Venezuela Economy, Venezuela's Economy, Venezuelas Economy, Venezuelan Economy

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.)

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):

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.)

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:

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)

Agriculture - products: corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

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)

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



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