Venezuela Economy:
Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. A disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. Despite continued domestic instability, output recovered strongly in 2004, aided by high oil prices. Both inflation and unemployment remain fundamental problems.
GDP (purchasing power parity):
$145.2 billion (2004 est.)
GDP — real growth rate:
16.8% (2004 est.)
GDP — per capita:
purchasing power parity: $5,800 (2004 est.)
GDP — composition by sector:
agriculture: 0.1%
industry: 46.5%
services: 53.4%
(2004)
Labor force:
12.25 million (2004 est.)
Labor force — by occupation:
services: 64%, agriculture: 13%, industry: 23% (1997 est.)
Unemployment rate:
17.1% (2004 est.)
Population below poverty line:
47% (1998 est.)
Household income or consumption by percentage share:
lowest 10%: 0.8%
highest 10%: 36.5% (1998)
Distribution of family income — Gini index:
49.5 (1998 est.)
Inflation rate (consumer prices):
22.4% (2004 est.)
Investment (gross fixed):
12.9% of GDP (2004 est.)
Budget:
revenues: $26.91 billion
expenditures: $30.7 billion including capital expenditures of $2.6 billion (2004 est.)
Public debt:
43.1% of GDP (2004 est.)
Agriculture — products:
Corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Industries:
petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
Industrial production growth rate:
12.3% (2004 est.)
Electricity — production:
89.7 billion kWh (2003 est.)
Electricity — consumption:
89.3 billion kWh (2003 est.)
Electricity — exports:
450 million kWh (2003 est.)
Electricity — imports:
30 million kWh (2003 est.)
Oil — production:
2.6 million bbl/day (2004 est.)
Oil — consumption:
500,000 bbl/day (2004 est.)
Oil — exports:
2.1 (2004 est.)
Oil — imports:
NA
Oil — proved reserves:
78 billion bbl (2004 est.)
Natural gas — production:
29.4 billion cu m (2003 est.)
Natural gas — consumption:
29.4 billion cu m (2003 est.)
Natural gas — exports:
0 cu m (2004 est.)
Natural gas — imports:
0 cu m (2004 est.)
Natural gas — proved reserves:
4.19 trillion cu m (2004 est.)
Current account balance:
$14.59% (2004 est.)
Exports:
$35.84 billion (f.o.b. 2004 est.)
Exports — commodities:
petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Exports — partners:
US 55.6%, Netherlands Antilles 4.7%, Dominican Republic 2.8%, , (2004)
Imports:
$14.98 billion (f.o.b. 2004 est.)
Imports — commodities:
raw materials, machinery and equipment, transport equipment, construction materials
Imports — partners:
US 28.8%, Colombia 9.9%, Brazil 7%, Mexico 4.1%, (2004)
Reserves of foreign exchange and gold:
$25.75 billion (2004 est.)
Debt — external:
$33.29 billion (2004 est.)
Economic aid — recipient:
$74 million (2000 est.)
Currency:
bolivar (VEB)
Exchange rates:
bolivares per US$: 1,891.3 (2004 est.), 1,607 (2003 est.), 1,161 (2002 est.), 723.7 (2001 est.), 680 (2000 est.)
Fiscal year:
calendar year
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