| Introduction - Venezuela: |
| Location - Venezuela: |
| People - Venezuela: |
| Government - Venezuela: |
| Economy - Venezuela: |
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. Tax collection - Venezuelas primary source of non-oil revenue - is expected to surpass $23 billion in 2006, exceeding the yearend collection goal by more than 20%. 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 higher oil prices, record government spending helped to boost GDP growth in 2004 and 2005 to approximately 18% and 11%, respectively. Economic growth in 2006 reached about 9%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has fueled a consumption boom - car sales in 2006 increased by around 70% - but has come at the cost of higher inflation. Despite government attempts to withdraw liquidity from the economy, Venezuelas money supply set a record in June 2006, approximately 70% higher than the previous year. Imports have also jumped significantly. |
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Gdp purchasing power parity | $186.3 billion (2006 est.) |
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Gdp official exchange rate | $149.9 billion (2006 est.) |
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Gdp real growth rate | 10.3% (2006 est.) |
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Gdp per capita ppp | $7,200 (2006 est.) |
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Gdp composition by sector | agriculture: 3.7%
industry: 41%
services: 55.3% (2006 est.) |
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Labor force | 12.5 million (November 2006 est.) |
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Labor force by occupation | agriculture: 13%
industry: 23%
services: 64% (1997 est.) |
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Unemployment rate | 8.9% (October 2006 est.) |
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Population below poverty line | 37.9% (end 2005 est.) |
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Household income or consumption by percentage share | lowest 10%: 0.8%
highest 10%: 36.5% (1998) |
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Distribution of family income gini index | 49.1 (1998) |
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Inflation rate consumer prices | 15.8% (2006 est.) |
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Investment gross fixed | 19.8% of GDP (2006 est.) |
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Budget | revenues: $52.24 billion
expenditures: $52.9 billion; including capital expenditures of $2.6 billion (2006 est.) |
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Public debt | 28.4% of GDP (2006 est.) |
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Agriculture products | corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish |
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Industries | petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly |
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Industrial production growth rate | 7% (2006 est.) |
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Electricity production | 93.03 billion kWh (2004) |
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Electricity consumption | 86.52 billion kWh (2004) |
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Electricity exports | 0 kWh (2004) |
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Electricity imports | 0 kWh (2004) |
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Oil production | 3.081 million bbl/day (2005 est.) |
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Oil consumption | 560,000 bbl/day (2004 est.) |
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Oil exports | 2.293 million bbl/day (2004 est.) |
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Oil imports | NA bbl/day |
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Oil proved reserves | 75.27 billion bbl (2006 est.) |
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Natural gas production | 27.2 billion cu m (2004 est.) |
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Natural gas consumption | 27.2 billion cu m (2004 est.) |
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Natural gas exports | 0 cu m (2004 est.) |
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Natural gas imports | 0 cu m (2004 est.) |
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Natural gas proved reserves | 4.276 trillion cu m (1 January 2005 est.) |
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Current account balance | $31.82 billion (2006 est.) |
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Exports | $69.23 billion f.o.b. (2006 est.) |
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Exports commodities | petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures |
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Exports partners | US 45.8%, Netherlands Antilles 7.5%, China 3.2% (2006) |
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Imports | $28.81 billion f.o.b. (2006 est.) |
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Imports commodities | raw materials, machinery and equipment, transport equipment, construction materials |
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Imports partners | US 30.2%, Colombia 10%, Brazil 8.2%, Mexico 6.3%, China 5.7% (2006) |
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Reserves of foreign exchange and gold | $35.95 billion (2006 est.) |
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Debt external | $35.63 billion (2006 est.) |
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Economic aid recipient | $74 million (2000) |
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Currency code | bolivar (VEB) |
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Exchange rates | bolivares per US dollar - 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003), 1,161 (2002) |
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| Communications - Venezuela: |
| Transportation - Venezuela: |
| Military - Venezuela: |
This page was last updated on 16 September, 2007
