Military expenditure in local currency rose 354% to VEF 10,941,523,999,999,999,868,928.00 bil in Venezuela in 2023, according to the SIPRI Military Expenditure Database.
Historically, military expenditure in local currency in Venezuela reached an all time high of VEF 10,941,523,999,999,999,868,928.00 bil in 2023 and an all time low of VEF < 0.001 bil in 1961. When compared to Venezuela's main peers, military expenditure in local currency in Brazil amounted to BRL 114,523,700,000 bil, COP 46,630,500,000,000 bil in Colombia, GYD 20,228,300,000 bil in Guyana and TTD 1,633,150,000 bil in Trinidad and Tobago in 2023.
Venezuela has been ranked 1st within the group of 148 countries we follow in terms of military expenditure in local currency, 63 places above the position seen 10 years ago.
| Military Expenditure (Local Currency) | Unit | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Bolivia | BOB bil | 3.98 | 4.17 | 4.10 | 3.52 | 3.93 | ||||||||||||||||
| Brazil | BRL bil | 93.1 | 103 | 102 | 101 | 104 | ||||||||||||||||
| Colombia | COP bil | 29,530 | 29,962 | 33,346 | 35,290 | 38,114 | ||||||||||||||||
| Guyana | GYD bil | 12.3 | 12.8 | 14.0 | 16.0 | 16.0 | ||||||||||||||||
| Peru | PEN bil | 8.70 | 8.70 | 9.19 | 9.27 | 10.2 | ||||||||||||||||
| Puerto Rico | USD bil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
| Suriname | SRD bil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
| Trinidad and Tobago | TTD bil | 1.37 | 1.12 | 1.17 | 1.15 | 1.39 | ||||||||||||||||
| Venezuela | VEF bil | 4,440 | 3,489,538 | 5,391,344,960 | 81,449,000,000 | 431,282,000,000 |
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