| Economy | Venezuela |
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Economy - overview:
|
Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, about 50% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by high oil prices, record government spending helped to boost GDP by about 9% in 2006, 8% in 2007, and nearly 6% in 2008. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom but has come at the cost of higher inflation - roughly 20% in 2007 and more than 30% in 2008. Imports also have jumped significantly. Declining oil prices in the latter part of 2008 are expected to undermine the govenment's ability to continue the high rate of spending. President Hugo CHAVEZ in 2008 continued efforts to increase the government's contol of the economy by nationalizing firms in the cement and steel sectors. In 2007 he nationalized firms in the petroleum, communications, and electricity sectors. In July 2008, CHAVEZ implemented by decree a number of laws that further consolidate and centralize authority over the economy through his plan for "21st Century Socialism." |
GDP (purchasing power parity):
|
$357.9 billion (2008 est.)
$341.2 billion (2007)
$314.7 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$13,500 (2008 est.)
$13,100 (2007 est.)
$12,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$331.8 billion (2008 est.) |
GDP - real growth rate:
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4.9% (2008 est.)
8.4% (2007 est.)
10.3% (2006 est.) |
GDP - composition by sector:
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agriculture: 3.6%
industry: 35.3%
services: 61.1% (2008 est.) |
Investment (gross fixed):
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20.5% of GDP (2008 est.) |
Population below poverty line:
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37.9% (End 2005 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.7%
highest 10%: 35.2% (2003) |
Distribution of family income - Gini index:
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48.2 (2003) |
Inflation rate (consumer prices):
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31% (2008 est.) |
Central bank discount rate:
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28.5% (31 December 2007) |
Commercial bank prime lending rate:
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17.11% (31 December 2007) |
Stock of money:
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$63.18 billion (31 December 2007) |
Stock of money - per capita:
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2,357 USD per capita |
Stock of quasi money:
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$8.889 billion (31 December 2007) |
Stock of quasi money - per capita:
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332 USD per capita |
Stock of domestic credit:
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$50.24 billion (31 December 2007) |
Stock of domestic credit - per capita:
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1,874 USD per capita |
Labor force:
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12.49 million (2008 est.) |
Labor force participation rate:
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46.58 % of population |
Labor force - by occupation:
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agriculture: 13%
industry: 23%
services: 64% (1997 est.) |
Unemployment rate:
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8.5% (2008 est.) |
Budget:
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revenues: $106.2 billion
expenditures: $100.8 billion (2008 est.) |
Budget revenues per capita:
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3,961 USD per capita |
Public debt:
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17.4% of GDP (2008 est.) |
Industries:
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petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly |
Industrial production growth rate:
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-3.3% (2008 est.) |
Electricity - production:
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110.7 billion kWh (2007 est.) |
Electricity - production per capita:
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4,129 kWh per capita |
Electricity - consumption:
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83.84 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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3,127 kWh per capita |
Electricity - exports:
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542 million kWh (2006 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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2.667 million bbl/day (2007 est.) |
Oil - production per capita:
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99,460 bbl/day per capita |
Oil - consumption:
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738,300 bbl/day (2007 est.) |
Oil - consumption - per capita:
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10.05 bbl/year per capita |
Oil - exports:
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2.203 million bbl/day (2006 est.) |
Oil - imports:
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0 bbl/day (2006 est.) |
Oil - proved reserves:
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87.04 billion bbl (1 January 2008 est.) |
Natural gas - production:
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26.5 billion cu m (2007 est.) |
Natural gas - production per capita:
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989 cu m per capita |
Natural gas - consumption:
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26.5 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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989 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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4.708 trillion cu m (1 January 2008 est.) |
Agriculture - products:
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corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish |
Current account balance:
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$48.44 billion (2008 est.) |
Current account balance - per capita:
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1,807 USD per capita |
Exports:
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$103.5 billion f.o.b. (2008 est.) |
Exports per capita:
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3,860 USD per capita |
Exports - commodities:
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petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures |
Exports - partners:
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US 42.7%, Netherlands Antilles 8%, China 3.1% (2007) |
Imports:
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$53.44 billion f.o.b. (2008 est.) |
Imports per capita:
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1,993 USD per capita |
Imports - commodities:
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raw materials, machinery and equipment, transport equipment, construction materials |
Imports - partners:
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US 26.6%, Colombia 13.5%, Brazil 9.5%, China 6.7%, Mexico 5.2%, Panama 5% (2007) |
Reserves of foreign exchange and gold:
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$36.36 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
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1,356 USD per capita |
Debt - external:
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$47.99 billion (31 December 2008 est.) |
Debt - external - per capita:
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1,790 USD per capita |
Stock of direct foreign investment - at home:
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$44.31 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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1,653 USD per capita |
Stock of direct foreign investment - abroad:
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$15.81 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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590 USD per capita |
Market value of publicly traded shares:
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$8.251 billion (2006) |
Market value of publicly traded shares - per capita:
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308 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$48.66 million (2005) |
Economic aid - recipient per capita:
|
2 USD per capita |
Currency (code):
|
bolivar (VEB) |
Exchange rates:
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bolivars (VEB) per US dollar - 2.147 (2008 est.), 2,147 (2007), 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004)
note: On 1 January 2008 Venezuela revalued its currency with 1000 old bolivares equal to 1 new bolivar |
Fiscal year:
|
calendar year |
|
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