Economy Of Venezuela - Venezuela Information

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Economy Of Venezuela
Venezuela Information - Country Guides

Economy overview	Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of GDP, around 80% of export earnings, and more than half of government operating revenues. Despite higher oil prices at the end of 2002 and into 2003, domestic political instability, culminating in 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. In late 2003, President CHAVEZ committed himself to $1 billion in new social programs, money the government does not have.
GDP	purchasing power parity - $117.9 billion (2004 est.)
GDP - real growth rate	-9.2% (2004 est.)
GDP - per capita	purchasing power parity - $4,800 (2004 est.)
GDP - composition by sector	agriculture: 5% industry: 50% services: 45% (2004 est.)
Investment gross fixed	12.6% of GDP (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	31.1% (2004 est.)
Labor force	11.38 million (2004 est.)
Labor force by occupation	agriculture 13%, industry 23%, services 64% (1997 est.)
Unemployment rate	18% (2004 est.)
Budget	revenues: $19.33 billion expenditures: $24.34 billion, including capital expenditures of $2.6 billion (2004 est.)
Public debt	38.8% 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	-15.4% (2004 est.)
Electricity production	87.6 billion kWh (2001)
Electricity production by source	fossil fuel: 31.7% hydro: 68.3% other: 0% (2001) nuclear: 0%
Electricity consumption	81.47 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	3.08 million bbl/day (2004 est.)
Oil consumption	505,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	63.95 billion bbl (2004)
Natural gas production	31.71 billion cu m (2001 est.)
Natural gas consumption	31.71 billion cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	4.202 trillion cu m (2004)
Current account balance	$9.659 billion (2004 est.)
Exports	$25.86 billion f.o.b. (2004 est.)
Exports commodities	petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Exports partners	US 52.9%, Netherlands Antilles 5%, Dominican Republic 3% (2003)
Imports	$10.71 billion f.o.b. (2003 est.)
Imports commodities	raw materials, machinery and equipment, transport equipment, construction materials
Imports partners	US 28.8%, Colombia 7%, Brazil 6.6%, Mexico 4.3% (2003)
Reserves of foreign exchange gold	$20.67 billion (2004 est.)
Debt external	$32.51 billion (2004 est.)
Economic aid recipient	$74 million (2000)
Currency	bolivar (VEB)
Currency code	VEB
Exchange rates	bolivares per US dollar - 1,607.79 (2003), 1,160.95 (2002), 723.666 (2001), 679.96 (2000), 605.717 (1999)
Fiscal year	calendar year

Venezuelan Flag Map Of Venezuela

Economy Of VenezuelaVenezuela Information - Country Guides

Economy Of Venezuela
Venezuela Information - Country Guides