What kind of economy does Venezuela have in the world?

Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports. Venezuela is the sixth largest member of OPEC by oil production. Since the 1920s, Venezuela has been a rentier state, offering oil as its main export.

How did the Bolivarian Revolution affect the economy of Venezuela?

Since the Bolivarian Revolution half-dismantled its PDVSA oil giant corporation in 2002 by firing most of its 20,000-strong dissident professional human capital and imposed stringent currency controls in 2003 in an attempt to prevent capital flight, there has been a decline in oil production and exports and a series of stern currency devaluations.

Is there going to be a recession in Venezuela?

Venezuela Economic Growth GDP is set to contract for the seventh year in a row in 2020; however, the recession should soften in 2021 due to a pickup in domestic consumption amid milder inflation.

What was the percentage of government spending in Venezuela in 2007?

Government spending as a percentage of GDP in Venezuela in 2007 was 30%, smaller than other mixed economies such as France (49%) and Sweden (52%).

What was the GDP of Venezuela in 2015?

Its nominal gross domestic product (GDP) for 2015 was $131.9 billion. The nominal GDP per capita is approximately $4,262 annually. The labor force is made up of 14.34 million people. The largest percentage of these individuals work in social and personal services (31.4%).

Who are the major import partners of Venezuela?

Its major import partners include the US ($10.1 billion), China ($5.62 billion), Brazil ($4.63 billion), Argentina ($1.98 billion), and Colombia ($1.88 billion). Venezuela once had a strong and growing economy due to its large-scale petroleum production. Currently, however, it is facing an economic disaster.