanish trade gap decreased to € 1.62 billion, down from € 2.82 billion in the previous month. Compared with the same month a year earlier, the trade deficit widened 37 percent.
Angolan Inflation Rate Down To 7.32% in March  
The annual consumer prices in Angola decelerated for the second consecutive month to 7.32 percent in March of 2014, from 7.48 percent recorded in February of 2014.
Russia GDP Growth Slows Sharply in Q1  
Russian economy advanced an annual 0.8 percent in the first quarter of 2014, well below the 2 percent expansion recorded in the previous three-month period, Russia's Economy Minister Alexei Ulyukayev said addressing the parliament.
Bank of Canada Leaves Rates at 1%  
At its April 16th, 2014 meeting, Bank of Canada decided to leave the overnight lending at 1 percent, as the Bank continues to see a gradual strengthening in the fundamental drivers of growth and inflation.
US Industrial Production Slows in March  
Industrial production increased 0.7 percent in March after having advanced 1.2 percent in February. Yet, manufacturing output rose for the second straight month.
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