| Sumario: | This article analyzes the aggregate production, considering the demand and the supply axes within Venezuelan economy. Depending on the availability of data, different sources are used for the period 1960 and 2017. It is evident that the economic crisis has structural causes, where there is an underlying external sector that imposes limits on economic growth. During the Bolivarian Revolution, Venezuelan economy has been characterized by growing based on consumption and exports. On the other hand, its investment showed a strong dependence on imports which, in turn, depend on the mono-exports of oil. Therefore, the model based on internal consumption is exhausted, in the absence of changes in the productive structure that allow replacing oil revenues.
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