Economy Of Venezuela
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Economy overview
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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.
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GDP
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purchasing power parity - $117.9 billion (2004 est.)
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GDP - real growth rate
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-9.2% (2004 est.)
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GDP - per capita
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purchasing power parity - $4,800 (2004 est.)
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GDP - composition by sector
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agriculture: 5%
industry: 50%
services: 45% (2004 est.)
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Investment gross fixed
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12.6% of GDP (2004 est.)
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Population below poverty line
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47% (1998 est.)
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Household income or consumption by percentage share
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lowest 10%: 0.8%
highest 10%: 36.5% (1998)
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Distribution of family income - Gini index
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49.5 (1998)
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Inflation rate consumer prices
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31.1% (2004 est.)
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Labor force
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11.38 million (2004 est.)
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Labor force by occupation
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agriculture 13%, industry 23%, services 64% (1997 est.)
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Unemployment rate
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18% (2004 est.)
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Budget
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revenues: $19.33 billion
expenditures: $24.34 billion, including capital expenditures of $2.6 billion (2004 est.)
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Public debt
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38.8% of GDP (2004 est.)
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Agriculture products
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corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
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Industries
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petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
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Industrial production growth rate
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-15.4% (2004 est.)
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Electricity production
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87.6 billion kWh (2001)
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Electricity production by source
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fossil fuel: 31.7%
hydro: 68.3%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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81.47 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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3.08 million bbl/day (2004 est.)
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Oil consumption
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505,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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63.95 billion bbl (2004)
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Natural gas production
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31.71 billion cu m (2001 est.)
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Natural gas consumption
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31.71 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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4.202 trillion cu m (2004)
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Current account balance
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$9.659 billion (2004 est.)
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Exports
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$25.86 billion f.o.b. (2004 est.)
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Exports commodities
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petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
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Exports partners
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US 52.9%, Netherlands Antilles 5%, Dominican Republic 3% (2003)
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Imports
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$10.71 billion f.o.b. (2003 est.)
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Imports commodities
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raw materials, machinery and equipment, transport equipment, construction materials
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Imports partners
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US 28.8%, Colombia 7%, Brazil 6.6%, Mexico 4.3% (2003)
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Reserves of foreign exchange gold
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$20.67 billion (2004 est.)
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Debt external
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$32.51 billion (2004 est.)
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Economic aid recipient
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$74 million (2000)
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Currency
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bolivar (VEB)
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Currency code
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VEB
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Exchange rates
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bolivares per US dollar - 1,607.79 (2003), 1,160.95 (2002), 723.666 (2001), 679.96 (2000), 605.717 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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