Content |
Main article: Venezuela
Financial system
GDP
2023:20 years of GDP contraction since 1951
Central Bank
Main article: Venezuelan Central Bank
National debt
2023: State debt - 158% of GDP
2020:304% OF GDP
External debt
2019: Debt to Russia - $1.8 billion
with
Inflation
2023: Inflation in February 538% and gradual decline to 200% by the end of the year
Annual inflation in Venezuela in February 2023 rose to 538%, - Reuters.
2022: Inflation in November - 156%
Since 2015, inflation in Venezuela has been measured in triple digits, reaching 300,000% in 2019
2020
Decrease in inflation to 3000%
In mid-February 2021, the central bank of Venezuela reported that inflation in the country at the end of 2020 was almost 3000%. For comparison, in 2019 inflation amounted to 9585.5%. In 2020, the minimum price increase was recorded in March (13.3%), and the maximum - in December (77.5%).
The crisis in Venezuela is due to the devaluation of the national currency, the outflow of the working-age population and a shortage of essential goods. The oil-rich country is mired in the worst economic crisis in its modern history and has suffered a recession for the seventh consecutive year. Venezuelans are in acute shortages of food and medicine and even basic necessities such as soap and toilet paper. The economic crisis, which has been ongoing in the country for the past few years, has worsened politically, and in the spring of 2020, the United States imposed sanctions on more than 40 ships carrying oil from Venezuela. As a result, oil production in the country fell to a minimum.
Faced with the collapse of oil production and the consequences of US sanctions, the government of President Nicolas Maduro began to use the sale of monetary gold as a source of income. During 2020, reserves from central bank storage facilities in Caracas decreased by 19 tons. The seizure accelerated in the second half of the year, when 12 tons were exported. As a result, according to the national regulator, in 2020, the gold reserves of the Central Bank of Venezuela fell to 86 tons, a record low over the past 50 years. According to official data, in December 2019, the central bank had 105 tons, and over many previous decades the gold reserve of the Central Bank exceeded 300 tons. The authorities did not provide data on gold buyers.[1]
Price growth in Venezuela exceeded 1400%, inflation - 9585.5%
Price growth in Venezuela for the nine months of 2020 exceeded 1400%. Such data were released on October 8, 2020 by the finance committee of the National Assembly, which is controlled by political opponents of President Nicolas Maduro and his government.
Inflation in September was 30%, and since the beginning of the year - 1433.58%. In annual terms, price growth amounted to 3246%.
In February 2020, the Central Bank of Venezuela reported that inflation in 2019 in the country amounted to 9585.5%.
Venezuela has been experiencing a socio-economic crisis in recent years, accompanied by hyperinflation, devaluation of the national currency and a shortage of essential goods. According to the UN, about 4.5 million people left the country, almost 80% of them are in the states of the region.
Currency: bolivar
2021: Denomination from 1 million to 1 bolivar
In July 2021, the Venezuelan authorities are preparing another denomination of the national currency - the bolivar, which is rapidly depreciating in the fire of hyperinflation, measured by thousands of percent per year.
The Venezuelan Central Bank decided to "cut off" six zeros from the bolivar in order to simplify daily transactions in the country, the amounts of which ceased to fit on the scoreboard of calculators and cash registers.
As a result of the denomination - the third for Venezuela in the last 13 years - a million bolivars will turn into one bolivar. The dollar exchange rate in the country, thus, from 3.219 million bolivars will decrease to 3.2 bolivars.
Payment systems
2023: Venezuelan Foreign Ministry: Mir payment system launched throughout the country
The payment system "Mir" has been launched throughout the territory. Venezuela This was announced in mid-November 2023 by the head of the Venezuelan Foreign Ministry, Ivan Gil Pinto, at a press conference following To Moscow talks with his Russian counterpart. Sergey Lavrov More. here
2022: Venezuela agrees to accept'Mir' cards
Cuba and Venezuela agreed to accept Mir cards, which became known in April 2022. The National Payment Card System (NSPK) said the system is technologically ready to operate in new countries. Read more here.
Incomes of the population
2022:90% of citizens with a budget of less than $5.5 per day
Communication
Russia agreed with Venezuela on the location of the GLONASS ground station there
In December 2022, Russia and Venezuela signed an agreement on the deployment of the GLONASS measuring station in the South American country. The construction of the satellite system facility will be carried out by a subsidiary of Roscosmos. Read more here.
Mining
Oil production
Natural gas production
2025: 10th in the world for proven gas reserves
Proved natural gas reserves (km3), according to Bloomberg data for February 2025:
Russia: 47,798
Iran: 33 980
Qatar: 23,871
Saudi Arabia: 15,910
UNITED STATES: 13,167
Turkmenistan: 11,326
China: 6,654
UAE: 6,088
Nigeria: 5,748
Venezuela: 5,663
Algeria: 4,502
Iraq: 3,738
2018
Foreign trade
2025: Russia ousts US from main supplier of naphtha to Venezuela
In the summer of 2025, Russia ousted the United States from its position as the main supplier of naphtha to Venezuela, a product used to dilute super-heavy oil.
From March to October, supplies from the United States almost stopped, while Russia sent more than 7 million barrels for the first time in six years.
Venezuela began looking for a new supplier after tightening US sanctions against its oil sector. China and Iran could not close the need, and Russian naphtha turned out to be of high quality and cheaper.
2024: Growth in trade between Russia and Venezuela by 54% to $200 million
The volume of trade between Russia and Venezuela in 2024 reached $200mn, an increase of 54% compared to 2018. This was announced on June 19, 2025 by the Minister of People's Power of Foreign Trade of the Bolivarian Republic Coromoto Godoy Calderon.
According to RBC, bilateral trade is conducted under the conditions of unilateral sanctions against both countries. Mutual settlements are carried out in national currencies - rubles and Venezuelan bolivars.
Moscow and Caracas find mechanisms for trading under restrictions. The parties have repeatedly noted the increase in settlements in national currencies in bilateral trade.
Russian Ambassador to Venezuela Sergei Melik-Bagdasarov in February 2025 told RIA Novosti about an increase in trade between the countries by more than 40% in 2024. The main import items were agricultural products and alcoholic beverages.
Russia supplies Venezuela with chemical products, including fertilizers, medicines and petroleum products. Russian fertilizer producers are one of the world's largest suppliers of nitrogen, phosphate and potash fertilizers.
According to the Federal Customs Committee, in 2021 Russia exported a total of 37.6 million tons of fertilizers for a total of $12.5 billion. Russia accounts for 13% of global fertilizer production.
The Geropharm company exports insulins to Venezuela. In 2024, it was planned to launch insulin production in Venezuela with the participation of Russian specialists.
Russia supplied several tons of medicines to Venezuela weekly. Venezuelan leader Nicolas Maduro announced weekly supplies of drugs from Russia to combat drug shortages.
Machinery and equipment make up a significant share of Russian exports to Venezuela. Pharmaceutical products and ferrous metal products are also included in the main commodity supply groups.[2]
2023: Restoring imports from China to 2008 levels
2020: Oil is the main export item
Energy carriers
2020: Energy consumption per capita
and
Agriculture
2019: Low use of pesticides in agriculture
Oil products
2025: Cost of gasoline - $0.035 per liter
Main article: Petroleum products in the world
Gasoline prices in countries of the world (liter, US dollar):
Iran: $0.029
Libya: $0.031
Venezuela: $0.035
Egypt: $0.337
Algeria: $0.339
Kuwait: $0.340
Kazakhstan: $0.483
Saudi Arabia: $0.621
Russia: $0.629
UAE: $0,716
Indonesia: $0.783
Nigeria: $0.788
UNITED STATES: $0.917
Pakistan: $0.922
Brazil: $0.944
El Salvador: $1,035
Bangladesh: $1,037
Australia: $1,070
China: $1,142
Argentina: $1.148
India: $1.164
South Africa: $1.191
Japan: $1,211
Mexico: $1,243
Canada: $1,273
Turkey: $1,287
South Korea: $1,317
Chile: $1,355
Ukraine: $1,406
Czech Republic: $1,507
Poland: $1.554
Romania: $1.568
Sweden: $1,574
Spain: $1,619
Britain: $1,729
Finland: $1,765
Germany: $1,817
France: $1,827
Ireland: $1,875
Italy: $1,894
Switzerland: $1,938
Norway: $1,958
Monaco: $1,989
Netherlands: $2,037
Denmark: $2,110
Hong Kong: $3.393
According to Global Petrol Prices, Octane-95, February 10, 2025
The average price of gasoline in the world is $1.25 per liter.
2021: Gasoline price - $0.02 per litre
Consumption
2023: Poultry meat is the most consumed type of meat
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |