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Venezuela
Republica Bolivariana de Venezuela
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EconomyVenezuela
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions

Economy - overview:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 60% 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 recovered strongly through 2008. Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% in 2008, before a sharp drop in oil prices caused an economic contraction in 2009-10. This spending, combined with recent minimum wage hikes and improved access to domestic credit, created a consumption boom which came at the cost of higher inflation - roughly 32% in 2008, and slowing only slightly to 27% in 2011, despite the lengthy downturn. Shortages of basic goods continue to affect portions of the population. Imports also jumped significantly before the recession of 2009. President Hugo CHAVEZ's continued efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors have hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In the first half of 2010 Venezuela faced the prospect of lengthy nationwide blackouts when its main hydroelectric power plant - which provides more than 35% of the country's electricity - nearly shut down. In May, 2010, CHAVEZ closed the unofficial foreign exchange market - the "parallel" market - in an effort to stem inflation and slow the currency's depreciation. In June 2010, the government created the "Transaction System for Foreign Currency Denominated Securities" (SITME) to replace the "parallel" market. In December 2010, CHAVEZ eliminated the dual exchange rate system and unified the exchange rate at 4.3 bolivars per dollar. In January 2011, CHAVEZ announced the second devaluation of the bolivar within twelve months. In December 2010, the National Assembly passed a package of five organic laws designed to complete the transformation of the Venezuelan economy in line with CHAVEZ's vision of 21st century socialism. These laws were implemented in 2011. In 2011 Venezuela wrestled with macroeconomic imbalances resulting from the government's unorthodox economic policies, a housing crisis, a continuing electricity crisis, and food shortages. The budget deficit reached 5.3% of GDP, and public debt as a percent of GDP climbed steeply.

GDP (purchasing power parity):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$368.8 billion (2011 est.)
$358.6 billion (2010 est.)
$364 billion (2009 est.)
note: data are in 2011 US dollars

GDP - per capita (PPP):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$12,400 (2011 est.)
$12,300 (2010 est.)
$12,700 (2009 est.)
note: data are in 2011 US dollars

GDP (official exchange rate):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$309.8 billion (2011 est.)

GDP - real growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.8% (2011 est.)
-1.5% (2010 est.)
-3.2% (2009 est.)

GDP - composition by sector:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 3.9%
industry: 35.6%
services: 60.6% (2011 est.)

Investment (gross fixed):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

15.9% of GDP (2011 est.)

Population below poverty line:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

37.9% (2005 est.)

Household income or consumption by percentage share:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

lowest 10%: 1.7%
highest 10%: 32.7% (2006)

Distribution of family income - Gini index:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

41 (2009)
49.5 (1998)

Inflation rate (consumer prices):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

28.9% (2011 est.)
27.4% (2010 est.)

Central bank discount rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

29.5% (31 December 2009)
33.5% (31 December 2008)

Commercial bank prime lending rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

17.2% (31 December 2011 est.)
18.348% (31 December 2010 est.)

Stock of money:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$78.09 billion (31 December 2008)
$61.74 billion (31 December 2007)

Stock of money - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2,826 USD per capita

Stock of quasi money:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$10.69 billion (31 December 2008)
$8.687 billion (31 December 2007)

Stock of quasi money - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

387 USD per capita

Stock of domestic credit:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$48.03 billion (31 December 2011 est.)
$48.78 billion (31 December 2010 est.)

Stock of domestic credit - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1,738 USD per capita

Stock of narrow money:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$71.89 billion (31 December 2011 est.)
$70.57 billion (31 December 2010 est.)

Stock of broad money:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$79.05 billion (31 December 2011 est.)
$78.88 billion (31 December 2010 est.)

Labor force:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

13.44 million (2011 est.)

Labor force participation rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

48.63 % of population

Labor force - by occupation:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

agriculture: 13%
industry: 23%
services: 64% (1997 est.)

Unemployment rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

8.5% (2011 est.)
8.5% (2010 est.)

Unemployment, youth ages 15-24:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

total: 13.6%
male: 12.3%
female: 15.9% (2008)

Budget:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

revenues: $88.62 billion
expenditures: $104.9 billion (2011 est.)

Budget revenues per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

3,207 USD per capita

Taxes and other revenues:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

28.6% of GDP (2011 est.)

Budget surplus (+) or deficit (-):
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

-5.3% of GDP (2011 est.)

Public debt:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

33% of GDP (2011 est.)
24.9% of GDP (2010 est.)
note: data cover central Government Debt, and includes some debt instruments issued (or owned) by Government entities other than the treasury such as the state-owned oil company; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions.

Industries:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly

Industrial production growth rate:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1.4% (2011 est.)

Electricity - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

123.4 billion kWh (2009 est.)

Electricity - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

4,466 kWh per capita

Electricity - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

84.72 billion kWh (2008 est.)

Electricity - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

3,066 kWh per capita

Electricity - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

633 million kWh (2009 est.)

Electricity - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

373 million kWh (2009 est.)

Oil - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.375 million bbl/day (2010 est.)

Oil - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

85,940 bbl/day per capita

Oil - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

746,000 bbl/day (2010 est.)

Oil - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

9.85 bbl/year per capita

Oil - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1.871 million bbl/day (2009 est.)

Oil - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 bbl/day (2009 est.)

Oil - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

211.2 billion bbl (1 January 2011 est.)

Natural gas - production:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

22.9 billion cu m (2010 est.)

Natural gas - production per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

829 cu m per capita

Natural gas - consumption:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

25.08 billion cu m (2010 est.)

Natural gas - consumption - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

908 cu m per capita

Natural gas - exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

0 cu m (2010 est.)

Natural gas - imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

2.18 billion cu m (2010 est.)

Natural gas - proved reserves:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

5.065 trillion cu m (1 January 2011 est.)

Agriculture - products:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Current account balance:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$24.62 billion (2011 est.)
$14.38 billion (2010 est.)

Current account balance - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

891 USD per capita

Exports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$89.38 billion (2011 est.)
$65.79 billion (2010 est.)

Exports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

3,235 USD per capita

Exports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

petroleum, bauxite and aluminum, minerals, chemicals, agricultural products, basic manufactures

Exports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

US 38.7%, China 7.7%, India 4.8%, Cuba 4.1% (2010)

Imports:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$50.04 billion (2011 est.)
$38.61 billion (2010 est.)

Imports per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1,811 USD per capita

Imports - commodities:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

agricultural products, raw materials, machinery and equipment, transport equipment, construction materials

Imports - partners:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

US 26.6%, Colombia 11.4%, Brazil 9.6%, China 9.1% (2010)

Reserves of foreign exchange and gold:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$30.93 billion (31 December 2011 est.)
$29.62 billion (31 December 2010 est.)

Reserves of foreign exchange and gold - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1,120 USD per capita

Debt - external:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$89.6 billion (30 September 2011 est.)
$80.8 billion (31 December 2010 est.)

Debt - external - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

3,243 USD per capita

Stock of direct foreign investment - at home:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$38.52 billion (31 December 2011 est.)
$38.02 billion (31 December 2010 est.)

Stock of direct foreign investment - at home - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

1,394 USD per capita

Stock of direct foreign investment - abroad:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$22.84 billion (31 December 2011 est.)
$19.89 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

827 USD per capita

Market value of publicly traded shares:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

$3.991 billion (31 December 2010)
$8.86 billion (31 December 2009)
$8.251 billion (31 December 2009)

Market value of publicly traded shares - per capita:
Field  World Record  Bar Graph  Distribution Map  Field History  Notes and Definitions

145 USD per capita

Currency (code):
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

bolivar (VEB)

Exchange rates:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

bolivars (VEB) per US dollar -
4.428 (2011 est.)
4.1336 (2010 est.)
2.147 (2009)
2.147 (2008)
2,147 (2007)

Fiscal year:
Field  Dictionary  Bar Graph  Distribution Map  Field History  Notes and Definitions

calendar year
Field = Fields World Record = World Records  = Dictionary Bar Graph = Bar graph Distribution Maps = Distribution map Field History = Fields History Definitions = Definitions


This page was last updated on 3 February, 2012

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