General Information
The country is a leading oil producer, a sector which generates 95% of the country's exports.
Gross Domestic Product (GDP) | % of regional GDP | GDP per head |
USD 117,000millions |
1.4%
|
USD 3,939
|
Economic Statistics (years 2016 - forecast 2021)
National Accounts | 2016 | 2017 | 2018 | 2019 | f.2020 | f.2021 |
GDP growth (%) | -17.0% | -15.7% | -19.6% | -36.2% | -25.4% | 5.0% |
Nominal GDP (USD millions) | 280,000 | 138,900 | 242,400 | 117,000 | 68,300 | 70,900 |
GDP per Head (USD) | 9,091 | 4,452 | 7,671 | 3,939 | 2,439 | 2,374 |
Inflation (%) | 274.4% | 2581.8% | 1699184.0% | 7374.4% | 12890.6% | 782.4% |
Fiscal Balance (% GDP) | -24.3% | -20.1% | -23.0% | -28.4% | -21.5% | -3.9% |
General Govt. gross debt (% GDP) | 39.4% | 35.5% | 72.2% | 155.8% | 139.0% | 83.7% |
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Trade Statistics
Foreign Trade - Composition | |||||
Exports | Imports | ||||
By countries | By countries | ||||
US | 34.2% | US | 37.5% | ||
India | 16.9% | China | 21.4% | ||
China | 15.7% | Mexico | 14.3% | ||
Netherlands Antilles | 8.1% | Colombia | 5.7% | ||
By products | By products | ||||
Fuels and mining prod. | 98.1% | Manufactures | 62.9% | ||
Manufactures | 1.8% | Agricultural products | 18.7% | ||
Agricultural products | 0.1% | Fuels and mining prod. | 1.7% |
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Balance of Payments (USD millions) | 2016 | 2017 | 2018 | 2019 | f.2020 | f.2021 |
Exports of Goods | 27,399 | 34,025 | 33,672 | 17,676 | 9,373 | 10,589 |
Exports growth (%) | -26.4% | 24.2% | -1.0% | -47.5% | -47.0% | 13.0% |
Imports of Goods | 16,338 | 11,999 | 12,757 | 9,455 | 6,301 | 6,163 |
Imports growth (%) | -50.9% | -26.6% | 6.3% | -25.9% | -33.4% | -2.2% |
Foreign Trade (% GDP) | 16% | 33% | 19% | 23% | 23% | 25% |
Current Account Balance | -3,870 | 8,723 | 8,634 | 1,439 | -1,076 | -227 |
% GDP | -1.4% | 6.3% | 3.6% | 1.2% | -1.6% | -0.3% |
Foreign Direct Investment | 1,587 | -68 | 886 | 1,000 | 1,020 | 1,040 |
% GDP | 0.6% | 0.0% | 0.4% | 0.9% | 1.5% | 1.6% |
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