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Economy - overview: |
Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. A disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. Despite continued domestic instability, output recovered strongly in 2004, aided by high oil prices. Both inflation and unemployment remain fundamental problems.
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GDP: |
purchasing power parity - $145.2 billion (2004 est.)
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GDP - real growth rate: |
16.8% (2004 est.)
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GDP - per capita: |
purchasing power parity - $5,800 (2004 est.)
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GDP - composition by sector: |
agriculture: 0.1%
industry: 46.5%
services: 53.4% (2004 est.)
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Labor force: |
12.25 million (2004 est.)
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Labor force - by occupation: |
agriculture 13%, industry 23%, services 64% (1997 est.)
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Unemployment rate: |
17.1% (2004 est.)
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Population below poverty line: |
47% (1998 est.)
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Household income or consumption by percentage share: |
lowest 10%: 0.8%
highest 10%: 36.5% (1998)
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Distribution of family income - Gini index: |
49.5 (1998)
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Inflation rate (consumer prices): |
22.4% (2004 est.)
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Investment (gross fixed): |
12.9% of GDP (2004 est.)
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Budget: |
revenues: $26.91 billion
expenditures: $30.7 billion, including capital expenditures of $2.6 billion (2004 est.)
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Public debt: |
43.1% of GDP (2004 est.)
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Agriculture - products: |
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
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Industries: |
petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
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Industrial production growth rate: |
12.3% (2004 est.)
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Electricity - production: |
89.7 billion kWh (2003)
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Electricity - production by source: |
fossil fuel: 31.7%
hydro: 68.3%
nuclear: 0%
other: 0% (2001)
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Electricity - consumption: |
89.3 billion kWh (2003)
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Electricity - exports: |
450 million kWh (2003)
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Electricity - imports: |
30 million kWh (2003)
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Oil - production: |
2.6 million bbl/day (2004 est.)
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Oil - consumption: |
500,000 bbl/day (2004 est.)
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Oil - exports: |
2.1 million bbl/day (2004 est.)
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Oil - imports: |
NA
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Oil - proved reserves: |
78 billion bbl (2004 est.)
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Natural gas - production: |
29.4 billion cu m (2003 est.)
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Natural gas - consumption: |
29.4 billion cu m (2003 est.)
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Natural gas - exports: |
0 cu m (2004 est.)
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Natural gas - imports: |
0 cu m (2004 est.)
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Natural gas - proved reserves: |
4.19 trillion cu m (2004)
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Current account balance: |
$14.59 billion (2004 est.)
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Exports: |
$35.84 billion f.o.b. (2004 est.)
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Exports - commodities: |
petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
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Exports - partners: |
US 58.7%, Netherlands Antilles 4.1%, Canada 2.5% (2004)
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Imports: |
$14.98 billion f.o.b. (2004 est.)
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Imports - commodities: |
raw materials, machinery and equipment, transport equipment, construction materials
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Imports - partners: |
US 33.2%, Colombia 5.7%, Brazil 5%, Germany 4% (2004)
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Reserves of foreign exchange and gold: |
$25.75 billion (2004 est.)
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Debt - external: |
$33.29 billion (2004 est.)
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Economic aid - recipient: |
$74 million (2000)
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Currency (code): |
bolivar (VEB)
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Currency code: |
VEB
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Exchange rates: |
bolivares per US dollar - 1,891.3 (2004), 1,607 (2003), 1,161 (2002), 723.7 (2001), 680 (2000)
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Fiscal year: |
calendar year
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