Venezuela Economic Forecast


When it comes to Venezuela’s economy, much is dependent on earnings from oil and gas. These two resources alone account for as much as 90% of the country’s Gross Domestic Product or GDP. From 2002 to 2003, Venezuela experienced some obstacles when the GDP declined by 9% and 8% respectively. This coupled with increased oil and gas pricing, as well as extremely high government spending led to a reduced GDP ending in 2006, 2007, and 2008.


When it comes to Venezuela’s economy, much is dependent on earnings from oil and gas. These two resources alone account for as much as 90% of the country’s Gross Domestic Product or GDP. From 2002 to 2003, Venezuela experienced some obstacles when the GDP declined by 9% and 8% respectively. This coupled with increased oil and gas pricing, as well as extremely high government spending led to a reduced GDP ending in 2006, 2007, and 2008.

On the positive side, by the latter part of 2008, oil and gas prices started to decline and President Chavez created a system to boost control of the economy by the state by nationalizing firms specifically in the steel and cement sectors. Although oil and gas prices fluctuated somewhat over the past few years, overall Venezuela has maintained a relatively stable economy.

Venezuela GDP Forecast

The topography of Venezuela includes both coastline and mountains, making some areas of production and transportation somewhat challenging. However, much of this country’s economy is dominated by oil and gas, with much of it being exported, as well as helping with government operating revenues. In all of South America, Venezuela has experienced one of the most thriving of all economies and while a few issues have existed, the country is considered solid. Dating back to 2008, the Venezuela GDP (Gross Domestic Product, Current Prices, US Dollars) was reported at $319.44 billion in US currency. Over the next year, an insignificant change occurred, putting 2009 at $337.295 billion and ranking at number 27 worldwide. Regarding the GDP for 2010, experts believe it will hit at $301.01 billion, with only a slight change in 2015 closing the year at $365.552 billion in US dollars.

Venezuela Unemployment Forecast

For the Venezuela population, it is estimated that almost 27 million people live in this part of the world, a country consisting of beautiful islands in the Caribbean Sea. While transportation is challenging because of the country’s location, the labor force does have job opportunities in other sectors. In 2008, the Venezuela unemployment rate was at 7.4% but the last report as of 2009 those numbers had increased to 10.9%.

Venezuela Inflation Rate Forecast

Of all countries in South America, this country has one of the highest inflation rates. For the Venezuela inflation rate in 2008, numbers were at 30.87% and then over the next 12 months, a slight reduction of 10.83% occurred. With this, 2009 showed an inflation rate of 27.081%, which put the country at number 5 worldwide. Regarding the future, forecasts for 2010 put the inflation rate at 29.68% but by 2015, a decline is being expected with that year closing out around 23.95%.

Venezuela Current Account Balance Forecast

For experts to forecast the Venezuela current account balance, all transactions are used except those containing capital and/or financial items. By the end of 2008, the account balance for this country was at $39.20 billion in US currency. Over the following year, a modest reduction of 78.16% occurred. With that, 2009 had an account balance of $8.561 billion, ranking at number 23. As far as the future, 2010 is being reported to reach $31.47 billion, a serious 267.62% increase from the previous year. For 2015, experts do not expect anything major to change, which would put the year-end current account balance at $30.097 billion (US dollars).

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