• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Venezuela

What on Earth Happened in Venezuela?

By
Anne VanderMey
Anne VanderMey
Down Arrow Button Icon
By
Anne VanderMey
Anne VanderMey
Down Arrow Button Icon
June 2, 2016, 2:00 PM ET
VENEZUELA-OPPOSITION-PROTEST
Demonstrators clash with police during a protest against new emergency powers decreed this week by President Nicolas Maduro in Caracas on May 18, 2016. Public outrage was expected to spill onto the streets of Venezuela Wednesday, with planned nationwide protests marking a new low point in Maduro's unpopular rule. / AFP / JUAN BARRETO (Photo credit should read JUAN BARRETO/AFP/Getty Images)Juan Barreto — AFP/Getty Images

Venezuela, Latin America’s sixth-most-populous country, went from simmering mess to full-on crisis this year. Ongoing drought, political mismanagement, and a drop-off in oil revenue have driven shortages of essentials like power, water, and medicine.

The country’s inflation is also the highest in the world. In fact, it’s so severe that the government doesn’t have enough specialized paper to print more bills, and has taken to flying in banknotes printed abroad.

Here are a few key statistics on the country’s meltdown.

  • 30
    Minutes the government pushed the official time forward, to maximize daylight and blunt the blow of power shortages.
  • 5
    Days in the weekend for public-sector workers.
  • 1,032
    Number of bolivares one dollar can buy on the black market, up from eight in 2010.
  • –8%
    Amount the economy is projected to shrink this year, according to IMF estimates.

For more on international news, watch this Fortune video:


A version of this article appears in the June 15, 2016 issue of Fortune with the headline “Venezuela by the Numbers.”

About the Author
By Anne VanderMey
See full bioRight Arrow Button Icon
0

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Most Popular

placeholder alt text
Personal Finance
Peter Thiel makes his biggest donation in years to help defeat California’s billionaire wealth tax
By Nick LichtenbergJanuary 14, 2026
1 day ago
placeholder alt text
Europe
Americans have been quietly plundering Greenland for over 100 years, since a Navy officer chipped fragments off the Cape York iron meteorite
By Paul Bierman and The ConversationJanuary 14, 2026
1 day ago
placeholder alt text
Success
Despite a $45 million net worth, Big Bang Theory star still works tough, 16-hour days—he repeats one mantra when overwhelmed
By Orianna Rosa RoyleJanuary 15, 2026
13 hours ago
placeholder alt text
AI
Being mean to ChatGPT can boost its accuracy, but scientists warn you may regret it
By Marco Quiroz-GutierrezJanuary 13, 2026
2 days ago
placeholder alt text
Economy
California's wealth tax doesn't fix the real problem: Cash-poor billionaires who borrow money, tax-free, to live on
By Nick LichtenbergJanuary 14, 2026
1 day ago
placeholder alt text
AI
'Godfather of AI' says the technology will create massive unemployment and send profits soaring — 'that is the capitalist system'
By Jason MaJanuary 12, 2026
3 days ago

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.