| 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 |
