Venezuela Economy 5-26-24

Venezuela is a failed State. Venezuela has a bad economy due to high inflation, high debt to GDP and low household income. Venezuela is a Communist country. 

Nominal GDP $92.210B, Per Capita GDP $3474.33, Population 28.3M, Debt to GDP 260%, Average Wage $1,740/yr, Inflation 210%, Unemployment 5.9%, Exports $6B, Imports $10.85B  Trade Deficit $4.85B, Household Income $145.3/mo. or $1943.6/yr. Land area 352,140 sq miles, Arable land is 3.1%

Exports The top exports of Venezuela are Scrap Iron ($564M), Petroleum Coke ($509M), Crude Petroleum ($495M), Acyclic Alcohols ($418M), and Raw Aluminum ($337M), exporting mostly to China ($703M), Turkey ($597M), Spain ($518M), United States ($438M), and Brazil ($361M).

Imports include agricultural products (34.7%), fuels and mining products (4.6%), manufactures (59.2%), and other (1.6% - data WTO, 2022).

In 1999, Hugo Chavez bribed voters with promises of free stuff and became President of Venezuela. He established a Communist government and took over the oil industry. After Chávez's death in 2013, Maduro assumed the presidency. Maduro was declared the winner with 50.62% of the vote as the United Socialist Party of Venezuela candidate.

By 2018 the state-run oil industry had failed. In 2019, Russia and China loaned Venezuela $50 million, got their oil drilling to produce and repaid themselves in oil. In 2019, the Inflation rate rose to 344,509.5%. In 2023, Inflation in Venezuela dropped to 210%.

Prior to 1999, Venezuela had been a prosperous South American country. From 1950 through 1979, Venezuela's average annual inflation rate remained in the single digits. It was not until the 1980s that Venezuela witnessed a double‐​digit average inflation. And it was not until the 1990s that Venezuela's average inflation rate exceeded that of the Latin American region.

Venezuela Cumulative Inflation 2021-2024 is 2,335%.

2024*,  199.99%

2023*,   359.99% 

2022,    186.54% 

2021, 1,588.51%

Total  2,335.03%

Comments

Venezuela is in serious trouble. The citizens of Venezuela elected Chavez in 1999. He promised “free stuff” and that resulted in a dead broke Communist country with hyper-inflation and an exiting population.

Norb Leahy, Dunwoody GA Tea Party Leader