The Venezuelan economy shrank 26.8 year-on-year in the first quarter of 2019, following a 20.2 percent contraction in the previous period, according to the Central Bank. It was the sharpest contraction since at least 1998, as both the oil (-19.1 percent vs -14.7 percent in Q4 2018) and the non-oil sector (-27.3 percent vs -20.4 percent) shrank further. Across the non-oil sector, output dropped at a faster pace in mining (-35.7 percent vs -15 percent), manufacturing (-56.3 percent vs -46.4 percent), finance & insurance (-55.6 percent vs -41.8 percent), real state (-13.2 percent vs -12.5 percent), utilities (-16.1 percent vs -15.3 percent), communications (-12.1 percent vs -8 percent), government services (-49.7 percent vs -32.4 percent) and community & personal services (-47.4 percent vs -34.5 percent).
GDP Annual Growth Rate in Venezuela averaged 1.62 percent from 1998 until 2017, reaching an all time high of 36.10 percent in the first quarter of 2004 and a record low of -26.70 percent in the first quarter of 2003. This page provides - Venezuela GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Venezuela GDP Annual Growth Rate - values, historical data and charts - was last updated on July of 2020. source: Banco Central De Venezuela
GDP Annual Growth Rate in Venezuela is expected to be -30.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Venezuela to stand at -35.00 in 12 months time. In the long-term, the Venezuela GDP Annual Growth Rate is projected to trend around -37.00 percent in 2021 and -35.00 percent in 2022, according to our econometric models.