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Venezuela:
Economy

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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


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