Venezuela GDP Growth RateThe Gross Domestic Product (GDP) in Venezuela contracted at an annual rate of 16.90 percent in the last quarter. Venezuela Gross Domestic Product is worth 314 billion dollars or 0.51% of the world economy, according to the World Bank. Venezuela is the fifth largest national economy in Latin America. Venezuela is highly dependent on oil revenues, which account for roughly 90% of export earnings, about 50% of the federal budget revenues, and around 30% of GDP. In recent years, President Hugo Chavez has been systematically increasing the government's control of the economy by nationalizing firms in the cement, steel, petroleum, communications, and electricity sectors.
Interest Rate: 18.54%
Growth Rate: -16.90%
Inflation Rate: 31.8%
Jobless Rate: 8.1%
Came across this very interesting economic data on Venezula. It reminded me once again of what Winston Churchill said about socialism: "Socialism is a philosophy of failure, the creed of ignorance, and the gospel or envy, its inherent virtue is the equal sharing of misery." -
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