Economy - overview:
Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. A disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. Despite continued domestic instability, output recovered strongly in 2004, aided by high oil prices. Both inflation and unemployment remain fundamental problems.
GDP:
purchasing power parity - $145.2 billion (2004 est.)
GDP - real growth rate:
16.8% (2004 est.)
GDP - per capita:
purchasing power parity - $5,800 (2004 est.)
GDP - composition by sector:
agriculture: 0.1%
industry: 46.5%
services: 53.4% (2004 est.)
Labor force:
12.25 million (2004 est.)
Labor force - by occupation:
agriculture 13%, industry 23%, services 64% (1997 est.)
Unemployment rate:
17.1% (2004 est.)
Population below poverty line:
47% (1998 est.)
Household income or consumption by percentage share:
lowest 10%: 0.8%
highest 10%: 36.5% (1998)
Distribution of family income - Gini index:
49.5 (1998)
Inflation rate (consumer prices):
22.4% (2004 est.)
Investment (gross fixed):
12.9% of GDP (2004 est.)
Budget:
revenues: $26.91 billion
expenditures: $30.7 billion, including capital expenditures of $2.6 billion (2004 est.)
Public debt:
43.1% of GDP (2004 est.)
Agriculture - products:
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Industries:
petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
Industrial production growth rate:
12.3% (2004 est.)
Electricity - production:
89.7 billion kWh (2003)
Electricity - production by source:
fossil fuel: 31.7%
hydro: 68.3%
nuclear: 0%
other: 0% (2001)
Electricity - consumption:
89.3 billion kWh (2003)
Electricity - exports:
450 million kWh (2003)
Electricity - imports:
30 million kWh (2003)
Oil - production:
2.6 million bbl/day (2004 est.)
Oil - consumption:
500,000 bbl/day (2004 est.)
Oil - exports:
2.1 million bbl/day (2004 est.)
Oil - imports:
NA
Oil - proved reserves:
78 billion bbl (2004 est.)
Natural gas - production:
29.4 billion cu m (2003 est.)
Natural gas - consumption:
29.4 billion cu m (2003 est.)
Natural gas - exports:
0 cu m (2004 est.)
Natural gas - imports:
0 cu m (2004 est.)
Natural gas - proved reserves:
4.19 trillion cu m (2004)
Current account balance:
$14.59 billion (2004 est.)
Exports:
$35.84 billion f.o.b. (2004 est.)
Exports - commodities:
petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Exports - partners:
US 58.7%, Netherlands Antilles 4.1%, Canada 2.5% (2004)
Imports:
$14.98 billion f.o.b. (2004 est.)
Imports - commodities:
raw materials, machinery and equipment, transport equipment, construction materials
Imports - partners:
US 33.2%, Colombia 5.7%, Brazil 5%, Germany 4% (2004)
Reserves of foreign exchange and gold:
$25.75 billion (2004 est.)
Debt - external:
$33.29 billion (2004 est.)
Economic aid - recipient:
$74 million (2000)
Currency (code):
bolivar (VEB)
Currency code:
VEB
Exchange rates:
bolivares per US dollar - 1,891.3 (2004), 1,607 (2003), 1,161 (2002), 723.7 (2001), 680 (2000)
Fiscal year:
calendar year
More about Venezuela:
Introduction
Geography
People
Government
Communications
Transportation
Military
Transnational Issues
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