| People | Venezuela |
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Economy - overview:
|
Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 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 in 2006 by about 9% and in 2007 by about 8%. 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 percent in 2007. Imports also have jumped significantly. Embolden by his December 2006 reelection, President Hugo CHAVEZ in 2007 nationalized firms in the petroleum, communications, and electricity sectors, which reduced foreign influence in the economy. Although voters in December 2007 rejected CHAVEZ's proposed constitutional changes, CHAVEZ still has significant control of the economy and has indicated he intends to continue to consolidate and centralize authority over the economy by implementing "21st Century Socialism." |
GDP (purchasing power parity):
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$334.3 billion (2007 est.) |
GDP (official exchange rate):
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$236.4 billion (2007 est.) |
GDP - real growth rate:
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8.4% (2007 est.) |
GDP - per capita (PPP):
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$12,800 (2007 est.) |
GDP - composition by sector:
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agriculture: 3.8%
industry: 38.4%
services: 57.8% (2007 est.) |
Investment (gross fixed):
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23.7% of GDP (2007 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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18.7% (2007 est.) |
Labor force:
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12.37 million (2007 est.) |
Labor force participation rate:
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46.83 % 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% (2007 est.) |
Budget:
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revenues: $65.83 billion
expenditures: $58.9 billion (2007 est.) |
Budget revenues per capita:
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2,493 USD per capita |
Public debt:
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19.3% of GDP (2007 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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3.9% (2007 est.) |
Electricity - production:
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99.2 billion kWh (2005) |
Electricity - production per capita:
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3,756 kWh per capita |
Electricity - consumption:
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73.36 billion kWh (2005) |
Electricity - consumption - per capita:
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2,778 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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2.398 million bbl/day (2007 est.) |
Oil - production per capita:
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90,783 bbl/day per capita |
Oil - consumption:
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599,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
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8.28 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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79.14 billion bbl (1 January 2007 est.) |
Natural gas - production:
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27.53 billion cu m (2005 est.) |
Natural gas - production per capita:
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1,043 cu m per capita |
Natural gas - consumption:
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27.53 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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1,043 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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4.112 trillion cu m (1 January 2006 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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$20 billion (2007 est.) |
Current account balance - per capita:
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1 USD per capita |
Exports:
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$69.17 billion f.o.b. (2007 est.) |
Exports per capita:
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2,619 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 42.4%, Netherlands Antilles 7.9%, China 3.1% (2007) |
Imports:
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$45.46 billion f.o.b. (2007 est.) |
Imports per capita:
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1,722 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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$33.48 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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1,268 USD per capita |
Debt - external:
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$43.33 billion (31 December 2007 est.) |
Debt - external - per capita:
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1,641 USD per capita |
Stock of direct foreign investment - at home:
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$43.96 billion (2007 est.) |
Stock of direct foreign investment - abroad:
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$13.81 billion (2007 est.) |
Market value of publicly traded shares:
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$8.251 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$48.66 million (2005) |
Economic aid - recipient per capita:
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2 USD per capita |
Currency (code):
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bolivar (VEB) |
Exchange rates:
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bolivares per US dollar - 2,147 (2007), 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003)
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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