North America
Central & South America
Europe
Africa
Asia & Middle East
Southeast Asia & Oceania
Venezuela Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
31,304,016 (July 2017 est.)GDP (PPP)
$380.7 billion (2017 est.)Sharp contraction from previous levels
GDP growth rate
-14% (2017 est.)Almost same contraction in 2016
GDP (PPP) per capita
$12,100 (2017 est.)Low
Local currency
Bolivar (VEB)Dramatically devalued since 2013 (more than 500 times)
Financial stability (Public debt)
34.9% of GDP (2017 est.)Considering the state of the currency, the data does not tell much about the State's public finances which are in fact in dire straits
Inflation
1,087.5% (2017 est.)Hyperinflation
Language
SpanishCorruption perception index (Source: Transparency International)
169/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
12%
Corporate Tax
15-34% standard rate 50% flat rate for oil-related activities
Duties
In general, import tariffs are 5% for capital goods, 10% to 15% for raw materials and intermediate goods, and 15% to 35% for finished products
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