Country Profile: Venezuela

Venezuela, located in northern South America, is bordered by the Caribbean Sea and is rich in natural resources, particularly petroleum and natural gas. The country has an estimated population of 31.25 million people, predominantly concentrated in urban areas such as Caracas. Venezuela's economy heavily relies on oil exports, but has faced years of economic mismanagement leading to hyperinflation and shortages of basic goods. Politically, Venezuela operates as a federal presidential republic, but the government has been criticized for authoritarian practices, particularly under the leadership of Nicolás Maduro.

Geography

Venezuela features a diverse geography that includes the Andes Mountains, plains, and unique geological formations known as tepuis. A significant portion of its population is situated in the northern highlands near the capital, Caracas. The country's total area is approximately 912,050 square kilometers, nearly six times the size of Georgia.

2,800 km of coastline along the Caribbean Sea.
5,267 km of land borders with three neighboring countries: Brazil, Colombia, and Guyana.
Home to Angel Falls, the world’s highest waterfall at 979 m.

People and Society

The population of Venezuela is estimated at 31.25 million (2024) and is primarily composed of individuals of Spanish, Indigenous, and African descent. The predominant language is Spanish, with a literacy rate of 97%. The society is shaped by a mix of cultural influences and experiences, with most people concentrated in urban areas.

88.4% of the population is urban, reflecting high levels of urbanization.
The median age is 31 years (2024).
Approximately 25% of the population are aged 0-14 years.

Economy

Venezuela's economy has been severely impacted by ongoing hyperinflation and political turmoil, leading to a debt default and significant challenges for its oil-exporting sector. Despite these issues, the country remains rich in natural resources.

5.5% unemployment rate (2024).
63% of exports go to the USA.
GDP per capita is estimated at $7,704 (2018).

Government

Venezuela is a federal presidential republic with a presidential system. The country has a tumultuous political landscape, characterized by allegations of authoritarianism and electoral fraud, particularly under Nicolás Maduro since 2013.

The capital is Caracas, located at 10°29' N latitude and 66°52' W longitude.
The legislative body is the National Assembly, with 277 members.
Venezuela has not submitted an ICJ jurisdiction declaration and accepts ICCt jurisdiction.

Military and Security

The Bolivarian National Armed Forces (FANB) are responsible for maintaining both national security and internal order, with estimates of 125,000-150,000 active personnel. The military also plays a significant role in the country's economy.

Military expenditures are around 0.6% of GDP (2024).
The FANB inventory is primarily composed of Russian/Soviet-era weapons.
Approximately 200,000 personnel in the Bolivarian Militia.

Energy

Venezuela's energy sector is primarily based on oil and hydropower, with total petroleum production reaching 801,000 bbl/day in 2023. Electricity access is nearly universal, with 100% electrification reported.

Hydroelectricity accounts for 78.3% of total installed generating capacity.
Proven oil reserves estimated at 303.806 billion barrels (2021).

Environment

Venezuela faces various environmental challenges, including deforestation, pollution, and the degradation of natural resources. The country is party to numerous international environmental agreements.

52.3% of land is forested as of 2022.
Environmental issues include urban pollution, particularly along the Caribbean coast.

Transportation

Venezuela has a developed transport network, including numerous airports and a merchant marine fleet that facilitates trade.

There are 509 airports and 272 ships in the merchant marine (2023).
Railways stretch for a total of 447 km.

Communications

Venezuela's communication system includes a mix of state-run and private media, though there are significant controls on freedom of expression.

62% of the population is estimated to be internet users (2017).
Fixed-line subscriptions total 2.683 million (2022).

Key Metrics

Metric	Value	Note
Population	31,250,306 (2024 est.)
Area	912,050 sq km
GDP (PPP)	$269.068 billion (2018 est.)
Unemployment Rate	5.5% (2024 est.)
Birth Rate	16.7 births/1,000 population (2024 est.)
Life Expectancy	74.5 years (2024 est.)
Energy Consumption per Capita	54.474 million Btu/person (2023 est.)