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Travel & Tourism . Tourist Guide to the Country

Venezuela Economy




Venezuela    Economy Top of Page
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)
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)
Currency: bolivar (VEB)
Currency code: VEB
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)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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