Venezuela: Current account, percent of GDP

* indicates monthly or quarterly data series
 Venezuela

Current account balance as percent of GDP

 Latest value 8.44
 Year 2018
 Measure percent
 Data availability 1980 - 2018
 Average 4.11
 Min - Max -12.80 - 17.75
 Source International Monetary Fund (IMF)
The latest value from 2018 is 8.44 percent, an increase from 7.51 percent in 2017. In comparison, the world average is -1.88 percent, based on data from 188 countries. Historically, the average for Venezuela from 1980 to 2018 is 4.11 percent. The minimum value, -12.8 percent, was reached in 2015 while the maximum of 17.75 percent was recorded in 2005. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Venezuela - Current account, percent of GDP - Recent values chart

Historical series
Venezuela - Current account, percent of GDP - historical chart - 1980-2018




The current account of Venezuela and other countries has three components: 1) the exports of goods and services minus the imports of goods and services; 2) the difference of incomes that countries pay to each other; and 3) the difference in transfers that countries make to each other. Current account deficits are reported with a minus sign and surpluses are reported with a plus sign.

A current account deficit means that the country needs to find financing for its imports. The foreign currencies it receives from selling products abroad are not enough to pay for the products it wants to buy from other countries. The needed amounts of foreign currencies can be obtained by, for example, borrowing. For instance, in the last several years the U.S. has been borrowing money from China in order to buy Chinese products.

This is not necessarily a problem. The current account deficit starts to be a problem if it exceeds 3-4 percent of GDP for many years. Over that time, the country accumulates a significant amount of foreign debt that eventually has to be repaid.
Definition: Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income.

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What factors determine the exchange rates

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 Related indicators Latest Reference Measure
 Terms of trade 101.49 2021 percent
 Trade openness 48.09 2014 percent
 Financial openness -1.931 2021 index points
 Exports, percent of GDP 16.69 2014 percent
 Exports, billion dollars 80.52 2014 billion U.S. dollars
 Growth of exports -4.66 2014 percent
 Imports, percent of GDP 31.40 2014 percent
 Imports, billion dollars 151.45 2014 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 0.24 2014 percent
 Foreign Direct Investment, billion dollars 0.94 2022 billion U.S. dollars
 Portfolio investment inflows, equities 5.00 2015 million dollars (current)
 Current account, percent of GDP 8.44 2018 percent
 Current account, in dollars -3.87 2016 billion U.S. dollars
 Trade balance, percent of GDP -14.70 2014 percent
 Trade balance, in dollars 2.87 2016 billion U.S. dollars
 Reserves 9.79 2017 billion U.S. dollars
 Remittances, percent of GDP 0.03 2014 percent
 Remittances 279.00 2016 million U.S. dollars
 Net errors and omissions -2,794.00 2016 million USD
 External debt 33.74 2014 percent
 Short-term external debt 30.42 2021 percent
 Short-term debt to reserves 451.25 2017 percent
 Foreign exchange reserves 10.87 9/2024 billion
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