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Venezuela Economy 2011
https://theodora.com/wfb2011/venezuela/venezuela_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Venezuela Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES

Page last updated on January 13, 2011

Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 55% of the federal budget revenues, and around 30% of GDP. 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 high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% in 2008, before a sharp drop in oil prices caused a contraction in 2009-10. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom but has come at the cost of higher inflation - roughly 32% in 2008, and slowing only slightly to 30% in 2010, despite the lengthy downturn. Imports also jumped significantly before the recession of 2009. President Hugo CHAVEZ's continued efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors have hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In the first half of 2010 Venezuela faced the prospect of lengthy nationwide blackouts when its main hydroelectric power plant - which provides more than 35% of the country's electricity - nearly shut down. In January, 2010, CHAVEZ announced a dual exchange rate system for the bolivar and closed the unofficial foreign exchange market - the "parallel" market - in an effort to stem inflation and slow the currency's depreciation. The foreign exchange system offers a 2.6 bolivar per dollar rate for imports of essentials, including food, medicine, and industrial machinery, and a 4.3 bolivar per dollar rate for imports of other products, including cars and telephones.

GDP (purchasing power parity):
$344.2 billion (2010 est.)
country comparison to the world: 35

$354.1 billion (2009 est.)
$366.2 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$285.2 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2.8% (2010 est.)
country comparison to the world: 208

-3.3% (2009 est.)
4.8% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$12,600 (2010 est.)
country comparison to the world: 92

$13,200 (2009 est.)
$13,900 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 4.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 34.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 61.1% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
13.3 million (2009 est.)
country comparison to the world: 40
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 64% (1997 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.1% (2010 est.)
country comparison to the world: 130

7.9% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
37.9% (yearend 2005 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.7% (2006)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
41 (2009)
country comparison to the world: 57

49.5 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
16.4% of GDP (2009 est.)
country comparison to the world: 122
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $50.12 billion
[see also: Budget - revenues country ranks ]
expenditures: $56.53 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
25.5% of GDP (2010 est.)
country comparison to the world: 98

18% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
29.8% (2010 est.)
country comparison to the world: 224

27.1% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
29.5% (31 December 2009)
country comparison to the world: 3

33.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
19.89% (31 December 2009 est.)
country comparison to the world: 12

22.37% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$69.36 billion (31 December 2010 est)

$93.19 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$78.11 billion (31 December 2010 est.)

$107 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$54.22 billion (31 December 2010 est.)
country comparison to the world: 62

$75.87 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2008)

$NA (31 December 2007)
$8.251 billion (31 December 2006)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

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

Industrial production growth rate:
-8% (2009 est.)
country comparison to the world: 166
[see also: Industrial production growth rate country ranks ]

Electricity - production:
113.3 billion kWh (2007 est.)
country comparison to the world: 29
[see also: Electricity - production country ranks ]

Electricity - consumption:
83.02 billion kWh (2007 est.)
country comparison to the world: 34
[see also: Electricity - consumption country ranks ]

Electricity - exports:
540 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
1.651 billion kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
2.472 million bbl/day (2009 est.)
country comparison to the world: 11
[see also: Oil - production country ranks ]

Oil - consumption:
740,000 bbl/day (2009 est.)
country comparison to the world: 23
[see also: Oil - consumption country ranks ]

Oil - exports:
2.182 million bbl/day (2007 est.)
country comparison to the world: 8
[see also: Oil - exports country ranks ]

Oil - imports:
0 bbl/day (2007 est.)
country comparison to the world: 207
[see also: Oil - imports country ranks ]

Oil - proved reserves:
97.77 billion bbl (1 January 2010 est.)
country comparison to the world: 7
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
23.06 billion cu m (2009 est.)
country comparison to the world: 29
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
24.86 billion cu m (2009 est.)
country comparison to the world: 31
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 102
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
1.8 billion cu m (2009 est.)
country comparison to the world: 48
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
4.983 trillion cu m (1 January 2010 est.)
country comparison to the world: 9
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$22.07 billion (2010 est.)
country comparison to the world: 15

$8.561 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$64.87 billion (2010 est.)
country comparison to the world: 44

$57.6 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum, bauxite and aluminum, minerals, chemicals, agricultural products, basic manufactures

Exports - partners:
US 35.18%, Netherlands Antilles 8.56%
note: excludes oil exports; Venezuela last published petroleum figures by country in 2008 (2009)

Imports:
$31.37 billion (2010 est.)
country comparison to the world: 57

$38.44 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, raw materials, machinery and equipment, transport equipment, construction materials

Imports - partners:
US 23.66%, Colombia 14.43%, Brazil 9.13%, China 8.44%, Mexico 5.47% (2009)

Reserves of foreign exchange and gold:
$29.49 billion (31 December 2010 est.)
country comparison to the world: 35

$35 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$55.61 billion (31 December 2010 est.)
country comparison to the world: 54

$53.58 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$37.71 billion (31 December 2010 est.)
country comparison to the world: 58

$41.21 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$20.97 billion (31 December 2010 est.)
country comparison to the world: 39

$17.67 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
bolivars (VEB) per US dollar - 4.3039 (2010), 2.1522 (2009), 2.147 (2008), 2,147 (2007), 2,147 (2006)


NOTE: The information regarding Venezuela on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2011 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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