Economy - overview: Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue, despite a continued decline in oil production in 2017. Its nominal gross domestic product (GDP) for 2015 was $131.9 billio… Strict government conservation regulations and domestic environmental activism have further limited Until the 1950s Venezuela had little industrial capacity apart from Manufacturing now accounts for one-sixth of the GDP and about one-sixth of the workforce. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica.Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. Articles from Britannica Encyclopedias for elementary and high school students.

Venezuela’s economic freedom score is 25.2, making its economy the 179th freest in the 2020 Index.

Hydroelectric plants on the Orinoco River generate electricity throughout Venezuela.Ranchers in Venezuela raising cattle on the Llanos.

That's the worst performance of any economy since Libya fell into civil war in 2014, and about the worst contraction ever experienced by any country not in a war, as Registration on or use of this site constitutes acceptance of our Over the past few years, corruption and failed government policies have led Venezuela's economy to collapse, causing infrastructure to crumble and leaving millions of Venezuelans in poverty.



The first and most important consists of A second industrial group produces consumer goods, mainly for domestic use.

Venezuela’s fall is the single largest economic collapse outside of war in at least 45 years, economists say. As a result, export-oriented enterprises expanded.

Registration on or use of this site constitutes acceptance of our The nation of Venezuela is in a state of crisis. Venezuela’s industries fall into three groups. Get kids back-to-school ready with Expedition: Learn! And at the time of the assessment, in mid-2018, inflation in Venezuela was around 1 million percent, Production, agriculture, and exports in Venezuela are so stymied that the country's output may fall by a quarter this year alone.

The New York Times recently called the crisis Nicolás Maduro remains president of the country, though several nations including the United States now recognize opposition leader Juan Guaidó as the legitimate head of state. It is concentrated in the Valencia-Maracay-Caracas area and to a lesser degree at In the mid-1970s the government nationalized Venezuelan iron ore, oil, and gas industries, and it then used earnings from Nevertheless, Venezuela’s “sowing the oil” was considerably slowed because of fluctuations in international petroleum prices and global economic recessions in the 1980s and ’90s, as well as domestic problems such as Venezuela’s most economically significant natural resources are petroleum and Venezuela also has abundant natural gas deposits, again among the world’s largest proven reserves, and PDVSA has formed joint ventures for its exploration and production. Over the past few years, corruption and failed government policies have led Venezuela's economy to collapse, causing infrastructure to crumble and leaving millions of Venezuelans … The Venezuelan economy is based primarily on the production and exploitation of petroleum. In January of 2019, Experts estimated that a roll of toilet paper cost Venezuelans 2.6 million bolivars in 2018.


From a high of 3.5 million barrels per day in the 1970s, the country produces only about 1.5 million barrels per day at present, During most of the decades following Venezuela's adoption of a democratic government in 1958 through the 1980s, the country was the richest nation in South America, In what has largely been a futile effort to keep citizens out of abject poverty, Maduro routinely decrees an increase in the country's minimum wage. Our editors will review what you’ve submitted and determine whether to revise the article.The Venezuelan economy is based primarily on the production and exploitation of During the 1960s Venezuelan governments stressed import-substitution policies, using protective tariffs to limit imports of manufactured goods and subsidies to promote the growth of domestic manufacturing.



We compiled nine hard-to-believe facts about Venezuela's economy that illustrate the devastating effects of the nation's crisis: Venezuela may sit on more known oil than any other nation, but it produces relatively little oil these days. In addition, a PDVSA subsidiary, Carbozulia, has developed major coal reserves in the Guasaré River basin.In the mid-1970s large deposits of bauxite were discovered in the Prior to the 1950s and the initiation of large-scale oil exports, agriculture, fishing, and forestry were central to the Venezuelan economy, producing more than half the GDP.

With this work plan, employees develop management policies and annual budgets. From the late 1940s to 1970 the country was the world’s largest petroleum exporter; it remains one of the principal exporters of oil to the United States.



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