GDP (annual) in Venezuela

International Monetary Fund · Annual · Importance

97,517 (1999) ANUAL · USD mn · Annual · CSV

Period	USD mn
Jan 1999	97,517
Jan 1998	91,836
Jan 1997	85,684
Jan 1996	70,536
Jan 1995	77,427
Jan 1994	58,357
Jan 1993	59,865
Jan 1992	60,400
Jan 1991	53,382
Jan 1990	48,391

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually, covering the full year and subject to revision.

What it is

Gross Domestic Product (GDP) measures the value of all final goods and services produced in Venezuela over a year. It is published by the Central Bank of Venezuela (BCV) and is the broadest gauge of the size and pace of growth of the economy.

How it's calculated

The BCV compiles GDP from the expenditure, production (sector value added plus net taxes) and income sides. It is expressed in bolívars at current and constant prices, with the real year-on-year change measuring the economy's growth.

Market implications

It is the main reference for Venezuela's cycle, dominated by oil. After years of deep contraction, the figure is watched closely to gauge any recovery; firm growth would ease the public accounts and pressure on the bolívar.

Limitations

It is released with long delays and only intermittently, amid serious doubts over the reliability and transparency of official statistics in a context of hyperinflation. Heavy oil dependence and a large informal economy limit how representative the figure is.