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Venezuela Economy Profile 2014

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Economy - overviewVenezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 45% of budget revenues, and around 12% of GDP. Fueled by high oil prices, pre-election government spending helped spur GDP growth in 2012 to 5.6%. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 20% in 2012 and rising to more than 56% in 2013. Former President Hugo CHAVEZ's efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In 2013, Venezuela continued to wrestle with housing and electricity crises, and rolling food and goods shortages, resulting from the government's unorthodox economic policies. The budget deficit for the public sector reached 17% of GDP in 2012 and was trimmed to under 10% of GDP in 2013. The Venezuelan government has maintained a regime of strict currency exchange controls since 2003. Venezuelan law now sanctions a three-tiered exchange rate system, with rates based on the government's import priorities.
GDP (purchasing power parity)$407.4 billion (2013 est.)
$403.3 billion (2012 est.)
$381.9 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$367.5 billion (2013 est.)
GDP - real growth rate1.6% (2013 est.)
5.6% (2012 est.)
4.2% (2011 est.)
GDP - per capita (PPP)$13,600 (2013 est.)
$13,700 (2012 est.)
$13,100 (2011 est.)
note: data are in 2013 US dollars
Gross national saving23.8% of GDP (2013 est.)
28.9% of GDP (2012 est.)
30.8% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 62.3%
government consumption: 13.2%
investment in fixed capital: 17.3%
investment in inventories: 5.7%
exports of goods and services: 25%
imports of goods and services: -23.5%
(2013 est.)
GDP - composition by sectoragriculture: 3.7%
industry: 35.5%
services: 60.8% (2013 est.)
Population below poverty line31.6% (2011 est.)
Labor force14.01 million (2013 est.)
Labor force - by occupationagriculture: 7.3%
industry: 21.8%
services: 70.9% (4th quarter, 2011)
Unemployment rate7.9% (2013 est.)
7.8% (2012 est.)
Unemployment, youth ages 15-24total: 17.1%
male: 14.3%
female: 22.6% (2012)
Household income or consumption by percentage sharelowest 10%: 1.7%
highest 10%: 32.7% (2006)
Distribution of family income - Gini index39 (2011)
49.5 (1998)
Budgetrevenues: $103.4 billion
expenditures: $139.4 billion (2013 est.)
Taxes and other revenues28.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-9.8% of GDP (2013 est.)
Public debt34.2% of GDP (2013 est.)
26.8% of GDP (2012 est.)
note: data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions
Inflation rate (consumer prices)56.2% (2013 est.)
21.1% (2012 est.)
Central bank discount rate29.5% (31 December 2010)
29.5% (31 December 2009)
Commercial bank prime lending rate18% (31 December 2013 est.)
16.38% (31 December 2012 est.)
Stock of narrow money$181.4 billion (31 December 2013 est.)
$162.7 billion (31 December 2012 est.)
Stock of broad money$185.6 billion (31 December 2013 est.)
$166.7 billion (31 December 2012 est.)
Stock of domestic credit$176.7 billion (31 December 2013 est.)
$160.1 billion (31 December 2012 est.)
Market value of publicly traded shares$25.3 billion (31 December 2012 est.)
$5.143 billion (31 December 2011)
$3.991 billion (31 December 2011 est.)
Agriculture - productscorn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Industriesagricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products
Industrial production growth rate1% (2013 est.)
Current Account Balance$3.195 billion (2013 est.)
$11.02 billion (2012 est.)
Exports$91.78 billion (2013 est.)
$97.34 billion (2012 est.)
Exports - commoditiespetroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products
Exports - partnersUS 39.1%, China 14.3%, India 12%, Netherlands Antilles 7.8%, Cuba 4.6% (2012)
Imports$59.32 billion (2013 est.)
$59.31 billion (2012 est.)
Imports - commoditiesagricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products
Imports - partnersUS 31.7%, China 16.8%, Brazil 9.1%, Colombia 4.8% (2012)
Reserves of foreign exchange and gold$21.15 billion (31 December 2013 est.)
$29.89 billion (31 December 2012 est.)
Debt - external$74.87 billion (31 December 2013 est.)
$75.75 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$49.9 billion (31 December 2013 est.)
$47.4 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$21.94 billion (31 December 2013 est.)
$21.25 billion (31 December 2012 est.)
Exchange ratesbolivars (VEB) per US dollar -
6.048 (2013 est.)
4.289 (2012 est.)
2.5821 (2010 est.)
2.147 (2009)
2.147 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on June 30, 2015

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