Venezuela Economy

Venezuela once had a Nominal GDP of $96.3 billion and a population of 32 million.  Venezuela’s land mass is 340,561 square miles.

 

Their population is reported as 32 million, but hasn’t had the out-migration subtracted since 2014. I suspect that their current population is less than 15 million.

 

It reports a Nominal GDP of $96.3 billion, but it has a defaulted debt of $60 billion and little oil being produced. 

 

Inflation is 80,000%. Poverty is 87%. Unemployment is 34%. Nominal per capita GDP is reported at $3,300.

 

China is repaying itself for the $50 billion loan it made to Venezuela by pumping oil from Venezuela’s oil fields themselves.

 

https://en.wikipedia.org/wiki/Economy_of_Venezuela

 

Comments

Venezuela should not have nationalized their natural gas industry in 1971 or their oil industry after 1999. Socialism is adopted incrementally.

Norb Leahy, Dunwoody GA Tea Party Leader