Total factor productivity in Venezuela
Venezuela: Total factor productivity was 2.95 in 2014. ▼ Falling
Latest (2014)
2.95
Change on year
down 5.2%
World rank
1st
of 120 countries
All-time high
7.5
in 1970
All-time low
2.61
in 2003
Years of data
61
1954–2014
Total factor productivity in Venezuela, 1954–2014
Source: Our World in Data.
Analysis
In 2014, total factor productivity in Venezuela stood at 2.95.
Compared with earlier readings it is down 5.2% on the previous year and down 0.3% over ten years.
Over the whole period, total factor productivity in Venezuela peaked at 7.5 in 1970 and was at its lowest, 2.61, in 2003.
Venezuela ranks 1st of 120 countries on this measure, in the top 10%.
The long-run direction has been consistently falling across the 61 years of available data.
Total factor productivity in Venezuela, year by year
| Year | Value | Change |
|---|---|---|
| 1954 | 5.52 | — |
| 1955 | 5.59 | +1.3% |
| 1956 | 5.85 | +4.7% |
| 1957 | 6.11 | +4.4% |
| 1958 | 6.02 | -1.5% |
| 1959 | 6.09 | +1.2% |
| 1960 | 5.61 | -7.8% |
| 1961 | 5.73 | +2.1% |
| 1962 | 6.11 | +6.6% |
| 1963 | 6.34 | +3.7% |
| 1964 | 6.88 | +8.6% |
| 1965 | 6.94 | +0.8% |
| 1966 | 6.66 | -4.0% |
| 1967 | 6.73 | +1.0% |
| 1968 | 7.04 | +4.6% |
| 1969 | 7.09 | +0.8% |
| 1970 | 7.5 | +5.7% |
| 1971 | 7.13 | -4.9% |
| 1972 | 6.81 | -4.5% |
| 1973 | 6.67 | -2.0% |
| 1974 | 6.59 | -1.3% |
| 1975 | 6.39 | -3.0% |
| 1976 | 6.41 | +0.4% |
| 1977 | 6.09 | -5.0% |
| 1978 | 5.44 | -10.7% |
| 1979 | 5.16 | -5.1% |
| 1980 | 4.57 | -11.4% |
| 1981 | 4.36 | -4.6% |
| 1982 | 4.23 | -2.9% |
| 1983 | 3.98 | -6.0% |
| 1984 | 3.89 | -2.1% |
| 1985 | 3.79 | -2.7% |
| 1986 | 3.87 | +2.1% |
| 1987 | 3.84 | -0.9% |
| 1988 | 3.87 | +0.9% |
| 1989 | 3.51 | -9.2% |
| 1990 | 3.68 | +4.8% |
| 1991 | 3.89 | +5.5% |
| 1992 | 3.92 | +0.9% |
| 1993 | 3.78 | -3.7% |
| 1994 | 3.58 | -5.2% |
| 1995 | 3.57 | -0.2% |
| 1996 | 3.49 | -2.2% |
| 1997 | 3.54 | +1.3% |
| 1998 | 3.38 | -4.5% |
| 1999 | 3.16 | -6.5% |
| 2000 | 3.19 | +1.1% |
| 2001 | 3.17 | -0.9% |
| 2002 | 2.83 | -10.6% |
| 2003 | 2.61 | -7.9% |
| 2004 | 2.96 | +13.4% |
| 2005 | 3.15 | +6.4% |
| 2006 | 3.28 | +4.2% |
| 2007 | 3.39 | +3.3% |
| 2008 | 3.4 | +0.3% |
| 2009 | 3.18 | -6.5% |
| 2010 | 3.04 | -4.3% |
| 2011 | 3.1 | +1.8% |
| 2012 | 3.17 | +2.3% |
| 2013 | 3.11 | -1.8% |
| 2014 | 2.95 | -5.2% |
Venezuela compared with similar countries
- Venezuela's 2.95 is above the median for lower middle income countries, which is 0.9979, 3.0× the median. (26 countries reporting)
- Venezuela's 2.95 is above the median for Latin America & Caribbean, which is 1, 2.9× the median. (21 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1950s | 5.86 | 5.52 | 6.11 | 6 |
| 1960s | 6.51 | 5.61 | 7.09 | 10 |
| 1970s | 6.42 | 5.16 | 7.5 | 10 |
| 1980s | 3.99 | 3.51 | 4.57 | 10 |
| 1990s | 3.6 | 3.16 | 3.92 | 10 |
| 2000s | 3.12 | 2.61 | 3.4 | 10 |
| 2010s | 3.07 | 2.95 | 3.17 | 5 |
Countries ranked near Venezuela
More economy & growth data for Venezuela
- Real gdp growth, annual growth rate -25.42 % change on previous year (2018)
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.36 Percent per annum (2025)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.19 Percent per annum (2025)
- SDRs holdings, US dollar, annual growth rate 2.6 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0458 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 159.96 units per person (2025)
- SDRs holdings, SDR, annual growth rate -2.29 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0334 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 116.8 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate 5.01 % change on previous year (2025)
Frequently asked questions
- What is total factor productivity in Venezuela?
- Total factor productivity in Venezuela was 2.95 in 2014, according to Our World in Data.
- What is the highest total factor productivity recorded in Venezuela?
- The highest recorded value was 7.5 in 1970.
- What is the lowest total factor productivity recorded in Venezuela?
- The lowest recorded value was 2.61 in 2003.
- How does Venezuela rank for total factor productivity?
- Venezuela ranks 1st out of 120 countries with data for 2014.
- Is total factor productivity rising or falling in Venezuela?
- Over the last ten years it is down 0.3%. The long-run trend across the full record is falling.
- Where does this Venezuela data come from?
- The figures come from Our World in Data, published as part of Total factor productivity. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 61 observations, free to reuse under CC BY 4.0 (Our World in Data).