Venezuela’s gross domestic product (GDP) decreased to 98.4 billion dollars in 2018, down from a high of 258.99 billion dollars in 2013.
What will the GDP of Venezuela be in 2020?
In 2020, the GDP of Venezuela (Bolivarian Republic of) was 47.26 billion US dollars, down from 63.96 billion US dollars the previous year, a decrease of 26.12 percent.
What is Venezuela’s 2017 GDP?
- In December 2017, Venezuela’s nominal GDP was 20,139.5 USD billion, up from 3,035.9 USD billion the previous year.
- Venezuela’s nominal GDP is updated once a year, with an average of 183.6 USD billion from December 1995 to December 2017.
- The figures ranged from a high of 20,139.5 USD billion in December 2017 to a low of 70.7 USD billion in December 1996.
What is Venezuela’s GDP per capita in 2019?
Venezuela’s estimated gross domestic product (GDP) per capita fell to 2,299 dollars in 2019 from 3,404 dollars the previous year.
What is Venezuela’s 2017 GDP per capita?
- In December 2017, Venezuela’s GDP per capita reached 684,960.377 USD, up from 101,700.215 USD in December 2016.
- Venezuela GDP Per Capita data is updated on a yearly basis and ranges from December 1960 to December 2017, with an average of $3,262.854 USD.
- The statistics peaked at 684,960.377 USD in December 2017 and peaked at 864.471 in December 1964.
- From annual nominal GDP and annual population, CEIC calculates GDP per capita and converts it to USD. Venezuela’s Central Bank publishes nominal GDP in local currency. Mid-Year Population is provided by the International Monetary Fund. For currency conversions, the Federal Reserve Board’s average market exchange rate is utilized. Prior to 1997, the World Bank provided GDP per capita data.
What is the current state of the Venezuelan economy?
Venezuela has seen the worst humanitarian disaster in modern South American history in recent years, but the country’s shattered economy may be on the mend.
Venezuela’s downfall was dubbed the worst in the world by economists for much of the last decade. Between 2014 and 2020, the economy fell by 75% due to falling oil prices and mismanagement and corruption by the socialist administration. In January 2019, it had one of the greatest spells of hyperinflation in recorded history, with inflation reaching around 3 million %.
According to one Venezuelan university study, a fifth of the population fled the country, and those who remained lost an average of 24 pounds in 2017 due to dreadful food shortages.
Venezuela, according to authoritarian President Nicols Maduro and economic analysts is now on the mend. According to them, the country had its first economic growth since 2013 (as high as 5.5 percent, according to a Credit Suisse analysis) and saw its annual inflation rate drop below 1,000 percent last year.
Part of the reason for the comeback is that the government was able to invest in the industry’s aging infrastructure after moribund oil production experienced some recovery when world prices increased again.
Another important aspect is that Maduro has finally abandoned his disastrous price and currency controls, which hindered output and fostered inflation and underground markets, according to most experts. He also permitted the usage of the US currency on a broader scale, which has had a stabilizing effect.
If Venezuela’s economic recovery is prolonged, it might pose a policy conundrum for the United States. Both former President Donald Trump and current President Joe Biden hoped that strong economic penalties would persuade Maduro to support democratic reforms like freer and fairer elections. That method may no longer be effective.
What is a GDP per capita?
Gross domestic product divided by midyear population equals GDP per capita. Gross domestic product (GDP) at purchaser’s prices is the sum of gross value contributed by all resident producers in the economy, plus any product taxes, minus any subsidies not included in the product value.
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
In 2021, which country will have the greatest GDP?
What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
Which country has the highest GDP in 2021?
The United States and China would rank first and second in both methodology’ gdp rankings by 2021. The nominal gap between the US and China is narrowing, since China’s gdp growth rate of 8.02 percent in 2021 is higher than the US’s 5.97 percent. In nominal terms, the United States will be $6 trillion ahead of China in 2021. On a per-person basis, China surpassed the United States in 2017 and is now ahead by $4 trillion, with the gap widening. On a per capita basis, China will continue to be the world’s greatest economy for the next few decades, since the US, which is rated second, grows slowly and India, which is placed third, lags far behind.
In terms of nominal GDP, the top ten would remain same. Iran has surpassed the Netherlands, Saudi Arabia has surpassed Turkey, and Switzerland has surpassed Switzerland on the top 20 list. South Africa’s economic ranking would rise eight places in the top 50, while Egypt would drop four places.
There would be no change in the top 10 list in the ppp ranking. Taiwan overtaking Australia is another change in the top 20. Ireland will move up three places in the top 50.
In 2021, all of the economies in the top 50 will grow at a positive rate. With a 14.04 percent growth rate, Ireland is the fastest-growing economy, followed by Chile (11.00 percent ). Thailand has the slowest growth rate, at 0.96 percent, followed by the UAE (2.24 percent) and Japan (2.36 percent ).
In nominal terms, the United States (1,5) appears on both lists of the top 10 GDP and GDP per capita. In terms of GDP and GDP per capita, Germany (4,17), Canada (9,15), Australia (13,9), the Netherlands (18,12), and Switzerland (20,3) are among the top twenty countries. In both rankings, the United States (2,8) is in the top 10, while Germany (5,18) and Taiwan (18,15) are in the top twenty.