Venezuela:
Economy

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Other pages in this profile of Venezuela:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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. 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 high oil prices, record government spending helped to boost GDP in 2006 by about 9% and in 2007 by about 8%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom but has come at the cost of higher inflation-roughly 20 percent in 2007. Imports also have jumped significantly. Embolden by his December 2006 reelection, President Hugo CHAVEZ in 2007 nationalized firms in the petroleum, communications, and electricity sectors, which reduced foreign influence in the economy. Although voters in December 2007 rejected CHAVEZ's proposed constitutional changes, CHAVEZ still has significant control of the economy and has indicated he intends to continue to consolidate and centralize authority over the economy by implementing "21st Century Socialism."
GDP (purchasing power parity)	Definition - World rank and map $334.6 billion (2007 est.)
GDP (official exchange rate)	Definition $236.4 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 8.4% (2007 est.)
GDP - per capita	Definition - World rank and map $12,200 (2007 est.)
GDP - composition by sector	Definition agriculture: 3.8% industry: 38.4% services: 57.8% (2007 est.)
Labor force	Definition 12.37 million (2007 est.)
Labor force - by occupation	Definition agriculture: 13% industry: 23% services: 64% (1997 est.)
Unemployment rate	Definition - World rank and map 8.5% (2007 est.)
Population below poverty line	Definition 37.9% (end 2005 est.)
Household income or consumption by percentage share	Definition lowest 10%: 0.7% highest 10%: 35.2% (2003)
Distribution of family income - Gini index	Definition - World rank and map 48.2 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 18.7% (2007)
Investment (gross fixed)	Definition - World rank and map 23.7% of GDP (2007 est.)
Budget	Definition revenues: $65.83 billion expenditures: $58.9 billion (2007 est.)
Public debt	Definition - World rank and map 19.3% of GDP (2007 est.)
Agriculture - products	Definition corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Industries	Definition petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly
Industrial production growth rate	Definition - World rank and map 3.9% (2007 est.)
Electricity - production	Definition - World rank and map 99.2 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 73.36 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 2,777.3 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 2.802 million bbl/day (2006 est.)
Oil - consumption	Definition - World rank and map 599,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 22.7 bbl/day (2006 est.)
Oil - exports	Definition - World rank and map 2.203 million bbl/day (2006 est.)
Oil - imports	Definition - World rank and map 0 bbl/day (2006 est.)
Oil - proved reserves	Definition - World rank and map 79.14 billion bbl (2007 est.)
Natural gas - production	Definition - World rank and map 27.53 billion cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 27.53 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 1,042 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 4.112 trillion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $23.23 billion (2007 est.)
Exports	Definition - World rank and map $69.17 billion f.o.b. (2007 est.)
Exports - commodities	Definition petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Exports - partners	Definition US 44.1%, Netherlands Antilles 14.5%, China 3.1% (2006)
Imports	Definition - World rank and map $45.46 billion f.o.b. (2007 est.)
Imports - commodities	Definition raw materials, machinery and equipment, transport equipment, construction materials
Imports - partners	Definition US 27%, Colombia 9.8%, Brazil 9.6%, China 7.2%, Mexico 5.7%, Panama 4.6% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $33.48 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $41.52 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $46.04 million (2007 est.)
Stock of direct foreign investment - abroad	Definition $13.8 million (2007 est.)
Market value of publicly traded shares	Definition $8.251 billion (2006)
Economic aid - recipient	Definition $48.66 million (2005)
Currency (code)	Definition bolivar (VEB)
Exchange rates	Definition bolivares per US dollar - 2,147 (2007), 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003) note: On 1 January 2008 Venezuela revalued its currency with 1000 old bolivares equal to 1 new bolivar
Fiscal year	Definition calendar year

Venezuela: Economy

Venezuela:
Economy