VENEECONOMIST
Analysis Type B — Trend · MARCH 25, 2026

$391 Per Worker: Venezuela's Productivity Collapse and What It Means for Anyone Who Wants to Produce There

Real output per worker in Venezuela fell from $1,014 in 2008 to $391 in 2025. To match the output of one American worker, you need 286 Venezuelans. The most devastating number in the country isn't inflation or debt — it's productivity. And no OFAC license fixes it.

Published March 25, 2026

The St. Louis Fed published an analysis this week that puts into numbers what every business operator in Caracas experiences daily: Venezuela has suffered the largest peacetime labor productivity collapse in modern history. Output per worker — how much economic value the average employed person generates — dropped from $1,014 in 2008 to $391 in 2025. A Venezuelan worker today produces less than half of what they produced 17 years ago.

The figure isn't explained by sanctions or lack of workers. It's explained by the destruction of the productive apparatus: shuttered factories, broken supply chains, intermittent electricity, congested ports, and the massive flight of skilled human capital. 7.7 million Venezuelans emigrated — but productivity didn't rise among those who stayed because the infrastructure they work with was destroyed alongside them.

Keep reading — free

Sign up and read 3 analyses a month, free

Create your reader account with your email. No password, no card.

No password · The full analysis lands in your inbox

Want no limits? Subscribe to Explorer from $19/mes
Classification
Analysis Type B — Trend
Productive Sectors
March 25, 2026
Free subscription · 1-click unsubscribe

Get it in your inbox, free

Subscribing you to Business Briefing.

VENE · ECONOMIST Intelligence Unit · Informational analysis. Does not constitute investment, legal or tax advice. Vene Economist is not a credit rating agency; the "VE Verdict" is a proprietary editorial indicator, not a credit rating. Always verify against the primary source before making decisions.

Topics

FURTHER READING

04
ANÁLISIS · FINANZAS PÚBLICAS · RECAUDACIÓN TRIBUTARIA

SENIAT: Venezuela collects 37.6% more in dollars and 25.8% more in real terms

SENIAT reported $1.198 billion in September 2026, converted at the central bank's official rate, which rose less than inflation. Deflated by the consumer price index, the increase is 25.8%. March was the year's peak, April and July were not published, and it is not on record whether the totals include oil taxes that OFAC sends to the Treasury fund.

OFAC · GL 61A

GL 61A — Supply of Certain Items and Services to Venezuela Related to Telecommunications

Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, CONATEL, and CANTV — that are ordinarily incident and necessary to the provision from the United States or by a U.S. person of goods, technology, software, or services for the installation, maintenance, refurbishment, repair, upgrade, operation, or support of telecommunications in Venezuela. Telecommunications is defined broadly: data, telephone, internet connectivity, radio, television, news wire feeds, and similar services, regardless of the medium of transmission, including satellite and submarine cables. As of August 27, 2026, the contract with the Government must only route disputes to the United States, the United Kingdom, France, or Singapore; it no longer needs to be governed by U.S. law. Reporting to the Department of State ten days after the first transaction and every 90 days thereafter remains. No expiration date. Supersedes GL 61.

VE PULSE · 08-OCT-2026

Pacific Coast Energy promises to double crude output at two PDVSA blocks claimed by former partners

On July 30 the company said it was finalizing the contracts; on October 7 it confirmed it runs both blocks with full operational control. Its release mentions no OFAC license and none of the partners claiming the fields.

SECTOR BRIEF · VE-SECTORS

Venezuela productive sector August 2026: the gateway waits on paperwork, not on construction

The Maiquetía terminal opening set for August 24 did not happen and that day's drill closed with no date. The September 1 in circulation sits in reservation systems, not in an official act: what is missing is slot assignment, and United already moved its route to January 2027.