Venezuela, RB's military expenditure (current LCU) was 10,941,524,000 trillion in 2023, the latest year in the World Bank's World Development Indicators. That is up 29.18 trillion% from 37.5 billion in 2013 (1,301% a year on average, compounded).
Key figures
| Value | Year | |
|---|---|---|
| Latest | 10,941,524,000 trillion | 2023 |
| Five years earlier | 3,489.54 trillion | 2018 |
| Ten years earlier | 37.5 billion | 2013 |
| Highest | 10,941,524,000 trillion | 2023 |
| Lowest | 384,000 | 1961 |
| Average since 2014 | 1,454,349,196.51 trillion | 2014–2023 |
| First recorded | 785,000 |
What the numbers say
In 2023, Venezuela, RB's military expenditure (current LCU) rose 254.8% on 2022 (from 3,083,842,126 trillion to 10,941,524,000 trillion).
Across the 30 yearly changes before that (1993 to 2022), the average change was +8,011.7% and a typical year strayed about 31,124.8% from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 154,400.3% in 2019 and the biggest yearly fall was 51.1% in 1961. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2014 to 2023 the straight-line trend is upward, about 742,222,761.96 trillion a year. A straight line explains 42% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
Closest to Venezuela, RB in the 2023 ranking
- Libya — 2nd of 2: 7.57 billion
What this measures
Military expenditure in local currency at current prices (by calendar year)
Limitations: SIPRI strives to compile reliable, consistent military expenditure data by assessing multiple sources, but accuracy depends on the quality and transparency of those sources. Challenges arise from two key issues: whether reported figures reflect actual spending and how closely they match SIPRI’s definition. While data is generally accurate in developed and many developing countries, weak governance, corruption, and secret transfers in others can lead to major discrepancies. SIPRI sometimes makes estimates, when sources conflict or lack coverage, introducing uncertainty, especially for countries like China or the UAE.
All 64 values
| Year | Military expenditure (current LCU) |
|---|---|
| 2023 | 10,941,524,000,000,000,000,000 |
| 2022 | 3,083,842,126,000,000,000,000 |
| 2021 | 431,282,000,000,000,000,000 |
| 2020 | 81,449,000,000,000,000,000 |
| 2019 | 5,391,344,960,000,000,000 |
| 2018 | 3,489,538,000,000,000 |
| 2017 | 4,440,000,000,000 |
| 2016 | 107,844,325,932 |
| 2015 | 56,721,006,697 |
| 2014 | 35,217,484,115 |
Military expenditure (current LCU) in nearby economies
- Argentina — 4.82 trillion (2025)
- Belize — 66.63 million (2025)
- Bolivia — 4.76 billion (2025)
- Brazil — 134 billion (2025)
- Chile — 5.07 trillion (2025)
- Colombia — 58.75 trillion (2025)
- Costa Rica — 0 (2025)
- Cuba — 2.92 billion (2018)
- Dominican Republic — 64 billion (2025)
- Ecuador — 2.74 billion (2025)
- El Salvador
More public sector data for Venezuela, RB
- Arms imports (SIPRI trend indicator values) — 98 million (2023)
- Military expenditure (current USD) — 2.13 billion (2017)
- Military expenditure (% of GDP) — 2.23% (2017)
- Armed forces personnel, total — 343,000 (2020)
- Intentional homicides (per 100,000 people) — 12.65 (2022)
- Armed forces personnel (% of total labor force) — 3.47% (2020)
- Intentional homicides, female (per 100,000 female) — 5.12 (2017)
- Intentional homicides, male (per 100,000 male) — 90.07 (2017)
- Statistical performance indicators (SPI): Pillar 1 data use score (scale 0-100) — 60 (2024)
Reading data like this
Questions people ask
- What is Venezuela, RB's military expenditure (current LCU)?
- 10,941,524,000 trillion in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 1960?
- It is up 1,393,824.71 trillion% from 785,000 in 1960 (80.41% a year on average, compounded). The highest value was 10,941,524,000 trillion in 2023 and the lowest 384,000 in 1961.
- Is the latest change in military expenditure (current LCU) unusual for Venezuela, RB?
- In 2023, Venezuela, RB's military expenditure (current LCU) rose 254.8% on 2022 (from 3,083,842,126 trillion to 10,941,524,000 trillion). Across the 30 yearly changes before that (1993 to 2022), the average change was +8,011.7% and a typical year strayed about 31,124.8% from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
- Where does this data come from?
Source
World Bank, World Development Indicators, indicator MS.MIL.XPND.CN, licensed CC BY 4.0. Original source: SIPRI Military Expenditure Database, Stockholm International Peace Research Institute (SIPRI), uri: https://www.sipri.org/databases Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.
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