Venezuela - Macroeconomic Outlook Report

Venezuela - Macroeconomic Outlook Report


Mining, manufacturing and utilities activities contributed 45.9% to the gross value added (GVA) in 2023, followed by wholesale, retail and hotels (24.1%), and construction activities (2.4%), according to GlobalData estimates.

According to OPEC, Venezuela has around 303.2 billion barrels of proven crude oil reserves, it produced 716,000 barrels of crude oil per day in 2022.

The IBVC index has been on a volatile trend. As of March 5, 2024, the index stood at 49,196.7, compared to 29,035.8 on March 5, 2023.


In February 2024, the country announced to construct five transmission substation projects by 2024. The projects seek to boost transmission capacity to 117,570MVA by 2028, compared to capacity of 100,087MVA in 2022.

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

List of Exhibits
Did You Know?
Country Highlights
Key Economic Updates
Country Snapshot
Political Landscape
Economic Landscape
Social Landscape
Technological Landscape
Legal Landscape
Environmental Landscape
List of Tables
Exhibit 1: Venezuela’s performance in country risk analysis in comparison to Latin America and World average
Exhibit 2: Performance overview (score: 0-100)
Exhibit 3: Broad categories and weights behind the index
Exhibit 4: IBVC index, (March 2023 – March 2024)
Exhibit 5: Key sectors contribution to the economy (2019–26f)
Exhibit 6: FDI inflows and outflows (2018–22), FDI inward stock and outward stock (2018–22)
Exhibit 7: Greenfield FDI projects and net cross border M&A deals in Venezuela (2018–22)
Exhibit 8: Key infrastructure indicators
Exhibit 9: Real GDP and household consumption growth rate (2019–26f)
Exhibit 10: Real GDP growth rate comparison (2023e)
Exhibit 11: Volume of exports and imports growth (2019–24f)
Exhibit 12: Current account balance (2019–24f)
Exhibit 13: Top three commodity exports, % of total exports (2018–22)
Exhibit 14: Mineral fuels, mineral oils and products of their distillation, % of world total (2022)
Exhibit 15: Interest rates (January 2019 – January 2024)
Exhibit 16: Exchange rate and inflation (2019–26f)
Exhibit 17: Public finance (2019–22)
Exhibit 18: General government debt (2019–22)
Exhibit 19: Unemployment rate by age group, 15-24 (2019–22)
Exhibit 20: Labor force participation rate (2019–26f)
Exhibit 21: Proportion of employment by sector (2019–26f)
Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)
Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)
Exhibit 24: Gender split (1995, 2005, 2015, 2025f)
Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)
Exhibit 26: Number of patents granted per million population (2022)
Exhibit 27: R&D expenditure as a percentage of GDP (2021, or latest available year)
Exhibit 28: Rule of law index (rankings) 2023
Exhibit 29: Corruption perceptions index (rankings) (2023)
Exhibit 30: Renewable energy, installed capacity (2019–23e)
Exhibit 31: CO2 emissions (2018–22)

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