In 2023, Venezuela's GDP composition by sector reveals a diverse structure, with Mining, Manufacturing, and Utilities comprising the largest share at 30.64%. The Services sector follows closely at 27.48%, while Wholesale, Retail Trade, Restaurants, and Hotels account for 22.1%. Construction makes up 8.52% of the GDP, along with Transport, Storage, and Communication at 5.68%, and Agriculture, Hunting, Forestry, and Fishing at 5.58%. Over the past five years, sector variations have depicted shifts due to socio-economic changes, impacting the average annual growth rate.
Future trends to watch include:
- Potential growth in the Services sector driven by recovery efforts and increased demand.
- Continued volatility in Mining and Manufacturing given geopolitical factors.
- Investment in Agriculture as a means to diversify and stabilize the economy.
- Technological advancements boosting the Transport and Communication sectors.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Mining, Manufacturing, Utilities | 30.64 | 2016 | |
| 2 | 2 Services | 27.48 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 22.1 | 2016 | |
| 4 | 4 Construction | 8.52 | 2016 | |
| 5 | 5 Transport, storage and communication | 5.68 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 5.58 | 2016 |
