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World > South America > Venezuela > Economy (Facts)

Venezuela - Economy (Facts)
Economy - overview: Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP. Tax collection - Venezuela's primary source of non-oil revenue - is expected to surpass $23 billion in 2006, exceeding the yearend collection goal by more than 20%. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by higher oil prices, record government spending helped to boost GDP growth in 2004 and 2005 to approximately 18% and 11%, respectively. Economic growth in 2006 reached about 9%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has fueled a consumption boom - car sales in 2006 increased by around 70% - but has come at the cost of higher inflation. Despite government attempts to withdraw liquidity from the economy, Venezuela's money supply set a record in June 2006, approximately 70% higher than the previous year. Imports have also jumped significantly.
GDP - real growth rate: 10.3% (2006 est.)
GDP (purchasing power parity): $186.3 billion (2006 est.)
GDP (official exchange rate): $149.9 billion (2006 est.)
GDP - per capita (PPP): $7,200 (2006 est.)
GDP - composition by sector: agriculture: 3.7%
industry: 41%
services: 55.3% (2006 est.)
Population below poverty line: 37.9% (end 2005 est.)
Household income or consumption by percentage share: lowest 10%: 0.8%
highest 10%: 36.5% (1998)
Inflation rate (consumer prices): 15.8% (2006 est.)
Labor force: 12.5 million (November 2006 est.)
Labor force - by occupation: agriculture: 13%
industry: 23%
services: 64% (1997 est.)
Unemployment rate: 8.9% (October 2006 est.)
Budget: revenues: $52.24 billion
expenditures: $52.9 billion; including capital expenditures of $2.6 billion (2006 est.)
Industries: petroleum, construction materials, food processing, textiles; iron ore mining, steel, aluminum; motor vehicle assembly
Industrial production growth rate: 7% (2006 est.)
Electricity - production: 93.03 billion kWh (2004)
Electricity - consumption: 86.52 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 3.081 million bbl/day (2005 est.)
Oil - consumption: 560,000 bbl/day (2004 est.)
Oil - exports: 2.293 million bbl/day (2004 est.)
Oil - imports: NA bbl/day
Oil - proved reserves: 75.27 billion bbl (2006 est.)
Natural gas - production: 27.2 billion cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Exports: $69.23 billion f.o.b. (2006 est.)
Exports - commodities: petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Exports - partners: US 45.8%, Netherlands Antilles 7.5%, China 3.2% (2006)
Imports: $28.81 billion f.o.b. (2006 est.)
Imports - commodities: raw materials, machinery and equipment, transport equipment, construction materials
Imports - partners: US 30.2%, Colombia 10%, Brazil 8.2%, Mexico 6.3%, China 5.7% (2006)
Debt - external: $35.63 billion (2006 est.)
Economic aid - recipient: $74 million (2000)
Currency: Venezuelan Bolivar (VEB)

Current Venezuelan Bolivar Exchange Rates
Historical Venezuelan Bolivar Exchange Rates
Chart Venezuelan Bolivar Exchange Rates
Currency code: VEB
Exchange rates: bolivares per US dollar - 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003), 1,161 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Venezuelan Bolivar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Venezuelan Bolivar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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