:Economy of Venezuela

{{blockquote|Almost 82% of Venezuelans live in poverty, with 53% in extreme poverty, unable to buy even basic foodstuffs.{{pb}}{{ndash}} A UN special reporter said in February 2024 after visiting the country.{{cite web | title=Venezuela's election: More Maduro or a new democratic era? | website=CBC | date=25 Jul 2024 | url=https://www.cbc.ca/news/world/venezuela-election-preview-1.7274864 | access-date=25 Jul 2024}}}}

Venezuela was “once among South America's wealthiest countries” before the economic meltdown under Maduro regime.{{cite web |last=Bishop |first=Holly |date=27 Jul 2024 |title=Venezuela 'on brink of civil war' as Putin-ally warns of 'BLOODBATH' if he loses crunch vote |url=https://www.gbnews.com/news/world/venezuela-brink-civil-war-nicolas-maduro-putin-ally-warns-bloodbath-election |access-date=28 Jul 2024 |website=GB News}}

“The formerly rich petro-state has seen GDP fall by 80% in less than a decade, driving some seven million of its citizens to flee. Most Venezuelans live on just a few dollars a month, with the health care and education systems in total disrepair and biting shortages of electricity and fuel” as of 2024, according to VOA (report from AFP).{{cite web |agency=Agence France-Presse |date=27 Jul 2024 |title=Concern grows as Venezuela blocks election observers |url=https://www.voanews.com/a/concern-grows-as-venezuela-blocks-election-observers/7715124.html |access-date=27 Jul 2024 |website=Voice of America}}

A report published by Transparencia Venezuela in 2022 estimated that illegal activities in the country made up around 21% of its GDP. According to the report, drug, oil and gold trafficking, as well as illegal activities in ports and customs had generated over 9.4 billion dollars for organized crime protected by corrupt officials. In 2021, gold extraction generated around 2.3 billion dollars, of which the State received only 25%.

By 2023, the economic situation of Venezuela improved, with the economy growing by 15% and extreme poverty rates decreasing, thanks to a liberalized economy and more access to the United States dollar. However, inequality is high, with wealthy Venezuelans making more than 70 times the poorest ones.{{Cite news |last1=Herrera |first1=Isayen |last2=Robles |first2=Frances |last3=Fernandez |first3=Adriana Loureiro |date=2023-03-21 |title=Ferraris and Hungry Children: Venezuela's Socialist Vision in Shambles |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/03/21/world/americas/venezuela-economy-wealth-gap.html |access-date=2023-06-23 |issn=0362-4331}} In 2024 inflation cooled to 1.7% monthly after injection of Chevron dollars—the lowest in a decade.{{Cite news |last=Yapur |first=Nicolle |date=2024-02-19 |title=Chevron Dollars Cool Venezuela's January Inflation to Decade Low |url=https://www.bloomberg.com/news/articles/2024-02-19/chevron-dollars-cool-venezuela-s-january-inflation-to-decade-low |access-date=2024-02-19 |work=Bloomberg News}}

{{main|Economic history of Venezuela}}

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After oil was discovered in Venezuela in 1922 during the Maracaibo strike, Venezuela's dictator Juan Vicente Gómez allowed American oil companies to write Venezuela's petroleum law.Yergin, Daniel. The Prize: The Epic Quest for Oil, Money, and Power. New York: Simon and Schuster. 1990. pp. 233–236; 432 In 1943, Standard Oil of New Jersey accepted a new agreement in Venezuela based on the 50–50 principle, described as "a landmark event".Yergin 1990, p. 435 Even more favorable terms were negotiated in 1945, after a coup brought to power a left-leaning government that included Juan Pablo Pérez Alfonso.

From the 1950s to the early 1980s, the Venezuelan economy, which was buoyed by high oil prices, was one of the strongest and most prosperous in South America. The continuous growth during that period attracted many immigrants.

In 1958, a new government, again including Pérez Alfonso, devised a plan for an international oil cartel, that would become OPEC.Yergin 1990, pp. 510–513

During Pérez Jiménez' dictatorship from 1952 to 1958, Venezuela enjoyed remarkably high GDP growth, so that in the late 1950s Venezuela's real GDP per capita almost reached that of Ireland or West Germany. Albeit, West Germany was still recovering from WW2 destruction of German infrastructure. In 1950, Venezuela was the world's 4th wealthiest nation per capita.NationMaster. [http://www.nationmaster.com/graph/eco_gdp_per_cap_in_195-economy-gdp-per-capita-1950 "GDP per capita in 1950 statistics."]. However, Rómulo Betancourt, president from 1959 to 1964, inherited from 1958 to 1959 onward an enormous internal and external debt caused by rampant public spending. He managed to balance Venezuela's public budget and initiate an agrarian reform.Alexander, Robert. [https://www.jstor.org/stable/2116216 "Nature and Progress of Agrarian Reform in Latin America."] The Journal of Economic History. Vol. 23, No. 4 (December 1963), pp. 559–573.

{{see also|Viernes Negro|Venezuelan banking crisis of 1994}}

Buoyed by a strong oil sector in the 1960s and 1970s, Venezuela's governments were able to maintain social harmony by spending fairly large amounts on public programs including health care, education, transport and food subsidies. Literacy and welfare programs benefited tremendously from these conditions.{{Cite book |last1=Márquez |first1=Laureano |title=Historieta de Venezuela |last2=Sanabria |first2=Eduardo |publisher=Gráficas Pedraza |publication-date=November 2018 |pages=111–115 |chapter=La democracia pierde energía |author-link=Laureano Márquez}} The first tenure of Carlos Andrés Pérez from 1974 to 1979 benefited from the 1970s energy crisis, tripling the amount of public spending and nationalizing the oil industry, establishing PDVSA.Yergin 1990, p. 767{{Cite journal |date=2021-10-21 |title=Chávez's Bolivarian Republic Viewed With a Quality Lens |url=https://articlegateway.com/index.php/JMPP/article/view/4679 |journal=Journal of Management Policy and Practice |language=en |volume=22 |issue=3 |pages=2–3 |doi=10.33423/jmpp.v22i3.4679 |issn=1913-8067}}{{Cite journal |last1=McCoy |first1=Jennifer L |last2=Smith |first2=William C. |date=Summer 1995 |title=Democratic disequilibrium in Venezuela |journal=Journal of Interamerican Studies and World Affairs |volume=37 |issue=2 |pages=113|doi=10.2307/166273 |jstor=166273 }} He also increased government debt significantly, nationalized the iron industry, created new state-owned companies, nationalized the central bank and replaced its board with cabinet members, eliminating the bank's independence as a result. His government was also allowed to establish the first minimum wage and salary increases with an enabling act approved by the National Congress. Pérez was accused of excessive and disorderly public spending. Venezuela's external debt grew from $2 billion in 1972 to $33 billion by 1982.

Venezuela's economic situation was reversed when oil prices collapsed during the 1980s. Luis Herrera Campins was elected just as the oil prices collapsed, with the economy experiencing turmoil throughout his tenure.{{Cite news |date=2024-02-23 |title=Luis Herrera Campins |url=https://www.thetimes.com/comment/register/article/luis-herrera-campins-8wxmtzw5ff5 |access-date=2024-02-23 |work=The Times |language=en |issn=0140-0460}}{{Cite web |title=Luis Herrera Campíns {{!}} Venezuelan leader, politician, reformer {{!}} Britannica |url=https://www.britannica.com/biography/Luis-Herrera-Campins |access-date=2024-02-23 |website=Encyclopædia Britannica |language=en}} The economy contracted and inflation levels (consumer price inflation) rose, remaining between 6 and 12% from 1982 to 1986.{{cite book|last1=Heritage|first1=Andrew|title=Financial Times World Desk Reference|date=2002|publisher=Dorling Kindersley|isbn=978-0789488053|pages=618–621}}[http://www.indexmundi.com/venezuela/inflation_rate_(consumer_prices).html "Venezuela Inflation rate (consumer prices)"]. Indexmundi. 2010. Retrieved 16 August 2010. Policies implemented by Herrera to reduce inflation and reverse increased government spending were not effective, resulting with the election of Jaime Lusinchi in the 1983 Venezuelan general election. The Lusinchi administration continued strict foreign exchange controls and excessive spending while oil prices continued to decrease.{{Cite news |last=Neuman |first=William |date=2014-05-24 |title=Jaime Lusinchi, Ex-Leader of Venezuela, Dies at 89 |url=https://www.nytimes.com/2014/05/24/world/americas/jaime-lusinchi-ex-leader-of-venezuela-dies-at-89.html |access-date=2024-02-23 |work=The New York Times |language=en-US |issn=0362-4331}} Lusinchi focused the nation's funds on paying foreign debtors, sending $15 billion out to international lenders from 1985 to 1988 to tend the remaining $32 billion of debt.{{Cite journal |last=Ewell |first=Judith |date=March 1989 |title=Debt and Politics in Venezuela |journal=Current History |volume=88 |issue=536 |pages=121–124, 147–149|doi=10.1525/curh.1989.88.536.121 }} By the end of his presidency, the public began to suffer from inflated prices and shortages of basic goods.

File:Caracazo looting 1.png in 1989]]

Carlos Andrés Pérez based his campaign for the 1988 Venezuelan general election in his legacy of abundance during his first presidential period{{Harvsp|Márquez|Sanabria|2018|p=131}} and initially rejected liberalization policies.{{Cite magazine |last=Fastenberg |first=Dan |date=2011-01-10 |title=Carlos Andrés Pérez |url=http://content.time.com/time/magazine/article/0,9171,2040189,00.html |url-status=live |archive-url=https://web.archive.org/web/20210929074617/http://content.time.com/time/magazine/article/0,9171,2040189,00.html |archive-date=September 29, 2021 |access-date=2021-04-09 |magazine=Time |issn=0040-781X}} Venezuela's international reserves were only US$300 million at the time of Pérez' election into the presidency; Pérez decided to respond to the debt, public spending, economic restrictions and rentier state by liberalizing the economy.{{Cite web |title=Venezuela's Chavez Era |url=https://www.cfr.org/timeline/venezuelas-chavez-era |url-status=live |archive-url=https://web.archive.org/web/20220517003924/https://www.cfr.org/timeline/venezuelas-chavez-era |archive-date=May 17, 2022 |access-date=2021-04-09 |website=Council on Foreign Relations}} He announced a technocratic cabinet and a group of economic policies to fix macroeconomic imbalances known as {{ill|El Gran Viraje|es}} ({{langx|en|The Great Turn}}), called by detractors as El Paquetazo Económico ({{langx|en|The Economic Package}}). Among the policies there was the reduction of fuel subsidies and the increase of public transportation fares by thirty percent (VEB 16 Venezuelan bolívares, or US$0.4).{{Harvsp|Márquez|Sanabria|2018|p=132}}{{Harvsp|Rivero|2011|p=102}}Margarita López Maya, 2003. "The Venezuelan Caracazo of 1989: Popular Protest and Institutional Weakness", Journal of Latin American Studies, Vol.35, No.1 (2003), pp 120-121 (See #Further reading). The increase was supposed to be implemented on 1 March 1989, but bus drivers decided to apply the price rise on 27 February, a day before payday in Venezuela. In response, protests and rioting began on the morning of 27 February 1989 in Guarenas, a town near Caracas;[http://www1.umn.edu/humanrts/iachr/C/58-ing.html El Caracazo Case, Judgment of 11 November 1999] {{Webarchive|url=https://web.archive.org/web/20160604024351/http://www1.umn.edu/humanrts/iachr/C/58-ing.html|date=June 4, 2016}}, Inter-American Court of Human Rights, accessed 1 May 2007 a lack of timely intervention by authorities, as the {{ill|Caracas Metropolitan Police|es|Policía Metropolitana de Caracas}} was on a labor strike, led to the protests and rioting quickly spreading to the capital and other towns across the country.{{Cite journal |last1=Lander |first1=Edgardo |last2=Fierro |first2=Luis A. |date=Jul 1996 |title=The Impact of Neoliberal Adjustment in Venezuela, 1989-1993 |url=http://journals.sagepub.com/doi/10.1177/0094582X9602300304 |journal=Latin American Perspectives |language=en |volume=23 |issue=3 |pages=50–73 |doi=10.1177/0094582X9602300304 |issn=0094-582X}}{{Harvsp|Rivero|2011|p=109}}{{cite news |last1=Branford |first1=Sue |date=5 February 1992 |title=Hugo Chavez fails to overthrow Venezuela's government |url=https://www.theguardian.com/world/2016/feb/05/hugo-chavez-venezuela-failed-coup-1992 |access-date=7 February 2016 |agency=The Guardian}}

File:CANTV_old_logo.svg

By late 1991, as part of the economic reforms, Carlos Andrés Pérez' administration had sold three banks, a shipyard, two sugar mills, an airline, a telephone company and a cell phone band, receiving a total of US$2,287 million.{{Harvsp|Rivero|2011|pp=180–181}} The most remarkable auction was CANTV's, a telecommunications company, which was sold at the price of US$1,885 million to the consortium composed of American AT&T International, General Telephone Electronic and the Venezuelan Electricidad de Caracas and Banco Mercantil. The privatization ended Venezuela's monopoly over telecommunications and surpassed even the most optimistic predictions, with over US$1,000 million above the base price and US$500 million more than the bid offered by the competition group.{{Harvsp|Rivero|2011|p=179}} By the end of the year, inflation had dropped from 84% in 1989 to 31%, Venezuela's international reserves were now worth US$14,000 million and there was an economic growth of 9% (called as an "Asian growth"), the largest in Latin America at the time.{{Cite news |date=5 February 1992 |title=Disaster averted in Venezuela |work=Montreal Gazette |pages=B2}}{{Cite journal |last1=Lander |first1=Edgardo |last2=Fierro |first2=Luis A. |date=Jul 1996 |title=The Impact of Neoliberal Adjustment in Venezuela, 1989-1993 |url=http://journals.sagepub.com/doi/10.1177/0094582X9602300304 |journal=Latin American Perspectives |language=en |volume=23 |issue=3 |pages=50–73 |doi=10.1177/0094582X9602300304 |issn=0094-582X}}{{Cite book |last=DiJohn |first=Jonathan |title=The Political Economy of Anti-Politics and Social Polarization in Venezuela, 1998-2004 |date=December 2005 |publisher=London School of Economics |pages=14–15 |language=en}} While foreign debtors were repaid and the economy grew, by 1992, the majority of economic benefits were experienced by the upper class while middle to lower classes faced increased poverty and high unemployment rates between ten and forty percent.{{Verify source|date=March 2024}}{{Cite journal |last1=Lander |first1=Edgardo |last2=Fierro |first2=Luis A. |date=Jul 1996 |title=The Impact of Neoliberal Adjustment in Venezuela, 1989-1993 |url=http://journals.sagepub.com/doi/10.1177/0094582X9602300304 |journal=Latin American Perspectives |language=en |volume=23 |issue=3 |pages=50–73 |doi=10.1177/0094582X9602300304 |issn=0094-582X}}{{Verify source|date=March 2024}}{{Cite book |last=DiJohn |first=Jonathan |title=The Political Economy of Anti-Politics and Social Polarization in Venezuela, 1998-2004 |date=December 2005 |publisher=London School of Economics |pages=14–15 |language=en}}{{Verify source|date=March 2024}}

Overreliance on oil exports and a fractured political system without parties agreeing on policies caused many of the problems.{{cite book|last1=Corrales|first1=Javier|last2=Penfold|first2=Michael|title=Dragon in the Tropics: The Legacy of Hugo Chávez|date=2015|publisher=Brookings Institution Press|isbn=978-0815725930|page=5}} By the mid-1990s, Venezuela under President Rafael Caldera saw annual inflation rates of 50–60% from 1993 to 1997, with the country suffering a banking crisis. In 1998, the economic crisis had grown even worse. Per capita GDP was at the same level as 1963 (after adjusting 1963 dollar to 1998 value), down a third from its 1978 peak; and the purchasing power of the average salary was a third of its 1978 level.Kelly, Janet, and Palma, Pedro (2006), "The Syndrome of Economic Decline and the Quest for Change", in McCoy, Jennifer and Myers, David (eds, 2006), The Unraveling of Representative Democracy in Venezuela, Johns Hopkins University Press. p. 207

{{main|Economic policy of the Hugo Chávez government}}

Hugo Chávez was elected President in December 1998 and took office in February 1999. From 1999 to the end of 2012, when Hugo Chavez health decayed preventing him from fulfilling any presidential duties,{{Cite web |date=2012-12-31 |title=Venezuela VP: Chavez suffers 'new complications' |url=https://www.nbcnews.com/id/wbna50327377 |access-date=2024-12-17 |website=NBC News |language=en}} the GDP grew from 97.52 billion dollars to 372.59 billion dollars.{{Cite web |title=Venezuela - Gross domestic product (GDP) 2025 |url=https://www.statista.com/statistics/370937/gross-domestic-product-gdp-in-venezuela/ |access-date=2024-12-17 |website=Statista |language=en}} In the same period, inflation remained stable around 20% year.{{Cite web |title=Venezuela - Inflation rate 2025 |url=https://www.statista.com/statistics/371895/inflation-rate-in-venezuela/ |access-date=2024-12-17 |website=Statista |language=en}}

From 1999 In 2000, oil prices soared, offering Chávez funds not seen since Venezuela's economic collapse in the 1980s. Chávez implemented economic policies that leaned toward social democracy, utilizing oil revenues to fund social programs. These policies increased Venezuela's economic reliance on high oil prices.

During the first four years of Chávez's presidency, the economy initially grew between 1999 and 2001 but contracted from 2001 to 2003, returning to GDP levels similar to those of 1997. The early decline was influenced by low oil prices and later exacerbated by the events surrounding the 2002 coup attempt and the 2002–2003 general strike. Additional contributing factors included capital flight and reduced foreign investment. GDP decreased from 50.0 trillion bolívares in 1998 to 42.4 trillion bolívares in 2003 (measured in constant 1998 bolívares).Weisbrot and Sandoval, 2008. Sections: 'Executive Summary,' and 'Social Spending, Poverty, and Employment.'

The hardest-hit sectors in the worst recession years (2002–2003) were construction (−55.9%), petroleum (−26.5%), commerce (−23.6%) and manufacturing (−22.5%). The drop in the petroleum sector was caused by adherence to the OPEC quota established in 2002 and the virtual cessation of exports during the PdVSA-led general strike of 2002–2003. The non-petroleum sector of the economy contracted by 6.5% in 2002. The bolívar, which had been suffering from serious inflation and devaluation relative to international standards since the late 1980s,{{cite web|url=http://data.worldbank.org/indicator/NY.GDP.DEFL.ZS?contextual=region&locations=VE|title=GDP deflator (base year varies by country) {{!}} Data|date=19 August 2016|website=data.worldbank.org|publisher=World Bank national accounts data and OECD National Accounts data files.|archive-url=https://archive.today/20160819232615/http://data.worldbank.org/indicator/NY.GDP.DEFL.ZS?contextual=region&end=2013&locations=VE&start=1985&view=chart&year_high_desc=false|archive-date=19 August 2016|access-date=19 August 2016|url-status=dead}} stabilized around 20% inflation.{{Cite web |title=Venezuela - Inflation rate 2025 |url=https://www.statista.com/statistics/371895/inflation-rate-in-venezuela/ |access-date=2024-12-17 |website=Statista |language=en}}

During Chávez's presidency, inflation was significantly reduced and maintained at an average of around 20%, marking a substantial improvement compared to the late 1980s and the turbulent 1990s, when inflation reached its highest point at 100% in 1996. The inflation rate, as measured by the consumer price index, stood at 35.8% in 1998, dropped to a low of 12.5% in 2001, and rose to 31.1% in 2003.{{Cite web |title=Venezuela - Inflation rate 2025 |url=https://www.statista.com/statistics/371895/inflation-rate-in-venezuela/ |access-date=2024-12-17 |website=Statista |language=en}} In response to pressures on the bolívar, declining international reserves, and the economic impact of the oil industry work stoppage, the Ministry of Finance and the central bank suspended foreign exchange trading on January 23, 2003. Shortly afterward, the government established CADIVI, a currency control board, on February 6, 2003. CADIVI regulated foreign exchange procedures and set the exchange rate at 1,596 bolívares per US dollar for purchases and 1,600 bolívares per US dollar for sales.

The housing market in Venezuela shrunk significantly with developers avoiding Venezuela due to the massive number of companies who have had their property expropriated by the government.{{cite news|last=Grant|first=Will|title=Why Venezuela's government is taking over apartments|url=https://www.bbc.co.uk/news/world-latin-america-11756492|access-date=15 December 2013|newspaper=BBC|date=15 November 2010}} According to The Heritage Foundation and The Wall Street Journal, Venezuela had the weakest property rights in the world, scoring only 5.0 on a scale of 100, with expropriation without compensation being common.{{cite news|title=Expropriations in Venezuela|newspaper=The Economist|date=29 October 2010}} The housing shortage in Venezuela was significant enough that, in 2007, a group of squatters occupied the Centro Financiero Confinanzas, an unfinished economic complex originally intended to represent the country's economic growth.{{cite news|title=A 45-Story Walkup Beckons the Desperate|url=https://www.nytimes.com/2011/03/01/world/americas/01venezuela.html?pagewanted=all&_r=0|access-date=15 December 2013|newspaper=The New York Times|date=28 February 2011|first1=Simon|last1=Romero}}

The Venezuelan economy contracted by 5.8% in the first quarter of 2010 compared to the same period in 2009Toothaker, Christopher. [https://web.archive.org/web/20121025064529/http://www.businessweek.com/ap/financialnews/D9HFHLG00.htm "Chavez: Venezuela's economy soon to recover"]. Bloomberg Businessweek. 8 August 2010. Retrieved 3 September 2010. and recorded the highest inflation rate in Latin America at 30.5%. President Chávez expressed optimism about Venezuela's recovery, although the International Monetary Fund (IMF) projected that Venezuela would be the only country in the region to remain in recession that year. Cancel, Daniel. [https://www.bloomberg.com/news/2010-08-08/chavez-says-venezuelan-economy-is-already-recovering-following-recession.html "Chavez Says Venezuela's Economy Is `Already Recovering' Amid Recession."] Bloomberg. 8 August 2010. Retrieved 3 September 2010. The IMF described Venezuela's economic recovery as "delayed and weak" compared to other countries in the region.{{in lang|es}}[http://www.eluniversal.com/2010/04/21/eco_ava_fmi:-venezuela-unico_21A3774771.shtml "FMI: Venezuela único país cuya economía se contraerá este año"]. El Universal. 21 April 2010. Retrieved 3 September 2010.

Nevertheless, the Venezuelan economy resumed a growth trend in subsequent years, continuing until 2012.{{Cite web |title=Venezuela - Gross domestic product (GDP) 2025 |url=https://www.statista.com/statistics/370937/gross-domestic-product-gdp-in-venezuela/ |access-date=2024-12-17 |website=Statista |language=en}} The economic downturn began during Nicolás Maduro's leadership, as Chávez’s health declined and he became increasingly unable to govern effectively.

{{main|Crisis in Venezuela|2013–present economic crisis in Venezuela|Hyperinflation in Venezuela}}

File:Venezuela Shortages 2014.png leave store shelves empty]]

According to the misery index in 2013, Venezuela ranked as the top spot globally with the highest misery index score.{{cite web|last=Hanke|first=John H.|title=Measuring Misery around the World|url=http://www.cato.org/publications/commentary/measuring-misery-around-world|publisher=The Cato Institute|access-date=30 April 2014}}{{cite web|title=Steve H. Hanke|url=http://www.cato.org/people/steve-hanke|website=Cato Institute|access-date=1 July 2015}} The International Finance Corporation ranked Venezuela one of the lowest countries for doing business with, ranking it 180 of 185 countries for its Doing Business 2013 report with protecting investors and taxes being its worst rankings.{{cite web|title=Ease of Doing Business in Venezuela, RB|url=http://www.doingbusiness.org/data/exploreeconomies/venezuela/|access-date=21 November 2015}}{{cite web|title=Doing Business 2013 |url=http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB13-full-report.pdf |work=Report |publisher=International Finance Corporation |access-date=1 April 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140530031102/http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB13-full-report.pdf |archive-date=30 May 2014}} In early 2013, the bolívar fuerte was devalued due to growing shortages in Venezuela.{{cite news|title=Venezuela Slashes Currency Value|url=https://www.wsj.com/news/articles/SB10001424127887323951904578292383059267360|access-date=14 December 2013|newspaper=The Wall Street Journal|date=9 February 2013|archive-url=https://web.archive.org/web/20151016050959/http://www.wsj.com/news/articles/SB10001424127887323951904578292383059267360|archive-date=16 October 2015|url-status=dead}} The shortages included necessities such as toilet paper, milk and flour.{{cite news|last=Lopez|first=Virginia|title=Venezuela food shortages: 'No one can explain why a rich country has no food'|url=https://www.theguardian.com/global-development/poverty-matters/2013/sep/26/venezuela-food-shortages-rich-country-cia|access-date=14 December 2013|newspaper=The Guardian|date=26 September 2013}} Shortages also affected healthcare in Venezuela, with the University of Caracas Medical Hospital ceasing to perform surgeries due to the lack of supplies in 2014.{{cite news|title=Médicos del Hospital Universitario de Caracas suspenden cirugías por falta de insumos |url=http://globovision.com/articulo/medicos-del-hospital-universitario-paralizan-procedimientos-quirurgicos-tras-falta-de-insumos |access-date=21 February 2014 |newspaper=Globovision |date=21 February 2014 |url-status=dead |archive-url=https://web.archive.org/web/20140228074857/http://globovision.com/articulo/medicos-del-hospital-universitario-paralizan-procedimientos-quirurgicos-tras-falta-de-insumos |archive-date=28 February 2014}} The Bolivarian government's policies also made it difficult to import drugs and other medical supplies.{{cite news|title=Latin America's weakest economies are reaching breaking-point|newspaper=The Economist|date=1 February 2014}} Due to such complications, many Venezuelans died avoidable deaths with medical professionals having to use limited resources using methods that were replaced decades ago.{{cite news|title=Venezuela's medical crisis requires world's attention|url=https://www.bostonglobe.com/opinion/editorials/2015/04/28/medical-crisis-venezuela-requires-world-attention/EAgdzuzc9WebDGCZ0QY8GI/story.html|access-date=17 May 2015|agency=The Boston Globe|date=28 April 2015}}{{cite news|title=Doctors say Venezuela's health care in collapse |url=http://bigstory.ap.org/article/doctors-say-venezuelas-health-care-collapse |access-date=22 February 2014 |newspaper=Associated Press |url-status=dead |archive-url=https://web.archive.org/web/20140226055123/http://bigstory.ap.org/article/doctors-say-venezuelas-health-care-collapse |archive-date=26 February 2014}}

File:Marcha hacia el Palacio de Justicia de Maracaibo - Venezuela 16.jpg holding a sign saying: "I protest for the scarcity. Where can we get these?"]]

In 2014, Venezuela entered an economic recession having its GDP growth decline to −3.0%.{{cite web|title=Country and region specific forecasts and data|url=http://www.worldbank.org/en/publication/global-economic-prospects/data?variable=NYGDPMKTPKDZ®ion=LAC|website=World Bank|access-date=15 March 2015}} Venezuela was placed at the top of the misery index for the second year in a row.{{cite news|title=Amid Rationing, Venezuela Takes The Misery Crown|url=http://news.investors.com/ibd-editorials/082614-714879-amid-food-rationing-and-shortages-venezuela-takes-the-misery-crown.htm|access-date=1 September 2014|work=Investors Business Daily}} The Economist said Venezuela was "probably the world's worst-managed economy".{{cite news|title=Venezuela's economy of oil and coconut water Probably the world's worst-managed economy|url=https://www.economist.com/news/americas/21618782-probably-worlds-worst-managed-economy-oil-and-coconut-water|access-date=21 September 2014|agency=The Economist|date=20 September 2014}} Citibank believed that "the economy has little prospect of improvement" and that the state of the Venezuelan economy was a "disaster".{{cite news|title=Citi considera que la economía venezolana es un "desastre"|url=http://www.eluniversal.com/economia/140503/citi-considera-que-la-economia-venezolana-es-un-desastre|access-date=5 May 2014|newspaper=El Universal|date=3 May 2014}} The Doing Business 2014 report by the International Finance Corporation and the World Bank ranked Venezuela one score lower than the previous year, then 181 out of 185.{{cite web|title=Doing Business 2014|url=http://www.doingbusiness.org/reports/global-reports/~/media/giawb/doing%20business/documents/profiles/country/VEN.pdf|publisher=The World Bank|access-date=3 July 2014|archive-url=https://web.archive.org/web/20140714150720/http://www.doingbusiness.org/reports/global-reports/~/media/giawb/doing%20business/documents/profiles/country/VEN.pdf|archive-date=14 July 2014|url-status=dead}} The Heritage Foundation ranked Venezuela 175th out of 178 countries in economic freedom for 2014, classifying it as a "repressed" economy according to the principles the foundation advocates.{{cite web|title=The Heritage Foundation|url=http://www.heritage.org/about|archive-url=https://web.archive.org/web/20020824173456/http://www.heritage.org/about/|url-status=unfit|archive-date=24 August 2002|website=About Heritage|access-date=1 July 2015}}{{cite web|title=Country Rankings: World & Global Economy Rankings on Economic Freedom|url=http://www.heritage.org/index/ranking|archive-url=https://web.archive.org/web/20101117114939/http://www.heritage.org/Index/ranking|url-status=unfit|archive-date=17 November 2010|publisher=The Heritage Foundation|access-date=26 March 2014}} According to Foreign Policy, Venezuela was ranked last in the world on its Base Yield Index due to low returns that investors receive when investing in Venezuela.{{cite news|last1=Yapur|first1=Nicolle|title=Políticas económicas en Venezuela ahuyentan el capital extranjero|url=http://www.el-nacional.com/economia/Politicas-economicas-Venezuela-ahuyentan-extranjero_0_436156503.html|access-date=3 July 2014|agency=El Nacional|date=30 June 2014|url-status=dead|archive-url=https://web.archive.org/web/20140703095927/http://www.el-nacional.com/economia/Politicas-economicas-Venezuela-ahuyentan-extranjero_0_436156503.html|archive-date=3 July 2014}} In a 2014 report titled Scariest Places on the Business Frontiers by Zurich Financial Services and reported by Bloomberg, Venezuela was ranked as the riskiest emerging market in the world.{{cite news|title=Scariest Places on the Business Frontiers|url=https://www.bloomberg.com/native/article/?mvi=e024180f4757442c9fa9873a54f048df#!/|access-date=12 July 2014|agency=Bloomberg|date=2 July 2014}} Many companies such as Toyota, Ford Motor Co., General Motors Company, Air Canada, Air Europa, American Airlines, Copa Airlines, TAME, TAP Airlines and United Airlines slowed or stopped operation due to the lack of hard currency in the country,{{cite news|last=Hagiwara|first=Yuki|title=Toyota Halts Venezuela Production as Car Sales Fall|url=https://www.bloomberg.com/news/2014-02-07/toyota-halts-venezuela-production-as-car-sales-fall.html|access-date=8 February 2014|newspaper=Bloomberg|date=7 February 2014}}{{cite news|title=Ford Cutting Production in Venezuela on Growing Dollar Shortage|url=http://www.businessweek.com/news/2014-01-14/ford-reducing-production-in-venezuela-on-growing-dollar-shortage|archive-url=https://archive.today/20140115074140/http://www.businessweek.com/news/2014-01-14/ford-reducing-production-in-venezuela-on-growing-dollar-shortage|url-status=dead|archive-date=15 January 2014|access-date=15 January 2014|newspaper=Businessweek|date=14 January 2014}}{{cite news|last=Deniz|first=Roberto|title=General Motors sees no resolution to operations in Venezuela|url=http://english.eluniversal.com/economia/140207/general-motors-sees-no-resolution-to-operations-in-venezuela|access-date=8 February 2014|newspaper=El Universal|date=7 February 2014|url-status=dead|archive-url=https://web.archive.org/web/20140221204559/http://english.eluniversal.com/economia/140207/general-motors-sees-no-resolution-to-operations-in-venezuela|archive-date=21 February 2014}}{{cite news|last=Mogollon|first=Mery|title=Venezuela sees more airlines suspend ticket sales, demand payment|url=http://www.latimes.com/world/worldnow/la-fg-wn-venezuela-airlines-ticket-sales-20140124,0,2603008.story?track=rss#axzz2rSnaDRL1|access-date=25 January 2014|newspaper=Los Angeles Times|date=24 January 2014}}{{cite news|last=Wilson|first=Peter|title=Airlines keep cutting off Venezuelans from tickets|url=https://www.usatoday.com/story/news/world/2014/01/24/venezuela-airlines-suspend-ticket-sales/4826171/|access-date=25 January 2014|newspaper=USA Today|date=24 January 2014}} with Venezuela owing such foreign companies billions of dollars.{{cite news|last=Wilson|first=Peter|title=Venezuelans blocked from buying flights out|url=https://www.usatoday.com/story/news/world/2014/01/10/venezuela-airline-cancellations-europa/4405109/|access-date=15 January 2014|newspaper=USA Today|date=10 January 2014}} Venezuela also dismantled CADIVI, a government body in charge of currency exchange. CADIVI was known for holding money from the private sector and was suspected to be corrupt.{{cite news|title=Venezuela Shuffles Economic Team|url=https://www.wsj.com/news/articles/SB10001424052702304149404579323303109294542?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304149404579323303109294542.html|access-date=16 January 2014|newspaper=The Wall Street Journal|date=15 January 2014|archive-url=https://web.archive.org/web/20150702114233/http://www.wsj.com/news/articles/SB10001424052702304149404579323303109294542?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304149404579323303109294542.html|archive-date=2 July 2015|url-status=dead}}

File:-ElinformadorTV- La pobreza obliga a la gente a comer de la basura -Barquisimeto por @graficohermes.webmVenezuela again topped the misery index according to the World Bank in 2015.{{cite news|last1=Anderson|first1=Elizabeth|title=Which are the 15 most miserable countries in the world?|url=https://www.telegraph.co.uk/finance/economics/11446325/Which-are-the-15-most-miserable-countries-in-the-world.html |archive-url=https://ghostarchive.org/archive/20220112/https://www.telegraph.co.uk/finance/economics/11446325/Which-are-the-15-most-miserable-countries-in-the-world.html |archive-date=12 January 2022 |url-access=subscription |url-status=live|access-date=4 March 2015|agency=The Telegraph|date=3 March 2015}}{{cbignore}}{{cite news|last1=Saraiva|first1=A Catarina|last2=Jamrisko|first2=Michelle|last3=Fonseca Tartar|first3=Andre|title=The 15 Most Miserable Economies in the World|url=https://www.bloomberg.com/news/articles/2015-03-02/the-15-most-miserable-economies-in-the-world|access-date=4 March 2015|agency=Bloomberg|date=2 March 2015}} The IMF predicted in October 2015 an inflation rate of 159% for the year 2015—the highest rate in Venezuelan history and the highest rate in the world—and that the economy would contract by 10%.{{cite news|last1=Gallas|first1=Daniel|title=Venezuela: Economy on the brink?|url=https://www.bbc.co.uk/news/world-latin-america-34983467|access-date=7 December 2015|publisher=BBC News Latin America|date=7 December 2015}} According to leaked documents from the Central Bank of Venezuela, the country ended 2015 with an inflation rate of 270% and a shortage rate of goods over 70%.{{cite news|last1=Lopez|first1=Virginia|title=Venezuela's economic crisis worsens as oil prices fall|url=http://www.aljazeera.com/news/2016/01/venezuela-economic-crisis-worsens-oil-prices-fall-160108105010345.html|access-date=8 January 2016|work=aljazeera.com|agency=Al Jazeera|date=8 January 2016}}{{cite news|last1=Lozano|first1=Daniel|title=Ni un paso atrás: Maduro insiste con su receta económica|url=http://www.lanacion.com.ar/1860362-ni-un-paso-atras-maduro-insiste-con-su-receta-economica|access-date=8 January 2016|work=lanacion.com.ar|agency=La Nación|date=8 January 2015|archive-date=10 January 2016|archive-url=https://web.archive.org/web/20160110112054/http://www.lanacion.com.ar/1860362-ni-un-paso-atras-maduro-insiste-con-su-receta-economica|url-status=dead}}

President Nicolás Maduro reorganized his economic cabinet in 2016 with the group mainly consisting of leftist Venezuelan academics.{{cite news|title=Bank of America prevé más controles para la economía de Venezuela|url=http://www.el-nacional.com/economia/Bank-Of-America-controles-Venezuela_0_774522570.html|access-date=14 January 2016|work=El Nacional|date=13 January 2016}} According to Bank of America's investment division Merrill Lynch, Maduro's new cabinet was expected to tighten currency and price controls in the country. Alejandro Werner, the head of IMF's Latin American Department, stated that 2015 figures released by the Central Bank of Venezuela were not accurate and that Venezuela's inflation for 2015 was 275%. Other forecast inflation figures by IMF and Bank of America were 720%{{cite news|url=https://www.nytimes.com/aponline/2016/01/22/world/americas/ap-lt-venezuela-economy-.html?_r=0|title=IMF: Venezuela Inflation to Surpass 700 Percent|date=22 January 2016|work=The New York Times|access-date=22 January 2016}}{{cite news|url=http://www.el-nacional.com/economia/FMI-Inflacion-Venezuela_0_776922332.html|title=FMI: Inflación de Venezuela en 2016 será de 500%|date=17 January 2015|access-date=20 January 2016|agency=El Nacional}} and 1,000% in 2016,{{cite news|url=http://www.pri.org/stories/2016-01-26/whats-it-under-1000-percent-inflation-venezuela-about-find-out|title=What's it like under 1,000 percent inflation? Venezuela is about to find out.|last1=Leff|first1=Alex|date=26 January 2016|access-date=28 January 2016|agency=Public Radio International}}{{Cite book|url=https://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf|title=World Economic Outlook|year=2016|publisher=International Monetary Fund |isbn=978-1-47554-372-8|access-date=29 May 2016}} Analysts believed that the Venezuelan government has been manipulating economic statistics, especially since they did not report adequate data since late 2014. According to economist Steve Hanke of Johns Hopkins University, the Central Bank of Venezuela delayed the release of statistics and lied about figures much like the Soviet Union did, with Hanke saying that a lie coefficient had to be used to observe Venezuela's economic data.{{cite news|last1=Hanke|first1=Steve H.|title=Venezuela's Lying Statistics|url=http://www.huffingtonpost.com/steve-h-hanke/venezuelas-lying-statisti_b_8993866.html|access-date=20 January 2016|agency=HuffPost|date=15 January 2016}}

By 2016, media outlets said that Venezuela was suffering an economic collapse{{cite web|url=https://www.nytimes.com/2016/11/25/world/americas/hungry-venezuelans-flee-in-boats-to-escape-economic-collapse.html|title=Hungry Venezuelans Flee in Boats to Escape Economic Collapse|date=25 November 2016|work=The New York Times}}{{cite web|url=https://www.pbs.org/newshour/bb/venezuelans-face-collapsing-economy-starvation-and-crime/|title=Venezuelans face collapsing economy, starvation and crime|website=PBS |date=21 June 2016}} with the IMF saying that it expected it to reach a 500% inflation rate and 10% contraction in the GDP.{{Cite news|url=https://www.bbc.co.uk/news/magazine-38336054|title=Why you need sackfuls of banknotes to shop in Venezuela|date=2016-12-18|newspaper=BBC News|language=en|access-date=2016-12-19}} In December 2016, monthly inflation exceeded 50 percent for the 30th consecutive day, meaning the Venezuelan economy was officially experiencing hyperinflation, making it the 57th country to be added to the Hanke-Krus World Hyperinflation Table.{{cite news|url=http://www.miamiherald.com/news/nation-world/world/americas/venezuela/article120451593.html|title=Entering a 'world of economic chaos,' Venezuela struggles with hyperinflation|date= 12 December 2016|access-date=2016-12-19|author=Jim Wyss|newspaper=Miami Herald}}{{Multiple image

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|image1=World Inflation rate 2017.svg

|caption1=In 2016, Venezuela had the highest annual inflation in the world

|image2=Venezuela_historic_inflation_index_and_oil_revenue.png

|caption2=Venezuela's historic inflation rate beside annual oil revenues.{{Cite web|url=http://www.bcv.org.ve/estadisticas/comercio-exterior|title=Comercio Exterior | Banco Central de Venezuela|website=www.bcv.org.ve}}[http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?sy=1980&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&c=299&s=PCPI%2CPCPIPCH&grp=0&a=&pr1.x=55&pr1.y=5 International Monetary Fund: Data & Statistics] (1980–2008, 2015)[https://www.cia.gov/the-world-factbook/countries/venezuela/ CIA: The World Factbook] (2009–2014) This chart is in a logarithmic scale.

}}On 25 August 2017, it was reported that new United States sanctions against Venezuela did not ban trading of the country's existing non-government bonds, with the sanctions instead including restrictions intended to block the government's ability to fund itself.{{Citation |last=Cui |first=Carolyn |date=25 August 2017 |title=Venezuelan Bonds Up After New U.S. Sanctions Spare Debt Trading|newspaper=The Wall Street Journal |url=https://www.wsj.com/articles/venezuelan-bonds-up-after-new-u-s-sanctions-spare-debt-trading-1503680452}}

On 26 January 2018, the government ended the protected, subsidized fixed exchange rate mechanism that was highly overvalued as a result of rampant inflation.{{cite news|url=https://www.reuters.com/article/us-venezuela-economy/venezuela-eliminates-heavily-subsidized-dipro-forex-rate-idUSKBN1FJ040|title=Venezuela eliminates heavily subsidized DIPRO forex rate|date=30 January 2018|work=Reuters|access-date=30 January 2018}} The National Assembly (led by the opposition) said inflation in 2017 was over 4,000%, a level other independent economists also agreed with.{{cite news|url=https://www.reuters.com/article/us-venezuela-food/venezuelans-report-big-weight-losses-in-2017-as-hunger-hits-idUSKCN1G52HA|title=Venezuelans report big weight losses in 2017 as hunger hits|last=Sequera|first=Vivian|date=18 February 2018|work=Reuters|access-date=23 February 2018}} In February, the government launched an oil-backed cryptocurrency called the petro.{{cite news|url=https://www.washingtonpost.com/news/worldviews/wp/2018/02/20/venezuela-launches-the-petro-its-cryptocurrency/|title=Venezuela launches the 'petro,' its cryptocurrency|first=Rachelle|last=Krygier|date=20 February 2018|newspaper=The Washington Post|access-date=22 March 2018}}

Bloomberg's Cafe Con Leche Index calculated the price increase for a cup of coffee to have increased by 718% in the 12 weeks before 18 January 2018, an annualized inflation rate of 448,000%.{{cite news|url=https://www.bloomberg.com/news/articles/2018-01-18/venezuelan-hyperinflation-explodes-soaring-over-440-000-percent|title=Venezuelan Hyperinflation Explodes, Soaring Over 440,000 Percent|date=18 January 2018|work=Bloomberg|access-date=7 March 2018}} The finance commission of the National Assembly noted in July 2018 that prices were doubling every 28 days with an annualized inflation rate of 25,000%.{{cite news|url=https://www.thetimes.com/world/latin-america/article/venezuela-suffering-25-000-inflation-5hvcz8g58|title=Venezuela suffering 25,000% inflation|last=Caracas|first=Stephen Gibbs|date=12 June 2018|work=The Times|access-date=23 July 2018|issn=0140-0460|url-access=subscription }}

The country was heading for a selective default in 2017.[http://www.dw.com/en/russia-extends-lifeline-as-venezuela-struggles-with-selective-default/a-41402510 "Russia extends lifeline as Venezuela struggles with 'selective default'"]. In early 2018, the country was in default, meaning it could not pay its lenders.[http://www.miamiherald.com/latest-news/article210820589.html "Venezuela oil assets seizure by Conoco may start wave"].

On 24 August 2017 President Trump imposed sanctions on the state debt of Venezuela which ban to make transactions with state debt of Venezuela including the participation in debt restructuring.

On 13 November 2017 the technical default period ended and Venezuela did not pay coupons on its dollar eurobonds. This caused a cross default on other dollar bonds. On 30 November ISDA committee consisting of 15 biggest banks admitted default on state debt obligations what in its turn entailed payments on CDS.{{Cite web|url=http://cbonds.com/organizations/docdownload/8887|title=Final List of Deliverable Obligations for the 2017 Bolivarian Republic of Venezuela Credit Derivatives Auction Settlement Terms|website=www.cbonds.com|access-date=2019-01-25|archive-date=25 January 2019|archive-url=https://web.archive.org/web/20190125183602/http://cbonds.com/organizations/docdownload/8887|url-status=dead}} According to Cbonds, nowadays there are 20 international Venezuelan bonds which are recognized in default. The overall amount of defaulted obligations is equal to 36 billion dollars.{{Cite web|url=http://cbonds.com/countries/Venezuela-bond|title=Venezuela: bonds|website=www.cbonds.com|access-date=2019-01-25}}

Under the tenures of Hugo Chávez and his successor Nicolás Maduro, many businesses abandoned Venezuela. In 1999, there were 13,000 companies in the country. By 2016, less than a third of companies remained in Venezuela, with only 4,000 companies operating in the nation.{{cite news|last1=Beiras|first1=Beatriz|title=Venezuela economy fractured with shortages of essentials across the country|url=http://www.euronews.com/2016/05/18/venezuela-economy-fractured-with-shortages-of-essentials-across-the-country/|access-date=26 May 2016|agency=Euronews|date=19 May 2016}}

{{see also|Energy policy of Venezuela}}

File:Oil Reserves Updated.png according to OPEC, 2013]]

File:Annual crude oil and lease condensate production in South American countries in 2010 through 2020 (51727722797).png

Venezuela has the world's largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017.{{Cite web|url=https://www.opec.org/opec_web/en/data_graphs/330.htm|title=OPEC : OPEC Share of World Crude Oil Reserves|website=www.opec.org|access-date=2019-03-26}} The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy. The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only {{convert|2300000|oilbbl}} daily, down from 3.5 million in 1998. However, the oil incomes will double its value in local currency with the recent currency devaluation.{{in lang|es}} [http://www.eluniversal.com/2010/01/11/eco_art_contribucion-petrole_1720725.shtml "Contribución petrolera se duplica por ajuste cambiario."] El Universal. 11 January 2010. Retrieved 3 September 2010. Venezuela has large energy subsidies. In 2015, the cost of petrol was just US$0.06 per gallon, costing 23% of government revenues.{{Cite web|url=https://www.cnbc.com/2015/02/23/global-gasoline-price-subsidies-evaporate.html|title=Global gasoline-price subsidies evaporate|first=John W.|last=Schoen|date=23 February 2015|website=www.cnbc.com}} In February 2016, the government finally decided to raise the price, but only to 6 bolívar (about 60¢ at the official rate of exchange) per litre for premium and just 1 bolívar (10¢) for lower-grade petrol.{{cite news|title=Venezuela: Maduro anuncia una devaluación y un aumento de hasta el 6.000% en el precio de la gasolina|url=http://www.bbc.com/mundo/noticias/2016/02/160217_venezuela_precio_gasolina_az|agency=BBC|date=17 February 2016}}{{cite news|title=Venezuela raises petrol price for first time in 20 years|url=https://www.bbc.com/news/business-35600921|agency=BBC|date=18 February 2016}}

A range of other natural resources, including iron ore, coal, bauxite, gold, nickel and diamonds, are in various stages of development and production. In April 2000, Venezuela's president decreed a new mining law and regulations were adopted to encourage greater private sector participation in mineral extraction. During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%.{{cite news|last=Blasco|first=Emili|title=Venezuela se queda sin suficientes divisas para pagar las importaciones|url=http://www.abc.es/internacional/20140423/abci-venezuela-divisas-importaciones-201404222046.html|access-date=24 April 2014|newspaper=ABC News (Spain)|date=23 April 2014}} In the production of gold, until 2009 the country produced an annual average between 11 and 12 tons per year. After that, due to the political and economic problems, mining activity plummeted: in 2017 the country only extracted 0.48 ton.[https://www.ceicdata.com/en/indicator/venezuela/gold-production Gold production in Venezuela]

Venezuela mostly utilizes hydropower resources to supply power to the nation's industries, accounting for 57% of total consumption at the end of 2016.{{Cite web|url=https://www.globallegalinsights.com/practice-areas/energy-laws-and-regulations/venezuela|title=Venezuela {{!}} Energy 2018 |website=GLI – Global Legal Insights Venezuela {{!}} Energy 2018|language=en|access-date=2017-12-18}} However, persistent drought has severely reduced energy production from hydropower resources.{{Cite news|url=https://www.theguardian.com/news/2016/mar/30/weatherwatch-hambling-venezuela-hydroelectric-dam-guri-dry-reservoirs-colombia|title=Hydro power falters in persistent drought|last=Hambling|first=David|date=2016-03-30|work=The Guardian|access-date=2017-12-18|language=en|issn=0261-3077}} The national electricity law is designed to provide a legal framework and to encourage competition and new investment in the sector.{{citation needed|date=August 2015}} After a two-year delay, the government is proceeding with plans to privatize the various state-owned electricity systems under a different scheme than previously envisioned.{{citation needed|date=August 2015}}

{{expand section|date=September 2010}}

Manufacturing contributed 12% of GDP in 2014.{{Cite web|url=https://data.worldbank.org/indicator/NV.IND.MANF.ZS?locations=VE|title=Manufacturing, value added (% of GDP) {{!}} Data|last=The World Bank Group|date=2019|website=data.worldbank.org|access-date=2019-04-06}} The manufacturing sector is experiencing severe difficulties, amidst lack of investment and accusations of mismanagement.{{cite news|url=http://english.eluniversal.com/economia/121105/venezuelas-aluminum-industry-operates-at-29-of-capacity|archive-url=https://archive.today/20130122012546/http://english.eluniversal.com/economia/121105/venezuelas-aluminum-industry-operates-at-29-of-capacity|url-status=dead|archive-date=22 January 2013|access-date=15 November 2012|title=Venezuela's aluminum industry operates at 29% of capacity}}{{cite news|url=http://www.eluniversal.com/economia/120229/venezuelas-aluminum-and-steel-production-below-1997-numbers|access-date=15 November 2012|title=Venezuela's aluminum and steel production below 1997 numbers}} Venezuela manufactures and exports steel, aluminum, transport equipment, textiles, apparel, beverages and foodstuffs. It produces cement, tires, paper, fertilizer and assembles cars both for domestic and export markets.

In 2014, General Motors Venezolana stopped automotive production after 65 years of service due to a lack of supplies{{cite news|title=En imágenes: Así fue el último día de General Motors en Venezuela|url=http://www.venezuelaaldia.com/2014/05/en-imagenes-asi-fue-el-ultimo-dia-de-general-motors-en-venezuela/|access-date=19 May 2014|newspaper=Venezuela Al Dia|date=16 May 2014}}{{cite news|title=Dolorosa imagen de nuestra industria automotriz: El cierre de General Motors Venezolana|url=http://www.lapatilla.com/site/2014/05/16/dolorosa-imagen-de-nuestra-industria-automotriz-el-cierre-de-general-motors-venezolana/|access-date=19 May 2014|newspaper=La Patilla}} while the Central Bank of Venezuela announced that the shortage rate of new automobiles was at 100%.{{cite news|last=Deniz|first=Roberto|title=Banco Central reporta que la escasez de vehículos llega al 100%|url=http://www.eluniversal.com/economia/140504/banco-central-reporta-que-la-escasez-de-vehiculos-llega-al-100|access-date=5 May 2014|newspaper=El Universal|date=4 May 2014}} By the first half of 2016, only 10 vehicles were manufactured per day in Venezuela with production dropping 86%.{{cite news|last1=Woody|first1=Christopher|title=Venezuela's looming economic catastrophe, in one graphic|url=https://www.businessinsider.com/venezuela-heading-toward-hyperinflation-2016-7|access-date=21 July 2016|agency=Business Insider|date=20 July 2016|archive-date=22 July 2016|archive-url=https://web.archive.org/web/20160722120957/http://www.businessinsider.com.au/venezuela-heading-toward-hyperinflation-2016-7|url-status=live}}

In 2017, estimates showed that Venezuela's industrial production fell about 2%.

{{main|Agriculture in Venezuela}}

Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least a quarter of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, beef and pork. The country is not self-sufficient in most areas of agriculture. Venezuela imports about two-thirds of its food needs. In 2002, American firms exported $347 million worth of agricultural products, including wheat, corn, soybeans, soybean meal, cotton, animal fats, vegetable oils and other items to make Venezuela one of the top two American markets in South America. The United States supplies more than one-third of Venezuela's food imports. Recent government policies have led to problems with food shortages. During times of high oil revenues domestic agriculture was neglected in favor of imported products, but when oil revenues fell and the currency experienced hyperinflation, the cost of acquiring those imported goods became prohibitive for most Venezuelans.

Venezuela produced in 2019:[http://www.fao.org/faostat/en/#data/QC/ Venezuela production in 2019, by FAO]

• 4.3 million tons of sugarcane;
• 1.9 million tons of maize;
• 1.4 million tons of banana;
• 760 thousand tons of rice;
• 485 thousand tons of pineapple;
• 477 thousand tons of potato;
• 435 thousand tons of palm oil;
• 421 thousand tons of cassava;
• 382 thousand tons of orange;
• 225 thousand tons of watermelon;
• 199 thousand tons of papaya;
• 194 thousand tons of melon;
• 182 thousand tons of tomatoes;
• 155 thousand tons of tangerine;
• 153 thousand tons of coconut;
• 135 thousand tons of avocado;
• 102 thousand tons of mango (including mangosteen and guava);
• 56 thousand tons of coffee;

In addition to smaller productions of other agricultural products. Due to internal economic and political problems, sugar cane production dropped from 7.3 million tons in 2012 to 3.6 million in 2016. Corn production dropped from 2.3 million tons in 2014 to 1.2 million in 2017. Rice fell from 1.15 million tons in 2014 to 498 thousand tons in 2016.[http://www.fao.org/faostat/en/#data/QC/ Venezuela production, by FAO]

In livestock, Venezuela produced, in 2019: 470 thousand tons of beef, 454 thousand tons of chicken meat, 129 thousand tons of pork, 1.7 billion liters of cow's milk, among others. The production of chicken meat decreased progressively, from year to year, from 1.1 million tons in 2011 to 448 thousand tons in 2017. The production of pork fell from 219 thousand tons in 2011 to 124 thousand tons in 2018. The production of cow's milk dropped from 2.4 billion liters in 2011 to 1.7 billion in 2019.[http://www.fao.org/faostat/en/#data/QL/ Livestock production in Venezuela, by FAO]

File:Venezuela-private-non-oil-exports.png

Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC), the Organization of Gas Exporting Countries (GECF), the Bolivarian Alliance for the Peoples of Our America (ALBA) and the Community of Latin American and Caribbean States (CELAC).{{Cite news|url=https://2009-2017.state.gov/r/pa/ei/bgn/35766.htm|title=Venezuela|work=U.S. Department of State|access-date=2018-08-22|language=en-US}} Petroleum constitutes 80% of Venezuela's exports with a value of $22.2 billion in 2017.{{cite web |url=https://atlas.media.mit.edu/en/profile/country/ven/ |title=OEC – Venezuela (VEN) Exports, Imports, and Trade Partners |publisher=The Observatory of Economic Complexity |website=atlas.media.mit.edu |access-date=22 June 2019}} Thanks to petroleum exports, Venezuela usually posts a trade surplus. From 2005, nontraditional (i.e. nonpetroleum) private sector exports have been declining rapidly. By 2015, they constitute 8% of total exports.{{cite web | url=http://www.bcv.org.ve/c2/indicadores.asp | title=Balanza de pagos y otros indicadores del sector externo. Exportaciones e importaciones de bienes y servicios (millones de USD) | publisher=Banco Central Venezuela | language=es | access-date=1 May 2016 | archive-date=25 March 2018 | archive-url=https://web.archive.org/web/20180325141939/http://www.bcv.org.ve/c2/indicadores.asp | url-status=dead }} The United States is Venezuela's leading trade partner. During 2002, the United States exported $4.4 billion in goods to Venezuela, making it the 25th-largest market for the United States Including petroleum products, Venezuela exported $15.1 billion in goods to the United States, making it its 14th-largest source of goods. Venezuela opposes the proposed Free Trade Area of the Americas.{{citation needed|date=May 2020}}

Since 1998, China–Venezuela relations have seen an increasing partnership between the government of the Venezuelan President Hugo Chávez and the People's Republic of China. Sino-Venezuelan trade was less than $500m per year before 1999 and reached $7.5bn in 2009, making China Venezuela's second-largest trade partner and Venezuela China's biggest investment destination in Latin America. Various bilateral deals have seen China invest billions in Venezuela and Venezuela increase exports of oil and other resources to China. China has demanded payment in oil for its exports to Venezuela because of its unwillingness to accept Venezuelan currency and the inability of Venezuela to pay in dollars or gold.{{citation needed|date=May 2020}}

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{{expand section|date=September 2010}}

Under Chávez, Venezuela has also instituted worker-run "co-management" initiatives in which workers' councils play a key role in the management of a plant or factory. In experimental co-managed enterprises, such as the state-owned Alcasa factory, workers develop budgets and elect both managers and departmental delegates who work together with company executives on technical issues related to production.Bruce, Iain. [http://news.bbc.co.uk/2/hi/business/4155936.stm "Chavez calls for democracy at work."] BBC News. 17 August 2005. Retrieved 22 September 2006.

In November 2010, workers spent a week protesting outside factories in Valera and Valencia following the expropriation of the American bottle-maker Owens-Illinois.{{cite news| url=https://www.bloomberg.com/news/2010-10-26/owens-illinois-seizure-by-chavez-may-undermine-empresas-polar.html | work=Bloomberg | first1=Charlie | last1=Devereux | title=Owens-Illinois Seizure by Chavez May Undermine Venezuela's Empresas Polar | date=26 October 2010}}

Labor disputes have continued to increase since the financial crisis in 2008. According to the World Economic Forum, Venezuela is ranked as 134th of the 148 countries for economic competitiveness. Many in the private sector attribute these findings to the inflexible labor market.

In recent years, a barrage of pro-worker decrees have been passed. The most significant could be the 2012 labor laws known as the LOTTT. These laws included the virtual ban on dismissal, shorter work week, improved holidays and enhanced maternity benefits. The LOTTT offers job security to most workers after the first month. Employers have reported an absenteeism rate of up to 40% which they blame on the leniency of these labor laws. As expected, employers have been less willing to recruit.[https://www.economist.com/news/americas/21594997-regime-has-contrived-make-both-bosses-and-workers-unhappy-labours-love-lost Labour's Love Lost] The Economist. 25 January 2014. Retrieved 16 June 2015

On 17 November 2014, President Maduro issued a decree to increase the minimum salary for all workers by 15%. The decree became effective on 1 December 2014.[http://www.globalworkplaceinsider.com/tag/lottt/ Minimum Salary Increase] Global Workplace Insider. 4 December 2014. Retrieved 16 June 2015. As part of the May Day celebrations in honor of workers' day, President Maduro announced on 28 April 2015 that the minimum wage would increase 30%; 20% in May and 10% in July, with the newly announced minimum wage for Venezuelans being only about $30 per month at the widely used black market rate.{{cite news|last1=Goodman |first1=Joshua |title=Venezuela Raises Minimum Wage 30 Pct Amid Raging Inflation |url=http://hosted.ap.org/dynamic/stories/L/LT_VENEZUELA_MINIMUM_WAGE?SITE=AP |access-date=10 May 2015 |agency=Associated Press |date=1 May 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150518080934/http://hosted.ap.org/dynamic/stories/L/LT_VENEZUELA_MINIMUM_WAGE?SITE=AP |archive-date=18 May 2015 }}

In September 2017, the National Union of Workers (UNETE) announced that Venezuela had lost 3,345,000 jobs since the election of President Maduro.{{cite news|title="Desde que Maduro está allí hemos perdido 3 millones 345 mil empleos": Marcela Máspero, coordinadora de la Unión Nacional de Trabajadores|url=http://www.ntn24america.com/video/denuncias-perdidas-de-empleos-en-venezuela-entrevista-152635|access-date=17 September 2017|work=NTN24|date=16 September 2017|language=es|archive-url=https://web.archive.org/web/20170917124113/http://www.ntn24america.com/video/denuncias-perdidas-de-empleos-en-venezuela-entrevista-152635|archive-date=17 September 2017|url-status=dead}} By December 2017, the number of lost jobs increased by 400,000 to over 3,850,000 lost jobs since the start of Maduro's tenure.{{Cite web|url=https://www.lapatilla.com/site/2017/12/27/federacion-de-trabajadores-publicos-cifra-en-cerca-de-4-millones-perdida-de-empleos-desde-2013/|title=Federación de trabajadores públicos cifra en cerca de 4 millones pérdida de empleos desde 2013|website=La Patilla|date=27 December 2017|language=es-ES|access-date=2017-12-28}}

In the 20th century when Venezuela benefitted from oil sales, infrastructure flourished in Venezuela. However, in recent years Venezuela's public services and infrastructure has suffered, especially utilities such as electricity and water.

Venezuela has an extensive road system that was initially created in the 1960s helped aid the oil and aluminum industries. The capital Caracas had a modern subway system designed by the French that was finished in 1995, with the subway tunneling more than {{convert|31.6|mi|km|abbr=on}}.

In 1870, Antonio Guzmán Blanco helped create Venezuela's railway system.

The Chavez government launched a National Railway Development Plan designed to create 15 railway lines across the country, with {{convert|8500|mi|km|order=flip}} of track by 2030. The network is being built in cooperation with China Railways, which is also cooperating with Venezuela to create factories for tracks, railway cars and eventually locomotives. However, Venezuela's rail project is being put on hold due to Venezuela not being able to pay the $7.5 billion and owing China Railway nearly $500 million.{{cite news|last=Han Shih|first=Toh|title=China Railway Group's project in Venezuela hits snag|url=http://www.scmp.com/business/china-business/article/1211846/china-railway-groups-project-venezuela-hits-snag|access-date=14 December 2013|newspaper=South China Morning Post|date=11 April 2013}}

Lufthansa said it would stop all flights to Venezuela on 18 June 2016, citing difficulties with currency controls.{{Cite web|url=https://www.bbc.co.uk/news/world-latin-america-36407570|title=Lufthansa to suspend flights to Venezuela|date=2016-05-29|website=BBC News|access-date=2016-05-29}} Other airlines also cut back on flights and required that passengers pay fares in US$.

{{main|Energy in Venezuela}}

The Venezuelan electrical grid is plagued with occasional blackouts in various districts of the country. In 2011, it had so many problems that rations on electricity were put in place to help ease blackouts.{{cite news|last=Toothaker|first=Christopher|title=Venezuela's Electricity To Be Rationed Following Recurring Power Outages|url=http://www.huffingtonpost.com/2011/06/16/venezuela-electricity-rationed-power-outages-_n_878018.html|access-date=14 December 2013|newspaper=HuffPost|date=16 June 2011}} On 3 September 2013, 70% of the country plunged into darkness with 14 of 23 states of Venezuela stating they did not have electricity for most of the day.{{cite news|title=Power cut paralyses Venezuela|url=https://www.theguardian.com/world/2013/sep/04/power-cut-paralyses-venezuela|access-date=14 December 2013|newspaper=The Guardian|date=4 September 2013}} Another power outage on 2 December 2013 left most of Venezuela in the dark again and happened just days before elections.{{cite news|title=Venezuela Power Outage Plunges Most of Nation into Darkness|url=http://www.huffingtonpost.com/2013/12/02/venezuela-power-outage_n_4375191.html|access-date=14 December 2013|newspaper=HuffPost|date=2 December 2013}}

• Electricity – production by source:
• Fossil fuel: 35.7% (2012 est.)
• Hydroelectric 64.3 (2012 est.)
• Nuclear: 0% (2012 est.)
• Other: 0% (2012 est.)
• Electricity production: 127.6 billion kWh (2012 est.)
• Electricity – consumption: 85.05 billion kWh (2011 est.)
• Electricity – exports: 633 million kWh (2009 est.)
• Electricity – imports: 260 million kWh (2009 est.)
• Electricity – installed generating capacity: 27.5 million kW (2012 est.)

File:Modern Venezuela Economic Indicators.png, World Bank and Central Intelligence Agency)]]

The Macroeconomic Stabilization Fund (FIEM) decreased from US$2.59 billion in January 2003 to US$700 million in October, but central bank-held international reserves actually increased from US$11.31 billion in January to US$19.67 billion in October 2003. On the black market, the bolívar fell 28% in 2007 to Bs. 4,750 per US$Romero, Simon. [https://www.nytimes.com/2007/03/18/world/americas/18venezuela.html?ex=1331870400&en=45138c3cf57388e7&ei=5088&partner=rssnyt&emc=rss "Venezuela to Give Currency New Name and Numbers."] The New York Times. 18 March 2007. Retrieved 3 September 2010. and declined to around VEF 5.5 (Bs 5500) per US$ in early 2009.Molano, Walter. [http://www.laht.com/article.asp?ArticleId=328944&CategoryId=13303 "Venezuela is Priced for Failure."] {{Webarchive|url=https://web.archive.org/web/20171028222158/http://www.laht.com/article.asp?ArticleId=328944&CategoryId=13303 |date=28 October 2017 }} Latin American Herald Tribune. 2009. Retrieved 3 September 2010.

The economy recovered and grew by 16.8% in 2004. This growth occurred across a wide range of sectors—the oil industry directly provides only a small percentage of employment in the country. International reserves grew to US$27 billion. Polling firm Datanalysis noted that real income in the poorest sectors of society grew by 33% in 2004.{{Citation needed|date=December 2009}}

On 7 March 2007, the government announced that the Venezuelan bolívar would be redenominated at a ratio of 1 to 1,000 at the beginning of 2008 and renamed the bolívar fuerte ("strong bolivar") to ease accounting and transactions. This was carried out on 1 January 2008, at which time the exchange rate was 2.15 bolívar fuerte per US$.Ellsworth, Brian. [https://www.reuters.com/article/idUSN0160996920080101 "Venezuela cuts three zeros off bolivar currency."] Reuters. 1 January 2008. Retrieved 3 September 2010. The ISO 4217 code for the bolívar fuerte is VEF.

Government spending as a percentage of GDP in Venezuela in 2007 was 30%, smaller than other mixed economies such as France (49%) and Sweden (52%).Weisbrot, Mark, and Sandoval, Luis.[http://www.cepr.net/documents/publications/venezuela_2007_07.pdf The Venezuelan Economy in the Chávez Years][https://docs.google.com/viewer?url=http%3A%2F%2Fwww.cepr.net%2Fdocuments%2Fpublications%2Fvenezuela_2007_07.pdf&embedded=true&chrome=false&dov=1]. Center for Economic and Policy Research. July 2007. According to official sources from the United Nations, the percentage of people below the national poverty line has decreased during the presidency of Hugo Chávez, from 48.1% in 2002 to 28% in 2008.Forero, Juan. [https://www.washingtonpost.com/wp-dyn/content/article/2010/04/18/AR2010041803090.html "Despite billions in U.S. aid, Colombia struggles to reduce poverty."] The Washington Post. 19 April 2010. Retrieved 3 September 2010.{{in lang|es}} [http://www.cepal.org/publicaciones/xml/5/30305/PSE2007_Sintesis_Lanzamiento.pdf "Situación de la pobreza en la región."] {{Webarchive|url=https://web.archive.org/web/20120308055356/http://www.cepal.org/publicaciones/xml/5/30305/PSE2007_Sintesis_Lanzamiento.pdf |date=8 March 2012 }} Panorama social de América Latina. 2007. Retrieved 4 September 2010.

With the 2007 rise in oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007. Oil prices fell starting in July 2008, resulting in a major loss of income. Hit by a global recession, the economy contracted by 2% in the second quarter of 2009,Daniel, Frank. [https://www.reuters.com/article/idUSN2052572820090821 "Venezuela economy shrinks for first time in 5 years."] Reuters. 20 August 2009. Retrieved 3 September 2010. contracting a further 4.5% in the third quarter of 2009. Chavez's response has been that these standards mis-state economic fact and that the economy should be measured by socialistic standards.Daniel, Frank. [https://www.reuters.com/article/idUSN2220285420091122 "Chavez says Venezuela in recession, by US yardstick."] Reuters. 22 November 2009. Retrieved 3 September 2010. On 17 November, the Central Bank reported that private sector activity declined by 4.5% and that inflation was averaging 26.7%. Compounding such problems is a drought which the government says was caused by El Niño, resulting in rationing of water and electricity and a short supply of food.Márquez, Humberto. [http://ipsnews.net/news.asp?idnews=48972 "El Niño Dries Up Water, Power, Food Supply."] {{webarchive|url=https://web.archive.org/web/20091107020153/http://www.ipsnews.net/news.asp?idnews=48972 |date=7 November 2009 }} IPS News. 23 October 2009. Retrieved 3 September 2010.

The year 2010 saw Venezuela still in recession as GDP has fallen by 5.8% in the first quarter of 2010.Cawthorne, Andrew.[https://www.reuters.com/article/idUSN2515736520100525 "Venezuela recession drags, GDP falls 5.8 pct Q1"]. Reuters. 25 May 2010. Retrieved 13 August 2010 The Central Bank of Venezuela has stated that the recession is due largely "to restricted access to foreign currency for imports, lower internal demand and electricity rationing". The oil sector's performance was also particularly troubling, with oil GDP shrinking by 5%. More importantly, the Central Bank hints at the root cause of the oil contraction, saying that "the bank said it was due to falls in production, "operative problems", maintenance stoppages and the channeling of diesel to run thermal generators during a power crisis". While the public sector of the economy has fallen 2.8%, the private sector has dropped off 6%.

The year 2013 proved to be difficult for Venezuela as shortages of necessities and extreme inflation attacked the nation's economy. Items became so scarce that nearly one quarter of items were not in stock.{{cite news|title=Venezuela's Forced Price Cuts Damp World's Fastest Inflation (2)|url=http://www.businessweek.com/news/2013-12-30/venezuela-s-forced-price-cuts-damp-world-s-fastest-inflation|archive-url=https://web.archive.org/web/20140104053838/http://www.businessweek.com/news/2013-12-30/venezuela-s-forced-price-cuts-damp-world-s-fastest-inflation|url-status=dead|archive-date=4 January 2014|access-date=16 January 2014|newspaper=Businessweek|date=30 December 2013}} The bolívar was devalued to 6.3 per US$ in early 2013 taking one third of its value away.{{cite news|title=Venezuela Slashes Currency Value|url=https://www.wsj.com/news/articles/SB10001424127887323951904578292383059267360|access-date=16 January 2014|newspaper=The Wall Street Journal|date=9 February 2013|archive-url=https://web.archive.org/web/20151016050959/http://www.wsj.com/news/articles/SB10001424127887323951904578292383059267360|archive-date=16 October 2015|url-status=dead}} However, inflation still continued to rise drastically in the country to the point President Maduro forced stores to sell their items just days before elections. Maduro said that the stores were charging unreasonable prices even though the owners were only charging so much due to the actual devaluation of the bolívar.{{cite news|title=Government-ordered price cuts spawn desperation shopping in Venezuela|url=http://www.latimes.com/world/la-fg-venezuela-chaos-20131116,0,4565607.story|access-date=16 January 2014|newspaper=Los Angeles Times|date=16 November 2013|first1=Mery|last1=Mogollon|first2=Chris|last2=Kraul}}

In 2014 The Central Bank of Venezuela stopped releasing statistics for the first time in its history as a way to possibly manipulate the image of the economy.{{cite news|last=Kurmanaev|first=Anatoly|title=Venezuela in Data Denial After Inflation Tops 50%: Andes Credit|url=https://www.bloomberg.com/news/2014-01-09/venezuela-in-data-denial-after-inflation-tops-50-andes-credit.html|access-date=16 January 2014|newspaper=Bloomberg|date=9 January 2014}} Venezuela has also dismantled CADIVI, a government body in charge of currency exchange.

In May 2019, the Central Bank of Venezuela released economic data for the first time since 2015. According to this release, the inflation of Venezuela was 274% in 2016, 863% in 2017 and 130,060% in 2018.{{Cite news|url=https://www.lemonde.fr/international/article/2019/05/29/venezuela-l-inflation-a-ete-de-130-060-en-2018_5469091_3210.html|title=Au Venezuela, l'inflation a été de 130 060 % en 2018|date=29 May 2019|work=Le Monde|access-date=31 May 2019|language=fr}} The new reports imply a contraction of more than half of the economy in five years, according to the Financial Times "one of the biggest contractions in Latin American history".{{Cite web|url=https://www.ft.com/content/5cb83c1c-821b-11e9-b592-5fe435b57a3b |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/5cb83c1c-821b-11e9-b592-5fe435b57a3b |archive-date=10 December 2022 |url-access=subscription |url-status=live|title=Venezuela data offer rare glimpse of economic chaos|last=Long|first=Gideon|date=29 May 2019|website=Financial Times|access-date=31 May 2019}} According two undisclosed sources from Reuters, the release of this numbers was due to pressure from China, a Maduro ally. One of this sources claims that the disclosure of economic numbers may bring Venezuela into compliance with the IMF, making it harder to support Juan Guaidó during the presidential crisis.{{Cite news|url=https://www.reuters.com/article/us-venezuela-politics-imf-idUSKCN1T01YW|title=IMF denies pressuring Venezuela to release economic data|last1=Wroughton|first1=Lesley|date=30 May 2019|work=Reuters|access-date=31 May 2019|last2=Pons|first2=Corina}} At the time, the IMF was not able to support the validity of the data as they had not been able to contact the authorities.

The following table shows the main economic indicators in 1980–2023.{{Cite web |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report |access-date=2024-02-26 |website=IMF |language=en}} Inflation below 10% is in green.

{{static row numbers}}{{sticky header}}

File:Venezuela_inflation_on_the_black_market_(DolarToday)_on_a_logarithmic_scale.png

File:Time_BsF_would_take_to_lose_90_percent_of_its_value.png, inverted logarithmic scale)]]

The parallel exchange rate is what Venezuelans believe the Venezuelan currency is worth compared to the US$.{{cite news|title=Venezuela's black market rate for US dollars just jumped by almost 40%|url=http://qz.com/192395/venezuelas-black-market-rate-for-us-dollars-just-jumped-by-almost-40/#/h/56869,3/|access-date=27 March 2014|newspaper=Quartz|date=26 March 2014}} In the first few years of Chávez's office, his newly created social programs required large payments in order to make the desired changes. On 5 February 2003, the government created CADIVI, a currency control board charged with handling foreign exchange procedures. Its creation was to control capital flight by placing limits on individuals and only offering them so much of a foreign currency.[http://www.cadivi.gov.ve/cadivi/cadivi.html CADIVI, una medidia necesaria] {{webarchive|url=https://web.archive.org/web/20081205143924/http://www.cadivi.gov.ve/cadivi/cadivi.html |date=5 December 2008 }} This limit to foreign currency led to a creation of a currency black market economy since Venezuelan merchants rely on foreign goods that require payments with reliable foreign currencies. As Venezuela printed more money for their social programs, the Bolívar continued to devalue for Venezuelan citizens and merchants since the government held the majority of the more reliable currencies.{{cite web|last=Hanke|first=Steve|title=The World's Troubled Currencies|url=http://www.marketoracle.co.uk/Article41552.html|publisher=The Market Oracle|access-date=26 January 2014}}

As of January 2018, the strongest official exchange rate was 1 US$ to 10 VEF while the free market exchange rate was over 200,000 VEF to 1 US$.{{cite web|url=https://dolartoday.com/indicadores|title=Indicadores Economía Venezolana|website=dolartoday.com|access-date=22 March 2018}} Since merchants can only receive so much necessary foreign currency from the government, they must resort to the black market which in turn raises the merchant's prices on consumers.{{cite news|last=Gupta|first=Girish|title=The 'Cheapest' Country in the World|url=http://world.time.com/2014/01/23/venezuelas-currency-controls-propels-those-with-connections/|archive-url=https://web.archive.org/web/20140124232718/http://world.time.com/2014/01/23/venezuelas-currency-controls-propels-those-with-connections/|url-status=dead|archive-date=24 January 2014|access-date=26 January 2014|newspaper=Time|date=24 January 2014}} The high rates in the black market make it difficult for businesses to purchase necessary goods since the government often forces these businesses to make price cuts. This leads to businesses selling their goods and making a low profit, such as Venezuelan McDonald's franchises offering a Big Mac meal for only $1.{{cite news|last=Pons|first=Corina|title=McDonald's Agrees to Cut the Price of a Venezuelan Big Mac Combo|url=https://www.bloomberg.com/news/2014-01-14/mcdonald-s-agrees-to-cut-the-price-of-a-venezuelan-big-mac-combo.html|access-date=26 January 2014|newspaper=Bloomberg|date=14 January 2014}} Since businesses make low profits, this leads to shortages since they are unable to import the goods that Venezuela is reliant on. Venezuela's largest food producing company, Empresas Polar, has stated that they may need to suspend some production for nearly the entire year of 2014 since they owe foreign suppliers $463 million.{{cite news|last=Goodman|first=Joshua|title=Venezuela overhauls foreign exchange system|url=http://www.businessweek.com/ap/2014-01-22/venezuela-food-giant-warns-production-at-risk|archive-url=https://web.archive.org/web/20140214224213/http://www.businessweek.com/ap/2014-01-22/venezuela-food-giant-warns-production-at-risk|url-status=dead|archive-date=14 February 2014|access-date=26 January 2014|newspaper=Bloomberg|date=22 January 2014}} The last report of shortages in Venezuela showed that 22.4% of necessary goods are not in stock.{{cite news|last=Vyas|first=Kejal|title=Venezuela's Consumer Prices Climbed 56% in 2013|url=https://www.wsj.com/news/articles/SB10001424052702304137304579290692238841828|access-date=26 January 2014|newspaper=The Wall Street Journal|url-access=subscription |date=30 December 2013|archive-url=https://web.archive.org/web/20150615184334/http://www.wsj.com/news/articles/SB10001424052702304137304579290692238841828|archive-date=15 June 2015|url-status=dead}} This was the last report by the government since the central bank no longer posts the scarcity index. This has led to speculation that the government is hiding its inability to control the economy which may create doubt about future economic data released.{{cite news|title=Venezuela inflation data under scrutiny|url=http://www.buenosairesherald.com/article/148634/venezuela-inflation-data-under-scrutiny|access-date=26 January 2014|newspaper=Buenos Aires Herald|date=31 December 2013}}

Like most Latin American countries, Venezuela has an unequal distribution of wealth. Although distribution improved when the surplus of rural labor started to diminish and the educational system improved in the middle of the 20th century,{{cite book|author=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present.|date=2016|publisher=Cambridge University Press|page=150|isbn=9781107507180}} equality is far from coinciding with western standards. The rich tend to be very rich and the poor very poor. In 1970, the poorest fifth of the population had 3% of national income while the wealthiest fifth had 54%.World Bank. "Table 24." World Development Report. 1980. pp. 156–57. For comparison, the United Kingdom 1973 figures were 6.3% and 38.8% and the United States in 1972, 4.5% and 42.8%. Inequality declined during the early 2000s as the government spent heavily on social programs to improve the well-being of the poor. The economic crisis since 2013 has greatly increased inequality since the heavily subsidized services that the poor rely on, such as public hospitals and food distribution, have experienced severe shortages of essential imported goods. Hyperinflation has destroyed the value of savings, plunging many formerly stable, middle-class Venezuelans into extreme poverty. Conversely, the very wealthy are more likely to have access to overseas financial services allowing them to store their wealth in stable foreign currencies and escape the catastrophic collapse of the Venezuelan currency.

The more recent income distribution data available is for distribution per capita, not per household. The two are not strictly comparable because poor households tend to have more members than rich households, thus the per household data tends to show less inequality than the per capita data. The table below shows the available per capita data for recent years from the World Bank.

Poverty in Venezuela increased during the 1980s and early 1990s, but it decreased greatly in the mid to late 1990s. The decreasing trend continued through the Chávez presidency, with the exception of the troubled years 2002 and 2003. Under the Bolivarian government, poverty decreased initially when Venezuela acquired oil funds, though poverty began to increase to its highest level in decades in the 2010s.{{cite news|title=Venezuela: a nation in a state|url=https://www.economist.com/blogs/graphicdetail/2016/02/graphics-political-and-economic-guide-venezuela|access-date=5 March 2016|agency=The Economist|date=18 February 2016}} Throughout its modern history, inequality and poverty rates have wildly fluctuated from year to year, owing to the government's dependence on unreliable oil revenues which send the economy into alternating periods of rapid growth and catastrophic recession. The poverty rate decreased from 55% to 27% in the 5-year period between 2003 and 2008, only to then skyrocket to over 80% in the 5 years between 2012 and 2017.

The table below shows the percentage of people and the percentage of households whose income is below a poverty line which is equal to the price of a market basket of necessities such as food.[http://www.ine.gov.ve/fichastecnicas/idh/fichaindicalineapobreza.htm "Ficha Técnicas de Línea de Pobreza por Ingreso."] {{webarchive|url=https://web.archive.org/web/20090529062832/http://www.ine.gov.ve/fichastecnicas/idh/fichaindicalineapobreza.htm|date=29 May 2009}} Estadísticas Sociales y Ambientales. El Instituto Nacional de Estadísticas. Retrieved 4 September 2010. The Instituto Nacional de Estadística describes their method for compiling these statistics.

File:INE Venezuela poverty rate 1990 to 2013.png rate from 1990 to 2013
Source: INE{{cite web|title=Pobreza|url=http://www.ine.gov.ve/index.php?option=com_content&view=category&id=104&Itemid=45#|website=instituto nacional de estadistica|access-date=1 September 2014}}{{cite web|title=Venezuela Achieves Millennium Goals|url=http://venezuela-us.org/es/wp-content/uploads/2010/10/venezuela-achieves-millennium-goals-2.pdf|website=Embassy of the Bolivarian Republic of Venezuela|access-date=1 September 2014|archive-url=https://web.archive.org/web/20140903112831/http://venezuela-us.org/es/wp-content/uploads/2010/10/venezuela-achieves-millennium-goals-2.pdf|archive-date=3 September 2014|url-status=dead}}
Note: interim presidents excluded and one-year delay of data transferred during presidential term changes due to new policies, inaugurations and so on]]

In the early 2000s, when oil prices soared and offered Chávez funds not seen since the beginning of Venezuela's economic collapse in the 1980s, Chávez's government became "semi-authoritarian and hyper-populist" and consolidated its power over the economy in order to gain control of large amounts of resources.{{cite news|last1=Corrales|first1=Javier|title=Don't Blame It on the Oil|url=https://foreignpolicy.com/2015/05/07/dont-blame-it-on-the-oil-venezuela-caracas-maduro/|access-date=10 May 2015|agency=Foreign Policy|date=7 May 2015}} Domestically, Chávez used such oil funds for populist policies, creating the Bolivarian missions, aimed at providing public services to improve economic, cultural and social conditions. Despite warnings near the beginning of Chávez's tenure in the early 2000s, Chávez's government continuously overspent in social spending and did not save enough money for any future economic turmoil, which Venezuela faced shortly before and after his death.{{cite news|last1=Siegel|first1=Robert|title=For Venezuela, Drop in Global Oil Prices Could Be Catastrophic|url=https://www.npr.org/2014/12/25/373128433/for-venezuela-drop-in-global-oil-prices-could-be-catastrophic|access-date=4 January 2015|agency=NPR|date=25 December 2014}} On the year of Chávez's death, Venezuela was still categorized as having high human development on its Human Development Index in 2013 according to the United Nations Development Programme, although human development began to decline in Venezuela within a year, with the country dropping 10 ranks by 2014.{{cite web |url=http://hdr.undp.org/sites/default/files/hdr14-summary-en.pdf |title=2014 Human Development Report Summary |date=2014 |access-date=27 July 2014 |publisher=United Nations Development Programme | pages=21–5}}

Extreme poverty and lack of food and medicines has pushed more than three million Venezuelans to leave the country in recent years.{{cite news|url=https://www.bbc.com/news/world-latin-america-36319877|title=Venezuela crisis: How the political situation escalated|access-date=24 January 2019|work=BBC News}} Andres Bello Catholic University conducted a study of poverty that found the poorest 20% of Venezuelans had 1.4% of the nation's wealth, down from 3.4% in 2014, while the richest 10% had 61% of the nation's wealth, up from 30%.{{cite news |url= https://www.wsj.com/articles/maduro-loses-grip-on-venezuelas-poor-a-vital-source-of-his-power-11553014207 |work= The Wall Street Journal|title= Maduro loses grip on Venezuela's poor, a vital source of his power |author= Luhnow, David |date= 19 March 2019 |access-date= 20 March 2019}}

According to government figures released in April 2017, 1,446 children under the age of 1 died in 2016, representing a 30 percent increase in one year. As of August 2017, 31 million people suffered from severe food shortages.{{Cite news|url=https://www.theguardian.com/world/2017/aug/26/nicolas-maduro-donald-trump-venezuela-hunger|title=Hunger eats away at Venezuela's soul as its people struggle to survive|last=Graham-Harrison|first=Emma|date=2017-08-26|work=The Observer|access-date=2017-12-18|language=en|issn=0029-7712}} The ENCOVI universities survey found that 73% of Venezuelans said they had lost {{convert|9|kg|lb|abbr=on}} of body weight in 2016{{Cite web|url=https://www.fundacionbengoa.org/noticias/2017/images/ENCOVI-2016-Alimentacion.pdf|title=ENCOVI, Encuesta Nacional de Condiciones de Vida, Venezuela 2016, Alimentación|last=Landaeta-Jiménez|first=Maritza|display-authors=etal|date=February 2017|website=ENCOVI, Fundación Bengoa para la Alimentación y Nutrición|language=es|trans-title=National Survey of Living Conditions, Venezuela 2016, Food|access-date=2018-02-23|archive-date=9 January 2019|archive-url=https://web.archive.org/web/20190109064534/https://www.fundacionbengoa.org/noticias/2017/images/ENCOVI-2016-Alimentacion.pdf|url-status=dead}} and 64% had lost {{convert|11|kg|lb|abbr=on}} in 2017.{{Cite web|url=https://www.ucab.edu.ve/wp-content/uploads/sites/2/2018/02/ENCOVI-Alimentaci%C3%B3n-2017.pdf|title=ENCOVI, Encuesta Nacional de Condiciones de Vida, Venezuela 2017, Alimentación I|last=Landaeta-Jiménez|first=Maritza|display-authors=etal|date=February 2018|website=Universidad Catolica Andres Bello|language=es|trans-title=ENCOVI, National Survey of Living Conditions, Venezuela 2017, Food 1|access-date=2018-02-23|archive-date=6 October 2021|archive-url=https://web.archive.org/web/20211006090848/https://www.ucab.edu.ve/wp-content/uploads/sites/2/2018/02/ENCOVI-Alimentaci%C3%B3n-2017.pdf|url-status=dead}}

When the country's economy collapsed in 2014, hunger and malnutrition became a severe problem.{{Cite news|url=https://www.nytimes.com/interactive/2017/12/17/world/americas/venezuela-children-starving.html|title=As Venezuela Collapses, Children Are Dying of Hunger|last=Kohut|first=Meredith|date=2017-12-17|work=The New York Times|access-date=2017-12-18|language=en|issn=0362-4331}} In 2015, close to 45% of Venezuelans said they were unable to afford food at times. In 2018, this figure rose to 79%, one of the highest rates in the world.{{Cite web|url=https://www.theguardian.com/world/2018/mar/06/young-venezuelans-want-to-flee-as-economy-collapses-poll-finds|title=Over half of young Venezuelans want to flee as economy collapses, poll finds|last=Graham-Harrison|first=Emma|date=2018-03-06|website=The Guardian|language=en|access-date=2018-03-07}}

Although poverty initially declined under Chávez, Venezuela's poverty rate increased to 28% by 2013, with extreme poverty rates increasing 4.4% to 10% according to the Venezuelan government's INE.{{cite web|title=Pobreza|url=http://www.ine.gov.ve/index.php?option=com_content&view=category&id=104&Itemid=45|website=INE|access-date=31 August 2014|archive-date=27 July 2012|archive-url=https://web.archive.org/web/20120727181241/http://www.ine.gov.ve/index.php?option=com_content&view=category&id=104&Itemid=45|url-status=dead}} Estimates of poverty by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) and Luis Pedro España, a sociologist at the Universidad Católica Andrés Bello, showed an increase of poverty in Venezuela.{{cite news|last1=Gallagher|first1=J. J.|title=Venezuela: Does an increase in poverty signal threat to government?|url=http://www.csmonitor.com/World/Americas/2015/0325/Venezuela-Does-an-increase-in-poverty-signal-threat-to-government|access-date=29 March 2015|agency=The Christian Science Monitor|date=25 March 2015}} ECLAC showed a 2013 poverty rate of 32% while Pedro España calculated a 2015 rate of 48%. The Venezuelan government estimated that 33% were in poverty in the first half of 2015 and then stopped producing statistics. According to Venezuelan NGO PROVEA, by the end of 2015 there would be the same number of Venezuelans living in poverty as there was in 2000, reversing the advancements against poverty by Chávez. The ENCOVI annual survey by three universities estimated poverty at 48% in 2014, 82% in 2016 and 87% in 2017.{{Cite news|url=https://www.cnbc.com/2018/02/21/venezuelans-report-big-weight-losses-in-2017-as-hunger-hits.html|title=Venezuelans report big weight losses in 2017 as hunger hits|date=2018-02-21|work=CNBC|access-date=2018-02-23|archive-date=23 February 2018|archive-url=https://web.archive.org/web/20180223171506/https://www.cnbc.com/2018/02/21/venezuelans-report-big-weight-losses-in-2017-as-hunger-hits.html|url-status=dead}}

In relation to hunger, under-nutrition, undernourishment and the percentage of children under the age of five who are moderately or severely underweight decreased earlier in Chávez's tenure.[http://mdgs.un.org/unsd/mdg/Search.aspx?q=venezuela "Millennium Development Goals Indicators."] United Nations Statistics Division. Web 4 March 2012. However, shortages in Venezuela as a result of price control policies and heavy import dependence left the majority of Venezuelans without adequate products after his death.

{{main|Education in Venezuela}}

{{see also|Venezuelan refugee crisis}}

The total net enrollment ratio in primary education for both sexes increased from 87% in 1999 to 93.9% in 2009. The primary completion rate for both sexes reached 95.1% in 2009 as compared to 80.8% in 1991. The literacy rates of 15- to 24-year-olds in 2007, for men and women, were 98% and 98.8%, respectively. Among the first migrants the left Venezuela during the Bolivarian Revolution, a large percentage of the millions of Venezuelans who left the country were highly educated, resulting in a brain drain in the country.{{cite news|last1=Maria Delgado|first1=Antonio|title=Venezuela agobiada por la fuga masiva de cerebros|url=http://www.elnuevoherald.com/2014/08/26/1828337/venezuela-agobiada-por-fuga-masiva.html|access-date=28 August 2014|agency=El Nuevo Herald|date=28 August 2014|archive-date=27 August 2014|archive-url=https://web.archive.org/web/20140827193549/http://www.elnuevoherald.com/2014/08/26/1828337/venezuela-agobiada-por-fuga-masiva.html|url-status=dead}}{{cite news|title=El 90% de los venezolanos que se van tienen formación universitaria|url=http://elimpulso.com/articulo/el-90-de-los-venezolanos-que-se-van-tienen-formacion-universitaria#|access-date=28 August 2014|agency=El Impulso|date=23 August 2014}}

In 2008, Francisco Rodríguez of Wesleyan University in Connecticut and Daniel Ortega of IESA stated that there was "little evidence" of "statistically distinguishable effect on Venezuelan illiteracy" during the Chávez administration.{{cite news|title=Propaganda, not policy|url=http://www.economist.com/node/10766504|access-date=3 May 2014|newspaper=The Economist|date=28 February 2008}} The Venezuelan government claimed that it had taught 1.5 million Venezuelans to read,{{cite web|last=Márquez|first=Humberto|title=Venezuela se declara libre de analfabetismo|publisher=Inter Press Service|url=http://ipsnoticias.net/nota.asp?idnews=35621|date=28 October 2005|access-date=29 December 2006|language=es|url-status=dead|archive-url=https://web.archive.org/web/20150402112614/http://www.ipsnoticias.net/2005/10/educacion-venezuela-se-declara-libre-de-analfabetismo/|archive-date=2 April 2015}} but the study found that "only 1.1m were illiterate to begin with" and that the illiteracy reduction of less than 100,000 can be attributed to adults that were elderly and died.

{{main|Health care in Venezuela}}

File:Venezuela's health expenditure; 1999 -.png]

Following the Bolivarian Revolution and the establishment of the Bolivarian government, initial healthcare practices were promising with the installation of a free healthcare system parallel to the existing national public health system, with the assistance received from Cuban medical professionals providing aid. The Bolivarian government's failure to concentrate on healthcare for Venezuelans, the reduction of healthcare spending and government corruption eventually affected medical practices in Venezuela, causing avoidable deaths along with an emigration of medical professionals to other countries.{{cite news|last1=Wilson|first1=Peter|title=The Collapse of Chávezcare|url=https://foreignpolicy.com/2015/04/27/chavez-maduro-healthcare-venezuela-cuba/|access-date=17 May 2015|agency=Foreign Policy|date=27 April 2015}}

Venezuela's reliance on imported goods and its complicated exchange rates initiated under Chávez led to increasing shortages during the late-2000s and into the 2010s that affected the availability of medicines and medical equipment in the country. The United Nations reported an increase in the maternal mortality ratio, which increased from 93 per 100,000 in 1990 to 110 per 100,000 in 2013.{{cite web|title=Maternal mortality ratio per 100,000 live births|url=http://mdgs.un.org/unsd/mdg/SeriesDetail.aspx?srid=553&crid=862|website=Millennium Development Goals Indicators|publisher=United Nations}} Following shortages of many medical and common goods in 2014, Venezuelan women have had difficulties accessing contraceptives and were forced to change prescriptions or search several stores and the Internet for their medications.{{cite news|last1=Higuerey|first1=Edgar|title=Escasez de anticonceptivos hace cambiar tratamientos|url=http://eltiempo.com.ve/locales/regionales/salud/escasez-de-anticonceptivos-hace-cambiar-tratamientos/152952|access-date=7 September 2014|agency=El Tiempo|date=5 September 2014|archive-url=https://web.archive.org/web/20140908025649/http://eltiempo.com.ve/locales/regionales/salud/escasez-de-anticonceptivos-hace-cambiar-tratamientos/152952|archive-date=8 September 2014|url-status=dead}} Shortage of antiretroviral medicines to treat HIV/AIDS affected about 50,000 Venezuelans in 2014 as well, potentially causing thousands of Venezuelans with HIV to develop AIDS.{{cite news|title=Venezuela Faces Health Crisis Amid Shortage of HIV/Aids Medication|url=http://latino.foxnews.com/latino/health/2014/05/14/venezuela-faces-health-crisis-amid-shortage-hivaids-medication/|access-date=31 August 2014|agency=Fox News Latino|date=14 May 2014|archive-url=https://web.archive.org/web/20140903210356/http://latino.foxnews.com/latino/health/2014/05/14/venezuela-faces-health-crisis-amid-shortage-hivaids-medication/|archive-date=3 September 2014|url-status=dead}}

Venezuela is also the only country in Latin America where the incidence of malaria is increasing, allegedly due to illegal mining. In 2013, Venezuela registered the highest number of cases of malaria in the past 50 years, with 300 of 100,000 Venezuelans being infected with the disease.{{cite news|last1=Pardo|first1=Daniel|title=The malaria mines of Venezuela|url=https://www.bbc.com/news/health-28689066|access-date=31 August 2014|agency=BBC|date=23 August 2014}}

In 1990, the number of Internet users in Venezuela was minimal, but 35.63% of Venezuelans were Internet users by 2010. In fact, the number of Internet subscribers has increased sixfold.{{cite web |url=http://www.embavenez-uk.org/pdf/fs_millenium_goals.pdf |title=Fact Sheet: Venezuela and the Millennium Development Goals |archive-url=https://web.archive.org/web/20110523210553/http://www.embavenez-uk.org/pdf/fs_millenium_goals.pdf |archive-date=23 May 2011 |publisher=Embassy of the Bolivarian Republic of Venezuela to the UK and Ireland |access-date=20 March 2012}} Programs such as the National Technological Literacy Plan, which provides free software and computers to schools, have assisted Venezuela in meeting this goal. However, several experts state that the poor infrastructure in Venezuela had created a poor quality of Internet in Venezuela, which has one of the slowest Internet speeds in the world.{{cite news|last1=Pardo|first1=Daniel|title=¿Por qué internet en Venezuela es tan lento?|url=http://www.bbc.co.uk/mundo/noticias/2014/09/140922_venezuela_internet_lento_dp.shtml?ocid=socialflow_twitter|access-date=25 September 2014|agency=BBC|date=22 September 2014}} The lack of US$ due to the Venezuelan governments currency controls has also damaged Internet services because technological equipment must be imported into Venezuela.

The number of fixed telephone lines per 100 inhabitants was 7.56 in 1990. The number increased to 24.44 in 2010. In 2000, 2,535,966 Venezuelans had landline telephones. By 2009, this had increased to 6,866,626.[http://venezuela-us.org/live/wp-content/uploads/2009/08/10-12-2010-FS-Millennium-Development-Goals.pdf "Fact Sheet: Millennium Development Goals."] {{Webarchive|url=https://web.archive.org/web/20171006212312/http://venezuela-us.org/live/wp-content/uploads/2009/08/10-12-2010-FS-Millennium-Development-Goals.pdf |date=6 October 2017 }} Embassy of the Bolivarian Republic of Venezuela. 12 October 2010. Web 4 March 2012.

The Bolivarian government has also launched an aerospace program in cooperation with the People's Republic of China who built and launched two satellites that are currently in orbit—a communications satellite called Simón Bolívar and a remote sensing satellite called Miranda. In July 2014, President Maduro announced that a third satellite would be built by Chinese–Venezuelan bilateral cooperation.{{cite web | url=http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/en-7-claves---los-acuerdos-china-venezuela-firmado.aspx | title=En 7 claves – Los acuerdos China-Venezuela firmados este lunes | publisher=Últimas Noticias | access-date=28 September 2014 | quote="The agreement, signed for the development of the program satellite VRSS2, provides for the two nations to share knowledge about the manufacture of the new remote sensing satellite, which will serve to strengthen mapping capabilities in the country, and to contribute to the development of the Venezuelan aerospace industry. " | url-status=dead | archive-url=https://web.archive.org/web/20160107104809/http://www.ultimasnoticias.com.ve/noticias/actualidad/economia/en-7-claves---los-acuerdos-china-venezuela-firmado.aspx | archive-date=7 January 2016}}{{cite web | url=http://www.satellitetoday.com/publications/2013/08/23/venezuela-latin-americas-next-space-pioneer-2/ | title=Venezuela: Latin America's Next Space Pioneer? | publisher=Satellite Today | date=23 August 2013 | access-date=28 September 2014 | author=Magan, Veronica}}

{{Portal|Money}}

• 1980–1989 world oil market chronology
• 2010s oil glut
• List of Latin American and Caribbean countries by GDP (nominal)
• List of Latin American and Caribbean countries by GDP (PPP)
• List of Venezuelan companies
• List of banks in Venezuela
• List of Venezuelan cooperatives
• Guaire miners
• Venezuela and the International Monetary Fund

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• {{Cite book|last=Rivero|first=Mirtha|title=La rebelión de los náufragos|publisher=Alfa|year=2011|isbn=978-980-354-295-5|edition=9th|author-link=Mirtha Rivero}}

• {{cite web | last=Raisbeck | first=Daniel | title=Twelve Graphs on Why Maduro Could Only "Win" by Stealing Venezuela's Election | website=Cato Institute | date=30 Jul 2024 | url=https://www.cato.org/blog/12-graphs-why-maduro-could-only-win-stealing-venezuelas-election | access-date=31 Jul 2024}}

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