| Economy | Venezuela |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
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):
|
$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):
|
$12,400 (2011 est.)
$12,300 (2010 est.)
$12,700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$309.8 billion (2011 est.) |
GDP - real growth rate:
|
2.8% (2011 est.)
-1.5% (2010 est.)
-3.2% (2009 est.) |
GDP - composition by sector:
|
agriculture: 3.9%
industry: 35.6%
services: 60.6% (2011 est.) |
Investment (gross fixed):
|
15.9% of GDP (2011 est.) |
Population below poverty line:
|
37.9% (2005 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 1.7%
highest 10%: 32.7% (2006) |
Distribution of family income - Gini index:
|
41 (2009)
49.5 (1998) |
Inflation rate (consumer prices):
|
28.9% (2011 est.)
27.4% (2010 est.) |
Central bank discount rate:
|
29.5% (31 December 2009)
33.5% (31 December 2008) |
Commercial bank prime lending rate:
|
17.2% (31 December 2011 est.)
18.348% (31 December 2010 est.) |
Stock of money:
|
$78.09 billion (31 December 2008)
$61.74 billion (31 December 2007) |
Stock of money - per capita:
|
2,826 USD per capita |
Stock of quasi money:
|
$10.69 billion (31 December 2008)
$8.687 billion (31 December 2007) |
Stock of quasi money - per capita:
|
387 USD per capita |
Stock of domestic credit:
|
$48.03 billion (31 December 2011 est.)
$48.78 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
1,738 USD per capita |
Stock of narrow money:
|
$71.89 billion (31 December 2011 est.)
$70.57 billion (31 December 2010 est.) |
Stock of broad money:
|
$79.05 billion (31 December 2011 est.)
$78.88 billion (31 December 2010 est.) |
Labor force:
|
13.44 million (2011 est.) |
Labor force participation rate:
|
48.63 % of population |
Labor force - by occupation:
|
agriculture: 13%
industry: 23%
services: 64% (1997 est.) |
Unemployment rate:
|
8.5% (2011 est.)
8.5% (2010 est.) |
Unemployment, youth ages 15-24:
|
total: 13.6%
male: 12.3%
female: 15.9% (2008) |
Budget:
|
revenues: $88.62 billion
expenditures: $104.9 billion (2011 est.) |
Budget revenues per capita:
|
3,207 USD per capita |
Taxes and other revenues:
|
28.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-5.3% of GDP (2011 est.) |
Public debt:
|
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:
|
petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly |
Industrial production growth rate:
|
1.4% (2011 est.) |
Electricity - production:
|
123.4 billion kWh (2009 est.) |
Electricity - production per capita:
|
4,466 kWh per capita |
Electricity - consumption:
|
84.72 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
3,066 kWh per capita |
Electricity - exports:
|
633 million kWh (2009 est.) |
Electricity - imports:
|
373 million kWh (2009 est.) |
Oil - production:
|
2.375 million bbl/day (2010 est.) |
Oil - production per capita:
|
85,940 bbl/day per capita |
Oil - consumption:
|
746,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
9.85 bbl/year per capita |
Oil - exports:
|
1.871 million bbl/day (2009 est.) |
Oil - imports:
|
0 bbl/day (2009 est.) |
Oil - proved reserves:
|
211.2 billion bbl (1 January 2011 est.) |
Natural gas - production:
|
22.9 billion cu m (2010 est.) |
Natural gas - production per capita:
|
829 cu m per capita |
Natural gas - consumption:
|
25.08 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
|
908 cu m per capita |
Natural gas - exports:
|
0 cu m (2010 est.) |
Natural gas - imports:
|
2.18 billion cu m (2010 est.) |
Natural gas - proved reserves:
|
5.065 trillion cu m (1 January 2011 est.) |
Agriculture - products:
|
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish |
Current account balance:
|
$24.62 billion (2011 est.)
$14.38 billion (2010 est.) |
Current account balance - per capita:
|
891 USD per capita |
Exports:
|
$89.38 billion (2011 est.)
$65.79 billion (2010 est.) |
Exports per capita:
|
3,235 USD per capita |
Exports - commodities:
|
petroleum, bauxite and aluminum, minerals, chemicals, agricultural products, basic manufactures |
Exports - partners:
|
US 38.7%, China 7.7%, India 4.8%, Cuba 4.1% (2010) |
Imports:
|
$50.04 billion (2011 est.)
$38.61 billion (2010 est.) |
Imports per capita:
|
1,811 USD per capita |
Imports - commodities:
|
agricultural products, raw materials, machinery and equipment, transport equipment, construction materials |
Imports - partners:
|
US 26.6%, Colombia 11.4%, Brazil 9.6%, China 9.1% (2010) |
Reserves of foreign exchange and gold:
|
$30.93 billion (31 December 2011 est.)
$29.62 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,120 USD per capita |
Debt - external:
|
$89.6 billion (30 September 2011 est.)
$80.8 billion (31 December 2010 est.) |
Debt - external - per capita:
|
3,243 USD per capita |
Stock of direct foreign investment - at home:
|
$38.52 billion (31 December 2011 est.)
$38.02 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,394 USD per capita |
Stock of direct foreign investment - abroad:
|
$22.84 billion (31 December 2011 est.)
$19.89 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
827 USD per capita |
Market value of publicly traded shares:
|
$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:
|
145 USD per capita |
Currency (code):
|
bolivar (VEB) |
Exchange rates:
|
bolivars (VEB) per US dollar -
4.428 (2011 est.)
4.1336 (2010 est.)
2.147 (2009)
2.147 (2008)
2,147 (2007) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
