Economy of Venezuela https://www.confiduss.com/en/jurisdictions/venezuela/economy/

Venezuela is considered a developing country. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Venezuela may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Venezuela exports about US$91.78 billion and imports about US$59.32 billion each year. 8.1% of the country's population is unemployed. The total number of unemployed in Venezuela is 2,622,879. In Venezuela, 31.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Venezuela is quite high, but it is not a cause for great concern in terms of investments. Potential lenders should look at other economic indicators, including GDP, the rate of urbanization and the strength of the currency, before making investment decisions. Government spending on education is 3.7% of GDP. The country's Gini index is 39. Venezuela experiences good equality. The majority of citizens in Venezuela fall within a narrow income bracket, although some cases can show significant differences. Venezuela has a Human Development Index (HDI) of 0.764. Venezuela has a high HDI score. This suggests that the majority of citizens will be able to live a worthwhile life while providing significant help and support to citizens with lower living standards. The Global Peace Index (GPI) for Venezuela is 2,493.

Currency
The currency of Venezuela is Venezuelan bolivar soberano. There are several plural forms of the name 'Venezuelan bolivar soberano'. These are bolivars, bolivares. The symbol used for this currency is Bs.S., and it is abbreviated as VEF. The Venezuelan bolivar soberano is divided into Centimo; there are 100 in one bolivar soberano.

Credit rating
According to the S&P credit-rating agency, Venezuela has a credit rating score of CCC, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Venezuela has a credit rating score of CCC, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Venezuela has a credit rating score of Caa3, and the prospects of this rating are negative.

Central bank
In Venezuela, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Venezuela. Locally, the central bank of Venezuela is called Banco Central de Venezuela. The average deposit interest rate offered by local banks in Venezuela is 14.7%.

Public debt
Venezuela has a government debt of 49% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information
The corporate tax in Venezuela is set at 34%. Personal income tax ranges from 6% to 34%, depending on your specific situation and income level. VAT in Venezuela is 12%.

Finances
The total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Venezuela is US$540898 billion. The gross domestic product (GDP) per capita calculated as purchasing power parity (PPP) in Venezuela was last at 17 million US dollars. PPPs in Venezuela are considered below average compared to other countries. Below-average PPPs indicate that citizens in this country find it difficult to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with below-average purchasing power parities are dangerous locations for investments. The total gross domestic product (GDP) in Venezuela is 371,339 billion. Based on this statistic, Venezuela is considered as a large economy. Countries with large economies support a variety of industries and businesses and offer numerous opportunities for investment. Large economies support a significant financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good investment opportunities in Venezuela. The gross domestic product (GDP) per capita in Venezuela was last at 11 million dollars. The average citizen in Venezuela has very little wealth. Countries with very low wealth per capita often have lower life expectancies and a dramatically lower quality of life for their citizens. In countries with very low levels of prosperity, it can be very difficult to find a highly skilled workforce as citizens find it difficult to obtain the training required for specialized industries. However, labor can be found at very low rates compared to countries with higher wealth per capita. The annual growth rate of GDP in Venezuela averaged -3% in 2014. According to this percentage, Venezuela is currently experiencing a significant decline.