About Venezuela's economy

The Venezuelan economy has undergone significant turmoil in recent years, marked by a sharp decline in GDP, a contraction in global trade, and a deterioration in government procurement practices. In 2022, Venezuela's GDP stood at an estimated $148.5 billion, representing a significant decline from its peak of $394.1 billion in 2013. This contraction in economic activity has been attributed to various factors, including government mismanagement, corruption, and international sanctions. Venezuela's global trade has also suffered in recent years. In 2022, the country's total exports amounted to $37.7 billion, a substantial decrease from $105.3 billion in 2013. This decline in trade reflects the challenges Venezuela faces in exporting its primary products, particularly oil, due to infrastructure issues and international sanctions. Government procurement in Venezuela has also been affected by the economic crisis. In 2022, the government allocated approximately $15.2 billion for procurement activities, a significant decrease from $57.3 billion in 2013. This decline reflects the government's reduced financial resources and its focus on addressing more pressing needs, such as providing basic necessities for the population.

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