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 117,000

millions

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%
   

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%
   
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%
   

 

Disclaimer

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