Venezuela: Shadow economy

* indicates monthly or quarterly data series
 Venezuela

Shadow economy, percent of GDP

 Latest value 33.63
 Year 2015
 Measure percent
 Data availability 1991 - 2015
 Average 33.81
 Min - Max 29.64 - 40.03
 Source Medina and Schneider (2018)
The latest value from 2015 is 33.63 percent, an increase from 32.65 percent in 2014. In comparison, the world average is 27.78 percent, based on data from 158 countries. Historically, the average for Venezuela from 1991 to 2015 is 33.81 percent. The minimum value, 29.64 percent, was reached in 1996 while the maximum of 40.03 percent was recorded in 2003. 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 - Shadow economy - Recent values chart

Historical series
Venezuela - Shadow economy - historical chart - 1991-2015




Definition: The shadow economy as percent of total annual GDP. Detailed methodology of the estimations can be obtained from the following International Monetary Fund working paper by Leandro Medina and Friedrich Schneider (2018): Shadow Economies Around the World: What Did We Learn Over the Last 20 Years? The series are discontinued but can still serve as a benchmark in calibration exercises.

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 Related indicators Latest Reference Measure
 Rule of law -2.15 2023 points
 Government effectiveness -1.60 2023 points
 Control of corruption -1.69 2023 points
 Regulatory quality -2.03 2023 points
 Voice and accountability -1.53 2023 points
 Political stability -1.19 2023 points
 Corruption perceptions - Transparency International 13 2023 points
 Political rights 7 2024 points
 Civil liberties 6 2024 points
 Competitiveness 41.80 2019 points
 Cost of starting a business 211.80 2019 percent of per capita GNI
 Shadow economy 33.63 2015 percent
 Informal economy, MIMIC method 37.00 2020 percent
 Informal economy, DGE method 30.40 2020 percent
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