Step-by-step Economics
The economy of Venezuela is based largely on the petroleum and manufacturing sectors and has been in a state of total economic collapse since the mid-2010s. Venezuela is the sixth largest member of OPEC by oil production. Since the 1920s, Venezuela has been a rentier state, offering oil as its main export. The nation has experienced hyperinflation since 2015. In 2014, total trade amounted to 48.1% of the country’s GDP. Exports accounted for 16.7% of GDP
