INSUBCONTINENT EXCLUSIVE:
The Venezuelan Finance Observatory (OVF) revealed that 86% of Venezuelan households now live in poverty
poverty threshold stands at US$391 monthly, representing the cost of a basic food basket for a family
Average household income falls drastically short at just US$231.49
economy contracted by approximately 80% between 2014 and 2020
dependency on oil revenues
Hyperinflation peaked at a staggering 9,500% in 2019.Food insecurity now affects 82% of Venezuelans
Although more than 90% of survey respondents report eating three meals daily, many struggle with food access
The cost of a basic food basket increased by 347% between October 2022 and 2023.Employment statistics show 21.95% of Venezuelans work as
self-employed while 14.39% remain unemployed
Many survive through informal work, with over 30% engaging in low-income informal activities to access essential services.Economic Collapse
Pushes 86% of Venezuelan Households into Poverty
Approximately 7.7 million Venezuelans have fled the country since 2015
Remittances provide crucial support for those who remain, with 24% of households receiving financial help from abroad.Recent data shows
modest economic improvement
GDP grew by approximately 5% in 2023, with government forecasts projecting 8% growth in 2024
Inflation, while still high at 73.27%, represents the lowest rate in a decade.The government has implemented several market-oriented reforms
These include partial dollarization, revised exchange policies, and a more business-friendly approach
outlook remains challenging
Most citizens continue to face severe hardship without significant international aid and comprehensive economic reforms.
