Venezuela GDP Annual Growth Rate  1998-2016 | Data | Chart | Calendar

The Venezuelan economy shrank 5 percent in 2015 and the country's revenues declined 70 percent due to slump in oil prices, President Nicolas Maduro said at a summit of the Latin American and Caribbean bloc CELAC held in Quito on January 27th. Some weeks earlier, the country's central bank reported the economy to have contracted 7.10 percent year-on-year in the first nine months of 2015.The GDP release was the first one in more than a year. The country has been in a deep recession in the last 2 years mostly due to sharp drop in oil prices and inefficient state-led economic model. GDP Annual Growth Rate in Venezuela averaged 2.28 percent from 1998 until 2015, 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 reported by the Banco Central De Venezuela.

Venezuela GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
-7.10 -4.00 36.10 -26.70 1998 - 2015 percent Quarterly
Constant 1997 prices
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 February of 2016.


Venezuela GDP Last Previous Highest Lowest Unit
GDP Growth Rate 6.80 0.00 22.70 -15.30 percent [+]
GDP Annual Growth Rate -7.10 -4.00 36.10 -26.70 percent [+]
GDP 381.29 316.48 393.80 8.61 USD Billion [+]
Gross Fixed Capital Formation 3219.00 3225.00 7328.00 996.00 VEF Million [+]
GDP per capita 6056.99 6401.91 7138.19 4322.64 USD [+]
GDP per capita PPP 16665.51 17614.60 17910.77 11893.57 USD [+]




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