Real GDP at Constant National Prices for Bolivarian Republic of Venezuela
RGDPNAVEA666NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,670.96
Year-over-Year Change
-63.12%
Date Range
1/1/1950 - 1/1/2019
Summary
This economic trend measures the real gross domestic product (GDP) of Venezuela at constant national prices, providing a gauge of the country's economic growth and production activity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Real GDP at constant national prices is a key macroeconomic indicator used to assess a country's economic performance over time. It accounts for the effects of inflation, allowing for more accurate comparisons of output levels.
Methodology
The data is calculated by the World Bank using domestic currency values and a fixed base year to remove the impact of price changes.
Historical Context
Policymakers and analysts closely monitor Venezuela's real GDP to understand the health of its economy and make informed decisions.
Key Facts
- Venezuela's real GDP has declined significantly in recent years.
- Real GDP is a better measure of economic activity than nominal GDP.
- Constant national prices account for inflation's impact on GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of Venezuela, adjusting for inflation to provide a more accurate assessment of the country's economic output and growth.
Q: Why is this trend relevant for users or analysts?
A: Real GDP is a crucial indicator for understanding the overall health and performance of Venezuela's economy, enabling policymakers and analysts to make informed decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank using domestic currency values and a fixed base year to remove the impact of price changes.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor Venezuela's real GDP to assess the country's economic conditions and inform policy decisions related to economic growth, trade, and fiscal and monetary policies.
Q: Are there update delays or limitations?
A: The data may be subject to delays in reporting or revisions, and it may not fully capture certain aspects of the Venezuelan economy due to data availability and reliability challenges.
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Citation
U.S. Federal Reserve, Real GDP at Constant National Prices for Bolivarian Republic of Venezuela (RGDPNAVEA666NRUG), retrieved from FRED.