|
Economy - overview:
|
Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of GDP, around 80% of export earnings, and more than half of government operating revenues. Despite higher oil prices at the end of 2002 and into 2003, domestic political instability, culminating in 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. In late 2003, President CHAVEZ committed himself to $1 billion in new social programs, money the government does not have.
|
|
GDP:
|
purchasing power parity - $117.9 billion (2004 est.)
|
|
GDP - real growth rate:
|
-9.2% (2004 est.)
|
|
GDP - per capita:
|
purchasing power parity - $4,800 (2004 est.)
|
|
GDP - composition by sector:
|
agriculture: 5%
industry: 50%
services: 45% (2004 est.)
|
|
Investment (gross fixed):
|
12.6% of GDP (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)
|
|
Inflation rate (consumer prices):
|
31.1% (2004 est.)
|
|
Labor force:
|
11.38 million (2004 est.)
|
|
Labor force - by occupation:
|
agriculture 13%, industry 23%, services 64% (1997 est.)
|
|
Unemployment rate:
|
18% (2004 est.)
|
|
Budget:
|
revenues: $19.33 billion
expenditures: $24.34 billion, including capital expenditures of $2.6 billion (2004 est.)
|
|
Public debt:
|
38.8% 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:
|
-15.4% (2004 est.)
|
|
Electricity - production:
|
87.6 billion kWh (2001)
|
|
Electricity - consumption:
|
81.47 billion kWh (2001)
|
|
Electricity - exports:
|
0 kWh (2001)
|
|
Electricity - imports:
|
0 kWh (2001)
|
|
Oil - production:
|
3.08 million bbl/day (2004 est.)
|
|
Oil - consumption:
|
505,000 bbl/day (2001 est.)
|
|
Oil - exports:
|
NA (2001)
|
|
Oil - imports:
|
NA (2001)
|
|
Oil - proved reserves:
|
63.95 billion bbl (2004)
|
|
Natural gas - production:
|
31.71 billion cu m (2001 est.)
|
|
Natural gas - consumption:
|
31.71 billion cu m (2001 est.)
|
|
Natural gas - exports:
|
0 cu m (2001 est.)
|
|
Natural gas - imports:
|
0 cu m (2001 est.)
|
|
Natural gas - proved reserves:
|
4.202 trillion cu m (2004)
|
|
Current account balance:
|
$9.659 billion (2004 est.)
|
|
Exports:
|
$25.86 billion f.o.b. (2004 est.)
|
|
Exports - commodities:
|
petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
|
|
Exports - partners:
|
US 52.9%, Netherlands Antilles 5%, Dominican Republic 3% (2003)
|
|
Imports:
|
$10.71 billion f.o.b. (2003 est.)
|
|
Imports - commodities:
|
raw materials, machinery and equipment, transport equipment, construction materials
|
|
Imports - partners:
|
US 28.8%, Colombia 7%, Brazil 6.6%, Mexico 4.3% (2003)
|
|
Reserves of foreign exchange & gold:
|
$20.67 billion (2004 est.)
|
|
Debt - external:
|
$32.51 billion (2004 est.)
|
|
Economic aid - recipient:
|
$74 million (2000)
|
|
Currency:
|
bolivar (VEB)
|
|
Currency code:
|
VEB
|
|
Exchange rates:
|
bolivares per US dollar - 1,607.79 (2003), 1,160.95 (2002), 723.666 (2001), 679.96 (2000), 605.717 (1999)
|
|
Fiscal year:
|
calendar year
|