Bolivarian Republic of Venezuela

In 2007, the Bolivarian Republic of Venezuela’s GDP grew 8.4%. Given that the oil sector’s output shrank 4.2% that year, this growth was driven by the buoyancy of the non-oil sector, whose output expanded 9.5%. Domestic demand continued to rise at a rate of 20%, the same pace as the previous year. High oil prices on the international market meant that the terms of trade remained favourable and, as in 2006, the country’s economic growth was sustained by the continued expansion of gross national income. In the first quarter of 2008, GDP increased 4.9% in relation to the same period in 2007, reflecting the onset of a slowdown in economic activity.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions