The Venezuelan economy shrank 26.8 year-on-year in the first quarter of 2019, following a 20.2 percent contraction in the previous period, according to the Central Bank. It was the sharpest contraction since at least 1998, as both the oil (-19.1 percent vs -14.7 percent in Q4 2018) and the non-oil sector (-27.3 percent vs -20.4 percent) shrank further. Across the non-oil sector, output dropped at a faster pace in mining (-35.7 percent vs -15 percent), manufacturing (-56.3 percent vs -46.4 percent), finance & insurance (-55.6 percent vs -41.8 percent), real state (-13.2 percent vs -12.5 percent), utilities (-16.1 percent vs -15.3 percent), communications (-12.1 percent vs -8 percent), government services (-49.7 percent vs -32.4 percent) and community & personal services (-47.4 percent vs -34.5 percent). source: Banco Central De Venezuela

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. This page provides - Venezuela GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Venezuela GDP Annual Growth Rate - values, historical data and charts - was last updated on April of 2021.

GDP Annual Growth Rate in Venezuela is expected to be -25.00 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 -10.00 in 12 months time. In the long-term, the Venezuela GDP Annual Growth Rate is projected to trend around -6.00 percent in 2022 and 4.00 percent in 2023, according to our econometric models.

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Venezuela GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-26.80 -20.20 36.10 -26.80 1998 - 2019 percent Quarterly
Constant 1997 prices


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.