Venezuela
Introduction
Background
Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by military strongmen who promoted the oil industry and allowed for some social reforms. Although democratically elected governments largely held sway since 1959, the executive branch under Hugo CHAVEZ, president from 1999 to 2013, exercised increasingly authoritarian control over other branches of government. This undemocratic trend continued in 2018 when Nicolas MADURO claimed the presidency for his second term in an election boycotted by most opposition parties and widely viewed as fraudulent.
The last democratically-elected institution is the 2015 National Assembly. The president of the 2015 National Assembly, Juan GUAIDO is currently recognized by several countries - including the United States - as the interim president of Venezuela, while MADURO is recognized by most countries. In 2020, legislative elections were held for a new National Assembly, which the opposition boycotted and which were widely condemned as fraudulent. The resulting assembly is viewed by GUAIDO, most opposition parties, and many international actors as illegitimate. In November 2021, most opposition parties broke a three-year election boycott to participate in mayoral and gubernatorial elections, despite flawed conditions. As a result, the opposition more than doubled its representation at the mayoral level and retained four of 23 governorships. The 2021 regional elections marked the first time since 2006 that the EU was allowed to send an electoral observation mission to Venezuela.
The MADURO regime places strong restrictions on freedoms of expression and the press. Since CHAVEZ, the ruling party's economic policies expanded the state's role in the economy through expropriations of major enterprises, strict currency exchange and price controls that discourage private sector investment and production, and overdependence on the petroleum industry for revenues, among others. Years of economic mismanagement left Venezuela ill-prepared to weather the global drop in oil prices in 2014, sparking an economic decline that has resulted in reduced government social spending, shortages of basic goods, and high inflation. Worsened living conditions have prompted over 6 million Venezuelans to migrate, mainly settling in nearby countries. Since 2017, the US has imposed financial and sectoral sanctions on the MADURO regime. Since mid-2020, and despite MADURO regime mismanagement and faltering infrastructure, oil production has begun to rise primarily due to strengthened MADURO regime trade relations with China, Russia, Iran, and the illicit oil trade. Caracas has more recently relaxed some economic controls to mitigate the impact of its sustained economic crisis, such as allowing increased currency and liberalizing import flexibility for private citizens and companies. Other concerns include human rights abuses, rampant violent crime, political manipulation of the judicial and electoral systems, and corruption.
Visit the Definitions and Notes page to view a description of each topic.
Geography
Location
Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana
Geographic coordinates
8 00 N, 66 00 W
Map references
South America
Area - comparative
almost six times the size of Georgia; slightly more than twice the size of California
Land boundaries
total: 5,267 km
border countries (3): Brazil 2,137 km; Colombia 2,341 km; Guyana 789 km
Coastline
2,800 km
Maritime claims
territorial sea: 12 nm
contiguous zone: 15 nm
exclusive economic zone: 200 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate
tropical; hot, humid; more moderate in highlands
Terrain
Andes Mountains and Maracaibo Lowlands in northwest; central plains (llanos); Guiana Highlands in southeast
Elevation
highest point: Pico Bolivar 4,978 m
lowest point: Caribbean Sea 0 m
mean elevation: 450 m
Natural resources
petroleum, natural gas, iron ore, gold, bauxite, other minerals, hydropower, diamonds
Land use
agricultural land: 24.5% (2018 est.)
arable land: 3.1% (2018 est.)
permanent crops: 0.8% (2018 est.)
permanent pasture: 20.6% (2018 est.)
forest: 52.1% (2018 est.)
other: 23.4% (2018 est.)
Irrigated land
10,550 sq km (2012)
Major lakes (area sq km)
salt water lake(s): Lago de Maracaibo - 13,010 sq km
Major rivers (by length in km)
Rio Negro (shared with Colombia [s] and Brazil [m]) - 2,250 km; Orinoco river source and mouth (shared with Colombia) - 2,101 km
note – [s] after country name indicates river source; [m] after country name indicates river mouth
Major watersheds (area sq km)
Atlantic Ocean drainage: Amazon (6,145,186 sq km), Orinoco (953,675 sq km)
Population distribution
most of the population is concentrated in the northern and western highlands along an eastern spur at the northern end of the Andes, an area that includes the capital of Caracas
Natural hazards
subject to floods, rockslides, mudslides; periodic droughts
Geography - note
note 1: the country lies on major sea and air routes linking North and South America
note 2: Venezuela has some of the most unique geology in the world; tepuis are massive table-top mountains of the western Guiana Highlands that tend to be isolated and thus support unique endemic plant and animal species; their sheer cliffsides account for some of the most spectacular waterfalls in the world including Angel Falls, the world's highest (979 m) that drops off Auyan Tepui
People and Society
Nationality
noun: Venezuelan(s)
adjective: Venezuelan
Ethnic groups
unspecified Spanish, Italian, Portuguese, Arab, German, African, Indigenous
Languages
Spanish (official), numerous indigenous dialects
major-language sample(s):
La Libreta Informativa del Mundo, la fuente indispensable de información básica. (Spanish)
The World Factbook, the indispensable source for basic information.
Religions
Roman Catholic 96%, Protestant 2%, other 2%
Demographic profile
Social investment in Venezuela during the CHAVEZ administration reduced poverty from nearly 50% in 1999 to about 27% in 2011, increased school enrollment, substantially decreased infant and child mortality, and improved access to potable water and sanitation through social investment. "Missions" dedicated to education, nutrition, healthcare, and sanitation were funded through petroleum revenues. The sustainability of this progress remains questionable, however, as the continuation of these social programs depends on the prosperity of Venezuela's oil industry. In the long-term, education and health care spending may increase economic growth and reduce income inequality, but rising costs and the staffing of new health care jobs with foreigners are slowing development.
While CHAVEZ was in power, more than one million predominantly middle- and upper-class Venezuelans are estimated to have emigrated. The brain drain is attributed to a repressive political system, lack of economic opportunities, steep inflation, a high crime rate, and corruption. Thousands of oil engineers emigrated to Canada, Colombia, and the United States following CHAVEZ's firing of over 20,000 employees of the state-owned petroleum company during a 2002-03 oil strike. Additionally, thousands of Venezuelans of European descent have taken up residence in their ancestral homelands. Nevertheless, Venezuela has attracted hundreds of thousands of immigrants from South America and southern Europe because of its lenient migration policy and the availability of education and health care. Venezuela also has been a fairly accommodating host to Colombian refugees, numbering about 170,000 as of year-end 2016. However, since 2014, falling oil prices have driven a major economic crisis that has pushed Venezuelans from all walks of life to migrate or to seek asylum abroad to escape severe shortages of food, water, and medicine; soaring inflation; unemployment; and violence. As of September 2022, an estimated 7.1 million Venezuelans were refugees or migrants worldwide, with almost 80% taking refuge in Latin America and the Caribbean (notably Colombia, Peru, Chile, Ecuador, Argentina, and Brazil, as well as the Dominican Republic, Aruba, and Curacao). Asylum applications increased significantly in the US and Brazil in 2016 and 2017. Several receiving countries are making efforts to increase immigration restrictions and to deport illegal Venezuelan migrants - Ecuador and Peru in August 2018 began requiring valid passports for entry, which are difficult to obtain for Venezuelans. Nevertheless, Venezuelans continue to migrate to avoid economic collapse at home.
Age structure
0-14 years: 25.66% (male 3,759,280/female 3,591,897)
15-24 years: 16.14% (male 2,348,073/female 2,275,912)
25-54 years: 41.26% (male 5,869,736/female 5,949,082)
55-64 years: 8.76% (male 1,203,430/female 1,305,285)
65 years and over: 8.18% (male 1,069,262/female 1,272,646) (2020 est.)
Dependency ratios
total dependency ratio: 57.5
youth dependency ratio: 44.4
elderly dependency ratio: 13.1
potential support ratio: 7.6 (2021 est.)
Median age
total: 30 years
male: 29.4 years
female: 30.7 years (2020 est.)
Population distribution
most of the population is concentrated in the northern and western highlands along an eastern spur at the northern end of the Andes, an area that includes the capital of Caracas
Urbanization
urban population: 88.4% of total population (2023)
rate of urbanization: 1.16% annual rate of change (2020-25 est.)
Major urban areas - population
2.972 million CARACAS (capital), 2.368 million Maracaibo, 1.983 million Valencia, 1.254 million Barquisimeto, 1.243 million Maracay, 964,000 Ciudad Guayana (2023)
Sex ratio
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.03 male(s)/female
25-54 years: 0.99 male(s)/female
55-64 years: 0.92 male(s)/female
65 years and over: 0.74 male(s)/female
total population: 0.99 male(s)/female (2022 est.)
Maternal mortality ratio
125 deaths/100,000 live births (2017 est.)
country comparison to the world: 63Infant mortality rate
total: 17.72 deaths/1,000 live births
male: 19.72 deaths/1,000 live births
female: 15.61 deaths/1,000 live births (2022 est.)
Life expectancy at birth
total population: 73.29 years
male: 70.12 years
female: 76.62 years (2022 est.)
Contraceptive prevalence rate
75% (2010)
Drinking water source
improved: urban: NA
rural: NA
total: 94.2% of population
unimproved: urban: NA
rural: NA
total: 5.8% of population (2020 est.)
Current health expenditure
5.4% of GDP (2019)
Physicians density
1.73 physicians/1,000 population (2017)
Hospital bed density
0.9 beds/1,000 population (2017)
Sanitation facility access
improved: urban: NA
rural: NA
total: 95.8% of population
unimproved: urban: NA
rural: NA
total: 4.2% of population (2020 est.)
Major infectious diseases
degree of risk: high (2020)
food or waterborne diseases: bacterial diarrhea and hepatitis A
vectorborne diseases: dengue fever and malaria
note: as of 30 September 2021, the Centers for Disease Control and Prevention recommends that travelers avoid all nonessential travel to Venezuela; the country is experiencing outbreaks of infectious diseases, and adequate health care is currently not available in most of the country
Alcohol consumption per capita
total: 2.51 liters of pure alcohol (2019 est.)
beer: 1.54 liters of pure alcohol (2019 est.)
wine: 0.01 liters of pure alcohol (2019 est.)
spirits: 0.92 liters of pure alcohol (2019 est.)
other alcohols: 0.03 liters of pure alcohol (2019 est.)
Literacy
definition: age 15 and over can read and write
total population: 97.1%
male: 97%
female: 97.2% (2016)
Youth unemployment rate (ages 15-24)
total: 13.6%
male: 16.8% NA
female: 11.7% (2020 est.) NA
Environment
Environment - current issues
sewage pollution of Lago de Valencia; oil and urban pollution of Lago de Maracaibo; deforestation; soil degradation; urban and industrial pollution, especially along the Caribbean coast; threat to the rainforest ecosystem from irresponsible mining operations
Environment - international agreements
party to: Antarctic-Environmental Protection, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Climate Change-Paris Agreement, Comprehensive Nuclear Test Ban, Desertification, Endangered Species, Hazardous Wastes, Marine Life Conservation, Nuclear Test Ban, Ozone Layer Protection, Ship Pollution, Tropical Timber 2006, Wetlands
signed, but not ratified: none of the selected agreements
Air pollutants
particulate matter emissions: 15.82 micrograms per cubic meter (2016 est.)
carbon dioxide emissions: 164.18 megatons (2016 est.)
methane emissions: 68.66 megatons (2020 est.)
Climate
tropical; hot, humid; more moderate in highlands
Land use
agricultural land: 24.5% (2018 est.)
arable land: 3.1% (2018 est.)
permanent crops: 0.8% (2018 est.)
permanent pasture: 20.6% (2018 est.)
forest: 52.1% (2018 est.)
other: 23.4% (2018 est.)
Urbanization
urban population: 88.4% of total population (2023)
rate of urbanization: 1.16% annual rate of change (2020-25 est.)
Major infectious diseases
degree of risk: high (2020)
food or waterborne diseases: bacterial diarrhea and hepatitis A
vectorborne diseases: dengue fever and malaria
note: as of 30 September 2021, the Centers for Disease Control and Prevention recommends that travelers avoid all nonessential travel to Venezuela; the country is experiencing outbreaks of infectious diseases, and adequate health care is currently not available in most of the country
Food insecurity
widespread lack of access: due to severe economic crisis - the national economy, highly dependent on oil production and exports, was forecast to contract in 2021 for the eighth consecutive year; with the persistent negative effects of the COVID‑19 pandemic that have compounded the already severe macro‑economic crisis, the access to food of the most vulnerable households is expected to deteriorate throughout 2021 and into 2022 due to widespread losses of income‑generating activities and soaring food prices (2022)
Waste and recycling
municipal solid waste generated annually: 9,779,093 tons (2010 est.)
Major lakes (area sq km)
salt water lake(s): Lago de Maracaibo - 13,010 sq km
Major rivers (by length in km)
Rio Negro (shared with Colombia [s] and Brazil [m]) - 2,250 km; Orinoco river source and mouth (shared with Colombia) - 2,101 km
note – [s] after country name indicates river source; [m] after country name indicates river mouth
Major watersheds (area sq km)
Atlantic Ocean drainage: Amazon (6,145,186 sq km), Orinoco (953,675 sq km)
Total water withdrawal
municipal: 5.123 billion cubic meters (2017 est.)
industrial: 793.3 million cubic meters (2017 est.)
agricultural: 16.71 billion cubic meters (2017 est.)
Total renewable water resources
1.325 trillion cubic meters (2017 est.)
Government
Country name
conventional long form: Bolivarian Republic of Venezuela
conventional short form: Venezuela
local long form: Republica Bolivariana de Venezuela
local short form: Venezuela
former: State of Venezuela, Republic of Venezuela, United States of Venezuela
etymology: native stilt-houses built on Lake Maracaibo reminded early explorers Alonso de OJEDA and Amerigo VESPUCCI in 1499 of buildings in Venice and so they named the region "Venezuola," which in Italian means "Little Venice"
Government type
federal presidential republic
Capital
name: Caracas
geographic coordinates: 10 29 N, 66 52 W
time difference: UTC-4 (1 hour ahead of Washington, DC, during Standard Time)
etymology: named for the native Caracas tribe that originally settled in the city's valley site near the Caribbean coast
Administrative divisions
23 states (estados, singular - estado), 1 capital district* (distrito capital), and 1 federal dependency** (dependencia federal); Amazonas, Anzoategui, Apure, Aragua, Barinas, Bolivar, Carabobo, Cojedes, Delta Amacuro, Dependencias Federales (Federal Dependencies)**, Distrito Capital (Capital District)*, Falcon, Guarico, La Guaira, Lara, Merida, Miranda, Monagas, Nueva Esparta, Portuguesa, Sucre, Tachira, Trujillo, Yaracuy, Zulia
note: the federal dependency consists of 11 federally controlled island groups with a total of 72 individual islands
Independence
5 July 1811 (from Spain)
National holiday
Independence Day, 5 July (1811)
Constitution
history: many previous; latest adopted 15 December 1999, effective 30 December 1999
amendments: proposed through agreement by at least 39% of the National Assembly membership, by the president of the republic in session with the cabinet of ministers, or by petition of at least 15% of registered voters; passage requires simple majority vote by the Assembly and simple majority approval in a referendum; amended 2009; note - in 2016, President MADURO issued a decree to hold an election to form a constituent assembly to change the constitution; the election in July 2017 approved the formation of a 545-member constituent assembly and elected its delegates, empowering them to change the constitution and dismiss government institutions and officials
Legal system
civil law system based on the Spanish civil code
International law organization participation
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship
citizenship by birth: yes
citizenship by descent only: yes
dual citizenship recognized: yes
residency requirement for naturalization: 10 years; reduced to five years in the case of applicants from Spain, Portugal, Italy, or a Latin American or Caribbean country
Suffrage
18 years of age; universal
Executive branch
chief of state: Notification Statement: the United States recognizes Juan GUAIDO as the Interim President of Venezuela
President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Delcy RODRIGUEZ Gomez (since 14 June 2018); note - the president is both chief of state and head of government
head of government: President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Delcy RODRIGUEZ Gomez (since 14 June 2018)
cabinet: Council of Ministers appointed by the president
elections/appointments: president directly elected by simple majority popular vote for a 6-year term (no term limits); election last held on 20 May 2018 (next election in 2024)
election results:
2018: Nicolas MADURO Moros reelected president; percent of vote - Nicolas MADURO Moros (PSUV) 68%, Henri FALCON (AP) 21%, Javier BERTUCCI 11%; note - the election was marred by serious shortcomings and electoral fraud; voter turnout was approximately 46% due largely to an opposition boycott of the election
2013: Nicolas MADURO Moros elected president; percent of vote - Nicolas MADURO Moros (PSUV) 50.6%, Henrique CAPRILES Radonski (PJ) 49.1%, other 0.3%
Legislative branch
description: unicameral National Assembly or Asamblea Nacional (277 seats; 3 seats reserved for indigenous peoples of Venezuela; members serve 5-year terms); note - in 2020, the National Electoral Council increased the number of seats in the National Assembly from 167 to 277 for the 6 December 2020 election
elections: last held on 6 December 2020 (next to be held in December 2025)
election results: percent of vote by party - GPP (pro-government) 69.32%, Democratic Alliance (opposition coalition) 17.68%, other 13%; seats by party - GPP 253, Democratic Alliance 18, indigenous peoples 3, other 3; composition - NA
Judicial branch
highest court(s): Supreme Tribunal of Justice (consists of 32 judges organized into constitutional, political-administrative, electoral, civil appeals, criminal appeals, and social divisions)
judge selection and term of office: judges proposed by the Committee of Judicial Postulation (an independent body of organizations dealing with legal issues and of the organs of citizen power) and appointed by the National Assembly; judges serve nonrenewable 12-year terms; note - in July 2017, the National Assembly named 33 judges to the court to replace a series of judges, it argued, had been illegally appointed in late 2015 by the outgoing, socialist-party-led Assembly; the Government of President MADURO and the Socialist Party-appointed judges refused to recognize these appointments, however, and many of the new judges have since been imprisoned or forced into exile
subordinate courts: Superior or Appeals Courts (Tribunales Superiores); District Tribunals (Tribunales de Distrito); Courts of First Instance (Tribunales de Primera Instancia); Parish Courts (Tribunales de Parroquia); Justices of the Peace (Justicia de Paz) Network
Political parties and leaders
A New Era or UNT [Manuel ROSALES]
Brave People's Alliance or ABP [Antonio LEDEZMA]
Cambiemos Movimiento Ciudadano or CMC [Timoteo ZAMBRANO]
Christian Democrats or COPEI [Miguel SALAZAR]
Citizens Encounter or EC [Delsa SOLORZANO]
Clear Accounts or CC [Enzo SCARENO]
Coalition of parties loyal to Nicolas MADURO - Great Patriotic Pole or GPP [Nicolas MADURO]
Coalition of opposition parties - Democratic Alliance (Alianza Democratica) (comprised of AD, EL CAMBIO, COPEI, CMC, and AP)
Come Venezuela (Vente Venezuela) or VV [Maria Corina MACHADO]
Communist Party of Venezuela or PCV [Oscar FIGUERA]
Consenso en la Zona or Conenzo [Enzo SCARANO and Leon JURADO]
Convergencia [Juan Jose CALDERA]
Democratic Action or AD [Jose Bernabe GUTIERREZ Parra]
EL CAMBIO (The Change) [Javier Alejandro BERTUCCI Carrero]
Fatherland for All (Patria para Todos) or PPT [Ilenia MEDINA]
Fuerza Vecinal or FV [leaders include mayors Gustavo DUQUE, Darwin GONZALEZ, Elias SAYEGH, Manuel FERREIRA, Josy FERNANDEZ, and Morel David RODRIGUEZ]; note - national spokesman David UZCATEGUI
Justice First (Primero Justicia) or PJ [Julio BORGES]
LAPIZ [Antonio Ecarri]
Movement to Socialism (Movimiento al Socialismo) or MAS [Segundo MELENDEZ]
Popular Will (Voluntad Popular) or VP [Leopoldo LOPEZ, Freddy SUPERLANO, and Emilio GRATERON]
Progressive Advance (Avanzada Progresista) or AP [two groups, one led by Henri FALCON and Fanny GARCIA, the other led by Luis Augusto ROMERO and Bruno GALLO]
The Radical Cause or La Causa R [Andres VELAZQUEZ]
United Socialist Party of Venezuela or PSUV [Nicolas MADURO]
Venezuela First (Primero Venezuela) or PV [Luis PARRA]
Venezuelan Progressive Movement or MPV [Simon CALZADILLA]
Venezuela Project or PV [Carlos BERRIZBEITIA]
We Are Venezuela (Somos Venezuela) or MSV [Delcy RODRIGUEZ and Vanessa MONTERO]
International organization participation
Caricom (observer), CD, CDB, CELAC, FAO, G-15, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ITSO, ITU, ITUC (NGOs), LAES, LAIA, LAS (observer), MIGA, NAM, OAS, OPANAL, OPCW, OPEC, PCA, Petrocaribe, UN, UNASUR, UNCTAD, UNESCO, UNHCR, UNHRC, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US
chief of mission: Ambassador Carlos Alfredo VECCHIO (since 8 April 2019)
chancery: 1099 30th Street NW, Washington, DC 20007
telephone: [1] (202) 342-2214
FAX: [1] (202) 342-6820
email address and website:
despacho.embveus@mppre.gob.ve
Diplomatic representation from the US
chief of mission: James “Jimmy” STORY, Ambassador for the Venezuela Affairs Unit (since November 2020); note - on 11 March 2019, the Department of State announced the temporary suspension of operations of the US Embassy in Caracas and the withdrawal of diplomatic personnel; the Venezuela Affairs Unit is located at the United States Embassy in Bogota, Colombia
embassy: Venezuela Affairs Unit, Carrera 45 N. 24B-27, Bogota
previously - F St. and Suapure St.; Urb. Colinas de Valle Arriba; Caracas 1080
mailing address: 3140 Caracas Place, Washington DC 20521-3140
telephone: 1-888-407-4747
email address and website:
ACSBogota@state.gov
https://ve.usembassy.gov/
Flag description
three equal horizontal bands of yellow (top), blue, and red with the coat of arms on the hoist side of the yellow band and an arc of eight white five-pointed stars centered in the blue band; the flag retains the three equal horizontal bands and three main colors of the banner of Gran Colombia, the South American republic that broke up in 1830; yellow is interpreted as standing for the riches of the land, blue for the courage of its people, and red for the blood shed in attaining independence; the seven stars on the original flag represented the seven provinces in Venezuela that united in the war of independence; in 2006, then President Hugo CHAVEZ ordered an eighth star added to the star arc - a decision that sparked much controversy - to conform with the flag proclaimed by Simon Bolivar in 1827 and to represent the historic province of Guayana
National symbol(s)
troupial (bird); national colors: yellow, blue, red
National anthem
name: "Gloria al bravo pueblo" (Glory to the Brave People)
lyrics/music: Vicente SALIAS/Juan Jose LANDAETA
note: adopted 1881; lyrics written in 1810, the music some years later; both SALIAS and LANDAETA were executed in 1814 during Venezuela's struggle for independence
National heritage
total World Heritage Sites: 3 (2 cultural, 1 natural)
selected World Heritage Site locales: Coro and its Port (c); Canaima National Park (n); Ciudad Universitaria de Caracas (c)
Economy
Economic 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. In the absence of official statistics, foreign experts estimate that GDP contracted 12% in 2017, inflation exceeded 2000%, people faced widespread shortages of consumer goods and medicine, and the central bank's international reserves dwindled. In late 2017, Venezuela also entered selective default on some of its sovereign and state oil company, Petroleos de Venezuela, S.A., (PDVSA) bonds. Domestic production and industry continues to severely underperform and the Venezuelan Government continues to rely on imports to meet its basic food and consumer goods needs.
Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. Market uncertainty and PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production.
Under President Nicolas MADURO, the Venezuelan Government’s response to the economic crisis has been to increase state control over the economy and blame the private sector for shortages. MADURO has given authority for the production and distribution of basic goods to the military and to local socialist party member committees. The Venezuelan Government has maintained strict currency controls since 2003. The government has been unable to sustain its mechanisms for distributing dollars to the private sector, in part because it needed to withhold some foreign exchange reserves to make its foreign bond payments. As a result of price and currency controls, local industries have struggled to purchase production inputs necessary to maintain their operations or sell goods at a profit on the local market. Expansionary monetary policies and currency controls have created opportunities for arbitrage and corruption and fueled a rapid increase in black market activity.
Real GDP (purchasing power parity)
$269.068 billion (2018 est.)
$381.6 billion (2017 est.)
$334.751 billion (2017 est.)
note: data are in 2017 dollars
Real GDP growth rate
-19.67% (2018 est.)
-14% (2017 est.)
-15.76% (2017 est.)
Real GDP per capita
$7,704 (2018 est.)
$12,500 (2017 est.)
$9,417 (2017 est.)
note: data are in 2017 dollars
GDP (official exchange rate)
$210.1 billion (2017 est.)
Inflation rate (consumer prices)
146,101.7% (2019 est.)
45,518.1% (2018 est.)
416.8% (2017 est.)
Credit ratings
Fitch rating: RD (2017)
Moody's rating: WR (2019)
Standard & Poors rating: SD (2017)
note: The year refers to the year in which the current credit rating was first obtained.
GDP - composition, by sector of origin
agriculture: 4.7% (2017 est.)
industry: 40.4% (2017 est.)
services: 54.9% (2017 est.)
GDP - composition, by end use
household consumption: 68.5% (2017 est.)
government consumption: 19.6% (2017 est.)
investment in fixed capital: 13.9% (2017 est.)
investment in inventories: 1.7% (2017 est.)
exports of goods and services: 7% (2017 est.)
imports of goods and services: -10.7% (2017 est.)
Agricultural products
sugar cane, maize, milk, rice, plantains, bananas, pineapples, potatoes, beef, poultry
Industries
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products
Labor force - by occupation
agriculture: 7.3%
industry: 21.8%
services: 70.9% (4th quarter, 2011 est.)
Youth unemployment rate (ages 15-24)
total: 13.6%
male: 16.8% NA
female: 11.7% (2020 est.) NA
Population below poverty line
33.1% (2015 est.)
Gini Index coefficient - distribution of family income
39 (2011)
49.5 (1998)
Household income or consumption by percentage share
lowest 10%: 1.7%
highest 10%: 32.7% (2006)
Budget
revenues: 92.8 billion (2017 est.)
expenditures: 189.7 billion (2017 est.)
Public debt
38.9% of GDP (2017 est.)
31.3% of GDP (2016 est.)
note: data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions
Fiscal year
calendar year
Current account balance
$4.277 billion (2017 est.)
-$3.87 billion (2016 est.)
Exports - partners
India 34%, China 28%, United States 12%, Spain 6% (2019)
Exports - commodities
crude petroleum, refined petroleum, industrial alcohols, gold, iron (2019)
Imports - partners
China 28%, United States 22%, Brazil 8%, Spain 6%, Mexico 6% (2019)
Imports - commodities
refined petroleum, rice, corn, tires, soybean meal, wheat (2019)
Reserves of foreign exchange and gold
$9.661 billion (31 December 2017 est.)
$11 billion (31 December 2016 est.)
Debt - external
$100.3 billion (31 December 2017 est.)
$109.8 billion (31 December 2016 est.)
Exchange rates
bolivars (VEB) per US dollar -
3,345 (2017 est.)
673.76 (2016 est.)
48.07 (2015 est.)
13.72 (2014 est.)
6.284 (2013 est.)
Energy
Electricity access
electrification - total population: 99.6% (2019)
electrification - urban areas: 100% (2019)
electrification - rural areas: 99% (2019)
Electricity
installed generating capacity: 32.956 million kW (2020 est.)
consumption: 78,082,020,000 kWh (2019 est.)
exports: 870 million kWh (2019 est.)
imports: 0 kWh (2019 est.)
transmission/distribution losses: 26.452 billion kWh (2019 est.)
Electricity generation sources
fossil fuels: 30.5% of total installed capacity (2020 est.)
nuclear: 0% of total installed capacity (2020 est.)
solar: 0% of total installed capacity (2020 est.)
wind: 0.1% of total installed capacity (2020 est.)
hydroelectricity: 69.4% of total installed capacity (2020 est.)
tide and wave: 0% of total installed capacity (2020 est.)
geothermal: 0% of total installed capacity (2020 est.)
biomass and waste: 0% of total installed capacity (2020 est.)
Coal
production: 396,000 metric tons (2020 est.)
consumption: 33,000 metric tons (2020 est.)
exports: 685,000 metric tons (2020 est.)
imports: 1,000 metric tons (2020 est.)
proven reserves: 731 million metric tons (2019 est.)
Petroleum
total petroleum production: 604,800 bbl/day (2021 est.)
refined petroleum consumption: 470,600 bbl/day (2019 est.)
crude oil and lease condensate exports: 1,002,700 bbl/day (2018 est.)
crude oil and lease condensate imports: 0 bbl/day (2018 est.)
crude oil estimated reserves: 303.806 billion barrels (2021 est.)
Refined petroleum products - production
926,300 bbl/day (2015 est.)
country comparison to the world: 20Natural gas
production: 22,694,584,000 cubic meters (2019 est.)
consumption: 22,694,584,000 cubic meters (2019 est.)
exports: 0 cubic meters (2021 est.)
imports: 0 cubic meters (2020 est.)
proven reserves: 5,673,894,000,000 cubic meters (2021 est.)
Carbon dioxide emissions
103.708 million metric tonnes of CO2 (2019 est.)
from coal and metallurgical coke: 108,000 metric tonnes of CO2 (2019 est.)
from petroleum and other liquids: 57.378 million metric tonnes of CO2 (2019 est.)
from consumed natural gas: 46.222 million metric tonnes of CO2 (2019 est.)
Energy consumption per capita
85.829 million Btu/person (2019 est.)
country comparison to the world: 67Communications
Telephones - fixed lines
total subscriptions: 5,251,182 (2020 est.)
subscriptions per 100 inhabitants: 18 (2020 est.)
Telephones - mobile cellular
total subscriptions: 13,476,300 (2019)
subscriptions per 100 inhabitants: 47.26 (2019)
Telecommunication systems
general assessment: Venezuela’s fixed-line teledensity was relatively high for the region before the steady growth in the number of lines came to an end in 2015; since then, the number of lines has plummeted, and by late 2021 teledensity had fallen to about 17.3%; the cause is largely linked to the country’s ongoing economic troubles, which have compelled many people to terminate fixed-line telecom services and others still to flee the country; these pressures have also distorted sector revenue and have placed into disarray operators’ investment plans aimed at improving networks and expanding the reach and capabilities of new technologies and services; the fixed broadband penetration rate is lower than the regional average, while data speeds are also relatively low; there is no effective competition in the provision of DSL, and as a result the state-owned incumbent CANTV has had little incentive to improve services from its meager revenue streams; mobile penetration in Venezuela is also below the regional average; the number of mobile subscribers fell by an estimated 2.4% in 2020, year-on-year, as subscribers terminated services in a bid to reduce discretionary spending, this decline is expected to continue into 2022, with subscriber growth not returning until 2023 (2021)
domestic: two domestic satellite systems with three earth stations; recent substantial improvement in telephone service in rural areas; 3 major providers operate in the mobile market and compete with state-owned company; fixed-line over 18 per 100 and mobile-cellular telephone subscribership about 63 per 100 persons (2020)
international: country code - 58; landing points for the Venezuela Festoon, ARCOS, PAN-AM, SAC, GlobeNet, ALBA-1 and Americas II submarine cable system providing connectivity to the Caribbean, Central and South America, and US; satellite earth stations - 1 Intelsat (Atlantic Ocean) and 1 PanAmSat (2020)
note: the COVID-19 pandemic continues to have a significant impact on production and supply chains globally; since 2020, some aspects of the telecom sector have experienced a downturn, particularly in mobile device production; progress toward 5G implementation has resumed, as well as upgrades to infrastructure; consumer spending on telecom services has increased due to the surge in demand for capacity and bandwidth; the crucial nature of telecom services as a tool for work and school from home is still evident, and the spike in this area has seen growth opportunities for development of new tools and increased services
Broadcast media
Venezuela has a mixture of state-run and private broadcast media that are subject to high levels of regime control, including the shuttering of opposition-leaning media outlets; 13 public service networks, 61 privately owned TV networks, a privately owned news channel with limited national coverage, and a regime-backed Pan-American channel; 3 regime-run radio networks officially control roughly 65 news stations and another 30 stations targeted at specific audiences; regime-sponsored community broadcasters include 235 radio stations and 44 TV stations; the number of private broadcast radio stations has been declining, but many still remain in operation (2021)
Internet users
total: 20,531,397 (2019 est.)
percent of population: 72% (2019 est.)
Broadband - fixed subscriptions
total: 2,561,556 (2020 est.)
subscriptions per 100 inhabitants: 9 (2020 est.)
Transportation
National air transport system
number of registered air carriers: 12 (2020)
inventory of registered aircraft operated by air carriers: 75
annual passenger traffic on registered air carriers: 2,137,771 (2018)
annual freight traffic on registered air carriers: 1.55 million (2018) mt-km
Airports - with paved runways
total: 127
over 3,047 m: 6
2,438 to 3,047 m: 9
1,524 to 2,437 m: 33
914 to 1,523 m: 62
under 914 m: 17 (2021)
Airports - with unpaved runways
total: 317
2,438 to 3,047 m: 3
1,524 to 2,437 m: 57
914 to 1,523 m: 127
under 914 m: 130 (2021)
Heliports
3 (2021)
Pipelines
981 km extra heavy crude, 5941 km gas, 7,588 km oil, 1,778 km refined products (2013)
Railways
total: 447 km (2014)
standard gauge: 447 km (2014) 1.435-m gauge (41.4 km electrified)
Waterways
7,100 km (2011) (Orinoco River (400 km) and Lake de Maracaibo navigable by oceangoing vessels)
country comparison to the world: 22Merchant marine
total: 281
by type: bulk carrier 4, container ship 1, general cargo 26, oil tanker 18, other 232 (2021)
Ports and terminals
major seaport(s): La Guaira, Maracaibo, Puerto Cabello, Punta Cardon
oil terminal(s): Jose terminal
Military and Security
Military and security forces
Bolivarian National Armed Forces (Fuerza Armada Nacional Bolivariana, FANB): Bolivarian Army (Ejercito Bolivariano, EB), Bolivarian Navy (Armada Bolivariana, AB; includes marines, Coast Guard), Bolivarian Military Aviation (Aviacion Militar Bolivariana, AMB; includes a joint-service Aerospace Defense Command (Comando de Defensa Aeroespacial Integral, CODAI), Bolivarian Militia (Milicia Bolivariana), Bolivarian National Guard (Guardia Nacional Bolivaria, GNB)
Bolivarian National Police: Special Action Forces (Fuerzas de Acciones Especiales, FAES) (2022)
note 1: the Bolivarian Militia was added as a "special component" to the FANB in 2020; it is comprised of armed civilians who receive periodic training in exchange for a small stipend
note 2: the National Guard is responsible for maintaining public order, guarding the exterior of key government installations and prisons, conducting counter-narcotics operations, monitoring borders, and providing law enforcement in remote areas; it reports to both the Ministry of Defense and the Ministry of Interior, Justice, and Peace
note 3: the FAES police paramilitary unit was created by President MADURO after the 2017 anti-government protests to bolster internal security; it has been accused of multiple human rights abuses
Military expenditures
5.2% of GDP (2019 est.) (approximately $7.5 billion)
4.4% of GDP (2018 est.) (approximately $9.9 billion)
2.9% of GDP (2017 est.) (approximately $8.5 billion)
2.2% of GDP (2016 est.) (approximately $7.7 billion)
1.8% of GDP (2015 est.) (approximately $9.3 billion)
Military and security service personnel strengths
information varies; approximately 125-150,000 active personnel, including about 25-30,000 National Guard; approximately 200-225,000 Bolivarian Militia (2022)
Military equipment inventories and acquisitions
the FANB inventory is mainly of Chinese and Russian origin with a smaller mix of equipment from Western countries, including the US; since 2010, Russia has been the top supplier of military hardware to Venezuela (2022)
Military service age and obligation
18-30 (25 for women) for voluntary service; the minimum service obligation is 24-30 months; all citizens of military service age (18-50) are obligated to register for military service and subject to military training, although “forcible recruitment” is forbidden (2022)
note: as of 2017, women made up more than 20% of the active duty military
Military - note
between 2013 and 2017, Venezuela established at least a dozen military-led firms in a variety of economic sectors, such as agriculture, banking, construction, insurance, the media, mining, oil, and tourism; as of 2020, military officers reportedly led at least 60 state-owned companies; as of 2019, 9 of 32 government ministries were controlled by the military, including the ministries of agriculture and energy
as of 2022, an estimated 1,500- 2,000 members of the terrorist organizations National Liberation Army (ELN) and Revolutionary Armed Forces of Colombia dissidents (FARC-People's Army and Segundo Marquetalia - see Appendix T) operated in Venezuela, mostly in the states of Amazonas, Apure, Bolivar, Guarico, Tachira, and Zulia; ELN was assessed to be present in 12 of Venezuela’s 23 states; the groups were particularly active in Apure state where the Venezuelan military clashed several times with FARC dissidents of the 10th Front in 2020-2021 (2022)
Maritime threats
The International Maritime Bureau continues to report the territorial and offshore waters in the Caribbean Sea as at risk for piracy and armed robbery against ships; numerous vessels, including commercial shipping and pleasure craft, have been attacked and hijacked both at anchor and while underway; crews have been robbed and stores or cargoes stolen; in 2021, no attacks were reported
Terrorism
Terrorist group(s)
National Liberation Army (ELN); Revolutionary Armed Forces of Colombia-People's Army (FARC-EP); Segundo Marquetalia
note: details about the history, aims, leadership, organization, areas of operation, tactics, targets, weapons, size, and sources of support of the group(s) appear(s) in Appendix-T
Transnational Issues
Disputes - international
Venezuela-Brazil: none identified
Venezuela-Colombia: dispute with Colombia over maritime boundary and Venezuelan administered Los Monjes Islands near the Gulf of Venezuela; Colombian-organized illegal narcotics and paramilitary activities penetrate Venezuela's shared border region; the border between the two countries was closed from March 2020 to October 2021 due to COVID, but goods and people fleeing poverty and violence continued to be smuggled from Venezuela into Colombia, and illegal narcotics and armed men flowed into Venezuela from Colombia; since the FARC disarmed in 2016, some former members have formed armed dissident groups that operate along the border
Venezuela-Guyana: claims all of the area west of the Essequibo River in Guyana, preventing any discussion of a maritime boundary; Guyana has expressed its intention to join Barbados in asserting claims before the UN Convention on the Law of the Sea that Trinidad and Tobago's maritime boundary with Venezuela extends into their waters; in 2018, Guyana initiated proceedings against Venezuela with the International Court of Justice (ICJ); Venezuela requested a direct dialogue to settle the dispute; the ICJ ruled that it had jurisdiction to hear the case in December 2020; in September 2021, Venezuelan officials issued a statement reasserting dominion over three-quarters of Guyana, which Guyana stated was a threat to its sovereignty and territorial integrity
Venezuela-various: Venezuela claims Aves Island and thereby an economic exclusion Zone/continental shelf extending over a large portion of the eastern Caribbean Sea; Venezuela’s claim to Aves Island is disputed by Dominica and several other countries because the island has rich guano deposits useful in producing fertilizer and gunpowder, as well as large fish stocks and natural gas reserves; contraband smuggling (narcotics and arms), illegal migration, trafficking in animals, plants, lumber, illegal exploitation of mineral resources
Refugees and internally displaced persons
refugees (country of origin): 67,935 (Colombia) (2020)
note: As of September 2022, host governments report more than 7.1 million Venezuelan refugees and migrants worldwide
Trafficking in persons
tier rating: Tier 3 — Venezuela does not fully meet the minimum standards for the elimination of trafficking and is not making significant efforts to do so; the government created a specialized prosecutor’s office to oversee trafficking investigations and prosecutions; authorities began legal proceedings against three complicit officials in a notable case; however, the government did not assist any victims or investigate, prosecute, or convict any traffickers; little effort was made to curb the forced recruitment of Venezuelan children by Colombian armed groups operating illegally in Venezuela; authorities made little effort to screen Cuban medical professionals for trafficking indicators as the Cuban Government may have forced them to work by withholding their documentation, and coercing them to falsify medical records (2020)
trafficking profile: Venezuela is a source, transit, and destination country for men, women, and children subjected to sex trafficking and forced labor; Venezuelan women and girls are trafficked within the country for sexual exploitation, lured from the nation's interior to urban and tourist areas; women from Colombia, Peru, Haiti, China, and South Africa are also reported to have been sexually exploited in Venezuela; some Venezuelan women are transported to Caribbean islands, particularly Aruba, Curacao, and Trinidad & Tobago, where they are subjected to forced prostitution; some Venezuelan children are forced to beg on the streets or work as domestic servants, while Ecuadorian children, often from indigenous communities, are subjected to forced labor; the government provided support to FARC dissidents and the ELN, which grew through the recruitment of child soldiers and exploitation of children in sex trafficking and forced labor; Illegal armed groups lure children in vulnerable conditions and dire economic circumstances with gifts and promises of basic sustenance to later recruit them into their ranks
Illicit drugs
a major drug transit country and trafficking route in the Western Hemisphere largely destined for the Caribbean, Central America, the United States, West Africa, and Europe for illegal drugs, predominately cocaine; government officials reportedly complicit with illegal armed narcotrafficking groups; little international drug control cooperation; significant narcotics-related money-laundering activity, increasing signs of drug-related activities by Colombian insurgents on border