Economy of Venezuela

Mother Earth Travel > Country Index > Venezuela > Map Economy History

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: -7.2% (1999 est.), 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): 20% (1999), 13% (2000)
Labor force: 9.9 million (1999)
Labor force - by occupation: services 64%, industry 23%, agriculture 13% (1997 est.)
Unemployment rate: 18% (1999 est.), 14% (2000 est.)
Budget:
revenues:  $26.4 billion
expenditures:  $27 billion (2000 est.) 
Industries: petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
Industrial production growth rate: 0.5% (1995 est.)
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)
Agriculture - products: corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Exports: $20.9 billion (f.o.b., 1999), $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: $11.8 billion (f.o.b., 1999), $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)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Venezuela > Map Economy History