Economy of Venezuela
| Economy - overview: | Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP. Tax collection - Venezuela's primary source of non-oil revenue - is expected to surpass $23 billion in 2006, exceeding the yearend collection goal by more than 20%. 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 higher oil prices, record government spending helped to boost GDP growth in 2004 and 2005 to approximately 18% and 11%, respectively. Economic growth in 2006 reached about 9%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has fueled a consumption boom - car sales in 2006 increased by around 70% - but has come at the cost of higher inflation. Despite government attempts to withdraw liquidity from the economy, Venezuela's money supply set a record in June 2006, approximately 70% higher than the previous year. Imports have also jumped significantly. |
| GDP (purchasing power parity): | $186.3 billion (2006 est.) |
| GDP (official exchange rate): | $149.9 billion (2006 est.) |
| GDP - real growth rate: | 10.3% (2006 est.) |
| GDP - per capita (PPP): | $7,200 (2006 est.) |
| GDP - composition by sector: | agriculture: 3.7% industry: 41% services: 55.3% (2006 est.) |
| Labor force: | 12.5 million (November 2006 est.) |
| Labor force - by occupation: | agriculture: 13% industry: 23% services: 64% (1997 est.) |
| Unemployment rate: | 8.9% (October 2006 est.) |
| Population below poverty line: | 37.9% (end 2005 est.) |
| Household income or consumption by percentage share: | lowest 10%: 0.8% highest 10%: 36.5% (1998) |
| Distribution of family income - Gini index: | 49.1 (1998) |
| Inflation rate (consumer prices): | 15.8% (2006 est.) |
| Investment (gross fixed): | 19.8% of GDP (2006 est.) |
| Budget: | revenues: $52.24 billion expenditures: $52.9 billion; including capital expenditures of $2.6 billion (2006 est.) |
| Public debt: | 28.4% of GDP (2006 est.) |
| 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: | 7% (2006 est.) |
| Electricity - production: | 93.03 billion kWh (2004) |
| Electricity - production by source: | fossil fuel: 31.7% hydro: 68.3% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 86.52 billion kWh (2004) |
| Electricity - exports: | 0 kWh (2004) |
| Electricity - imports: | 0 kWh (2004) |
| Oil - production: | 3.081 million bbl/day (2005 est.) |
| Oil - consumption: | 560,000 bbl/day (2004 est.) |
| Oil - exports: | 2.293 million bbl/day (2004 est.) |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 75.27 billion bbl (2006 est.) |
| Natural gas - production: | 27.2 billion cu m (2004 est.) |
| Natural gas - consumption: | 27.2 billion cu m (2004 est.) |
| Natural gas - exports: | 0 cu m (2004 est.) |
| Natural gas - imports: | 0 cu m (2004 est.) |
| Natural gas - proved reserves: | 4.276 trillion cu m (1 January 2005 est.) |
| Current account balance: | $31.82 billion (2006 est.) |
| Exports: | $69.23 billion f.o.b. (2006 est.) |
| Exports - commodities: | petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures |
| Exports - partners: | US 45.8%, Netherlands Antilles 7.5%, China 3.2% (2006) |
| Imports: | $28.81 billion f.o.b. (2006 est.) |
| Imports - commodities: | raw materials, machinery and equipment, transport equipment, construction materials |
| Imports - partners: | US 30.2%, Colombia 10%, Brazil 8.2%, Mexico 6.3%, China 5.7% (2006) |
| Reserves of foreign exchange and gold: | $35.95 billion (2006 est.) |
| Debt - external: | $35.63 billion (2006 est.) |
| Economic aid - recipient: | $74 million (2000) |
| Currency (code): | bolivar (VEB) |
| Currency code: | VEB |
| Exchange rates: | bolivares per US dollar - 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003), 1,161 (2002) |
| Fiscal year: | calendar year |