Economics
VENEZUELA
The table below, Table 1: Venezuela Economic Indicators gives the summary of the economic
statistics for Venezuela for the period between 2015 and 2019.
Table 1: Venezuela Economic Indicators
2014 2015 2016 2017 2018
GDP 482.4 482 400 337 276
GDP per Capita 16054 15909 13018 10832 8768
Inflation Rate 62.17 181 274.0
0
863 13006
0
Unemployment
Rate
5.5 6.82 7.46 7.42 8.37
Growth Rate -3.9 1.30 -3.90 -6.20 -17.00
(Source: (The World Bank, 2020))
Venezuela is a country of 28.87 million people in the Latin America region (World Population
Review, 2020). The country is currently facing an economic crisis with the inflation rates
increasing rapidly over the last five years from 62.17% to 130 060%. The unemployment rate
has similarly shown a general increasing trend over the same period, with the latest figures for
the year 2018 being 8.37%. This represented a steep rise from 7.42% in the year 2017, as
compared to the rise from 2016 to 2017. Consequently, the GDP (shown in Figure 1: Venezuela
GDP Trend below), GDP per capita and Growth Rates have been decreasing signaling a decline
in the development in the country. From the plot we notice, that despite a slight initial drop for
2014-2015, a rapid fall followed from $482 billion in 2015 to $276 billion in the recent figures
for 2018. These poor performing indicators have made difficult for the hospitality industry to
operate effectively due to the high cost of doing business.
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Venezuela Economic Indicators Report 2022

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