| Economy - overview: |
The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuelan officials estimate that GDP grew by 3.2% in 2000. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight undercut the recovery. The bolivar is widely believed to be overvalued by as much as 50%. The government is still rebuilding after massive flooding and landslides in December 1999 caused an estimated $15 billion to $20 billion in damage.
|
| GDP: |
purchasing power parity - $146.2 billion (2000 est.)
|
| GDP - real growth rate: |
3.2% (2000 est.)
|
| GDP - per capita: |
purchasing power parity - $6,200 (2000 est.)
|
| GDP - composition by sector: |
agriculture:
5%
industry:
24%
services:
71% (1999 est.)
|
| Population below poverty line: |
67% (1997 est.)
|
| Household income or consumption by percentage share: |
lowest 10%:
1.5%
highest 10%:
35.6% (1995)
|
| Inflation rate (consumer prices): |
13% (2000)
|
| Labor force: |
9.9 million (1999)
|
| Labor force - by occupation: |
services 64%, industry 23%, agriculture 13% (1997 est.)
|
| Unemployment rate: |
14% (2000 est.)
|
| Budget: |
revenues:
$26.4 billion
expenditures:
$27 billion, including capital expenditures of $NA (2000 est.)
|
| Industries: |
petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
|
| Industrial production growth rate: |
NA
|
| Electricity - production: |
81.215 billion kWh (1999)
|
| Electricity - production by source: |
fossil fuel:
32.16%
hydro:
67.84%
nuclear:
0%
other:
0% (1999)
|
| Electricity - consumption: |
75.53 billion kWh (1999)
|
| Electricity - exports: |
0 kWh (1999)
|
| Electricity - imports: |
0 kWh (1999)
|
| Agriculture - products: |
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
|
| Exports: |
$32.8 billion (f.o.b., 2000)
|
| Exports - commodities: |
petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
|
| Exports - partners: |
US and Puerto Rico 57%, Colombia, Brazil, Japan, Germany, Netherlands, Italy (1999)
|
| Imports: |
$14.7 billion (f.o.b., 2000)
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| Imports - commodities: |
raw materials, machinery and equipment, transport equipment, construction materials
|
| Imports - partners: |
US 53%, Japan, Colombia, Italy, Germany, France, Brazil, Canada (1999)
|
| Debt - external: |
$34 billion (2000)
|
| Economic aid - recipient: |
$35 million with more assistance likely as a result of flooding (1999)
|
| Exchange rates: |
bolivares per US dollar - 699.700 (January 2001), 679.960 (2000), 605.717 (1999), 547.556 (1998), 488.635 (1997), 417.333 (1996)
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| Fiscal year: |
calendar year
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