Overview: Petroleum is the cornerstone of the economy and accounted for 21% of GDP, 60% of central government revenues, and 81% of export earnings in 1989. President Perez introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and price supports, a free market exchange rate, and market-linked interest rates have thrown the economy into confusion, causing about an 8% decline in GDP in 1989, but the economy recovered part way in 1990.

GDP: $42.4 billion, per capita $2,150; real growth rate 4.4% (1990 est.)

Inflation rate (consumer prices): 40.7% (1990)

Unemployment rate: 10.4% (1990)

Budget: revenues $8.4 billion; expenditures $8.6 billion, including capital expenditures of $5.9 billion (1989)

Exports: $12.1 billion (f.o.b., 1989 est.); commodities--petroleum 81%, bauxite and aluminum, iron ore, agricultural products, basic manufactures; partners--US 50.7%, Europe 13.7%, Japan 4.0% (1989)

Imports: $8.7 billion (f.o.b., 1989); commodities--foodstuffs, chemicals, manufactures, machinery and transport equipment; partners--US 44%, FRG 8.0%, Japan 4%, Italy 7%, Canada 2% (1989)

External debt: $33.2 billion (1990)

Industrial production: growth rate - 11% (1989 est.); accounts for one-fourth of GDP, including petroleum

Electricity: 19,733,000 kW capacity; 54,660 million kWh produced, 2,780 kWh per capita (1990)

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

Agriculture: accounts for 6% of GDP and 16% of labor force; products--corn, sorghum, sugarcane, rice, bananas, vegetables, coffee, beef, pork, milk, eggs, fish; not self-sufficient in food other than meat

Illicit drugs: illicit producer of cannabis and coca leaf for the international drug trade on a small scale; however, large quantities of cocaine do transit the country

Economic aid: US commitments, including Ex-Im (FY70-86), $488 million; Communist countries (1970-89), $10 million

Currency: bolivar (plural--bolivares); 1 bolivar (Bs) = 100 centimos

Exchange rates: bolivares (Bs) per US$1--51.331 (January 1991), 46.900 (1990), 34.6815 (1989), 14.5000 (fixed rate 1987-88), 8.0833 (1986), 7.5000 (1985)

Fiscal year: calendar year

NOTE: The information regarding Venezuela on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 1991 information contained here. All suggestions for corrections of any errors about Venezuela Economy 1991 should be addressed to the CIA.