Venezuela

Country Summary

2022 population pyramid

Introduction

Background

Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen who promoted the oil industry and allowed for some social reforms. Democratically elected governments have held sway since 1959.

Geography

Area

total: 912,050 sq km

land: 882,050 sq km

water: 30,000 sq km

Climate

tropical; hot, humid; more moderate in highlands

Natural resources

petroleum, natural gas, iron ore, gold, bauxite, other minerals, hydropower, diamonds

People and Society

Population

29,789,730 (2022 est.)

Ethnic groups

unspecified Spanish, Italian, Portuguese, Arab, German, African, Indigenous

Languages

Spanish (official), numerous indigenous dialects

Religions

Roman Catholic 96%, Protestant 2%, other 2%

Population growth rate

2.43% (2022 est.)

Government

Government type

federal presidential republic

Capital

name: Caracas

Executive branch

chief of state: Notification Statement: the United States recognizes Juan GUAIDO as the Interim President of Venezuela

President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Delcy RODRIGUEZ Gomez (since 14 June 2018); note - the president is both chief of state and head of government

head of government: President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Delcy RODRIGUEZ Gomez (since 14 June 2018)

Legislative branch

description: unicameral National Assembly or Asamblea Nacional (277 seats; 3 seats reserved for indigenous peoples of Venezuela; members serve 5-year terms); note - in 2020, the National Electoral Council increased the number of seats in the National Assembly from 167 to 277 for the 6 December 2020 election

Economy

Economic overview

South American economy; ongoing hyperinflation since mid-2010s; chaotic economy due to political corruption, infrastructure cuts, and human rights abuses; in debt default; oil exporter; hydropower consumer; rising Chinese relations

Real GDP (purchasing power parity)

$269.068 billion (2018 est.)

Real GDP per capita

$7,704 (2018 est.)

Agricultural products

sugar cane, maize, milk, rice, plantains, bananas, pineapples, potatoes, beef, poultry

Industries

agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Exports

$83.401 billion (2018 est.)

Exports - partners

India 34%, China 28%, United States 12%, Spain 6% (2019)

Exports - commodities

crude petroleum, refined petroleum, industrial alcohols, gold, iron (2019)

Imports

$18.432 billion (2018 est.)

Imports - partners

China 28%, United States 22%, Brazil 8%, Spain 6%, Mexico 6%  (2019)

Imports - commodities

refined petroleum, rice, corn, tires, soybean meal, wheat (2019)


Page last updated: Monday, May 16, 2022