Venezuela PESTLE Insights – A Macroeconomic Outlook Report

Mining, manufacturing and utilities activities contributed 45.9% to the gross value added (GVA) in 2023, followed by wholesale, retail and hotels (24.1%), and construction activities (2.4%), according to MarketLine estimates.

According to OPEC, Venezuela has around 303.2 billion barrels of proven crude oil reserves, it produced 716,000 barrels of crude oil per day in 2022.

Scope

In February 2024, the country announced to construct five transmission substation projects by 2024. The projects seek to boost transmission capacity to 117,570MVA by 2028, compared to capacity of 100,087MVA in 2022.

Reasons to buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Companies mentioned

PDVSA

Banko de Venezuela

Table of Contents

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

List of Tables

Exhibit 1: Venezuela’s performance in country risk analysis in comparison to Latin America and World average

Exhibit 2: Performance overview (score: 0-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: IBVC index, (March 2023 – March 2024)

Exhibit 5: Key sectors contribution to the economy (2019–26f)

Exhibit 6: FDI inflows and outflows (2018–22), FDI inward stock and outward stock (2018–22)

Exhibit 7: Greenfield FDI projects and net cross border M&A deals in Venezuela (2018–22)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019–24f)

Exhibit 12: Current account balance (2019–24f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation, % of world total (2022)

Exhibit 15: Interest rates (January 2019 – January 2024)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: Public finance (2019–22)

Exhibit 18: General government debt (2019–22)

Exhibit 19: Unemployment rate by age group, 15-24 (2019–22)

Exhibit 20: Labor force participation rate (2019–26f)

Exhibit 21: Proportion of employment by sector (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: R&D expenditure as a percentage of GDP (2021, or latest available year)

Exhibit 28: Rule of law index (rankings) 2023

Exhibit 29: Corruption perceptions index (rankings) (2023)

Exhibit 30: Renewable energy, installed capacity (2019–23e)

Exhibit 31: CO2 emissions (2018–22)

List of Figures

List of Figures

Exhibit 1: Venezuela’s performance in terms of its country risk analysis in comparison to Latin America and the world

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: IBVC index (January 2021 – January 2022)

Exhibit 5: Key sectors contribution to the economy (2015-2019)

Exhibit 6: FDI flows and FDI stock (2016-2020)

Exhibit 7: Cross border mergers & acquisitions (2017-2020) and announced greenfield investments (2017-2020)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2017-2024f)

Exhibit 10: Real GDP growth rate comparison (2021e)

Exhibit 11: Volume of exports and imports (2017-2022f)

Exhibit 12: Current account balance (2017-2022f)

Exhibit 13: Top three commodity exports, % of total exports, (2016-2020)

Exhibit 14: Mineral fuels, mineral oils and products % share of world’s total (2020)

Exhibit 15: Inflation rates (2017-2024f)

Exhibit 16: Exchange rate (2017-2024f)

Exhibit 17: General government net lending/borrowing (2016-2020)

Exhibit 18: General government gross debt (2016-2020)

Exhibit 19: Unemployment rate (2010-2018)

Exhibit 20: Average annual wages (2016-2019)

Exhibit 21: Labor cost index (2016-2019)

Exhibit 22: Rural/urban share of total population (2005, 2015, 2025)

Exhibit 23: Age-group share of total population ( (2005, 2015, 2025)

Exhibit 24: Gender split (2005, 2015, 2025)

Exhibit 25: Internet users as a % of total population, mobile and broadband penetration rates (2021e)

Exhibit 26: Number of patents granter per million people (2020)

Exhibit 27: Research and development expenditure (% of GDP) 2020

Exhibit 28: Doing business in Venezuela 2020

Exhibit 29: Corruption perceptions index (rankings) (2020)

Exhibit 30: Renewable energy, installed capacity (2016-2020)

Exhibit 31: CO2 emissions (2016-2020)

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