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Venezuela Economy Profile 2001

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Economy - overview

The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuelan officials estimate that GDP grew by 3.2% in 2000. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight undercut the recovery. The bolivar is widely believed to be overvalued by as much as 50%. The government is still rebuilding after massive flooding and landslides in December 1999 caused an estimated $15 billion to $20 billion in damage.

GDP (purchasing power parity)

purchasing power parity - $146.2 billion (2000 est.)

GDP - real growth rate

3.2% (2000 est.)

GDP - per capita (PPP)

purchasing power parity - $6,200 (2000 est.)

GDP - composition by sector

agriculture: 5%

industry: 24%

services: 71% (1999 est.)

Population below poverty line

67% (1997 est.)

Household income or consumption by percentage share

lowest 10%: 1.5%

highest 10%: 35.6% (1995)

Inflation rate (consumer prices)

13% (2000)

Labor force

9.9 million (1999)

Labor force - by occupation

services 64%, industry 23%, agriculture 13% (1997 est.)

Unemployment rate

14% (2000 est.)

Budget

revenues: $26.4 billion

expenditures: $27 billion, including capital expenditures of $NA (2000 est.)

Industries

petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly

Industrial production growth rate

NA

Electricity - production

81.215 billion kWh (1999)

Electricity - production by source

fossil fuel: 32.16%

hydro: 67.84%

nuclear: 0%

other: 0% (1999)

Electricity - consumption

75.53 billion kWh (1999)

Electricity - exports

0 kWh (1999)

Electricity - imports

0 kWh (1999)

Agriculture - products

corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Exports

$32.8 billion (f.o.b., 2000)

Exports - commodities

petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures

Exports - partners

US and Puerto Rico 57%, Colombia, Brazil, Japan, Germany, Netherlands, Italy (1999)

Imports

$14.7 billion (f.o.b., 2000)

Imports - commodities

raw materials, machinery and equipment, transport equipment, construction materials

Imports - partners

US 53%, Japan, Colombia, Italy, Germany, France, Brazil, Canada (1999)

Debt - external

$34 billion (2000)

Economic aid - recipient

$35 million with more assistance likely as a result of flooding (1999)

Currency

bolivar (VEB)

Currency (code)

VEB

Exchange rates

bolivares per US dollar - 699.700 (January 2001), 679.960 (2000), 605.717 (1999), 547.556 (1998), 488.635 (1997), 417.333 (1996)

Fiscal year

calendar year


Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of May 15, 2007


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