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    Venezuela Index 2005

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    Venezuela Economy - 2005
    http://www.allcountries.org/wfb2005/venezuela/venezuela_economy.html
    SOURCE: 2005 CIA WORLD FACTBOOK

      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.

      GDP:
      purchasing power parity - $145.2 billion (2004 est.)

      GDP - real growth rate:
      16.8% (2004 est.)

      GDP - per capita:
      purchasing power parity - $5,800 (2004 est.)

      GDP - composition by sector:
      agriculture: 0.1%
      industry: 46.5%
      services: 53.4% (2004 est.)

      Labor force:
      12.25 million (2004 est.)

      Labor force - by occupation:
      agriculture 13%, industry 23%, services 64% (1997 est.)

      Unemployment rate:
      17.1% (2004 est.)

      Population below poverty line:
      47% (1998 est.)

      Household income or consumption by percentage share:
      lowest 10%: 0.8%
      highest 10%: 36.5% (1998)

      Distribution of family income - Gini index:
      49.5 (1998)

      Inflation rate (consumer prices):
      22.4% (2004 est.)

      Investment (gross fixed):
      12.9% of GDP (2004 est.)

      Budget:
      revenues: $26.91 billion
      expenditures: $30.7 billion, including capital expenditures of $2.6 billion (2004 est.)

      Public debt:
      43.1% of GDP (2004 est.)

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

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

      Industrial production growth rate:
      12.3% (2004 est.)

      Electricity - production:
      89.7 billion kWh (2003)

      Electricity - consumption:
      89.3 billion kWh (2003)

      Electricity - exports:
      450 million kWh (2003)

      Electricity - imports:
      30 million kWh (2003)

      Oil - production:
      2.6 million bbl/day (2004 est.)

      Oil - consumption:
      500,000 bbl/day (2004 est.)

      Oil - exports:
      2.1 million bbl/day (2004 est.)

      Oil - imports:
      NA

      Oil - proved reserves:
      78 billion bbl (2004 est.)

      Natural gas - production:
      29.4 billion cu m (2003 est.)

      Natural gas - consumption:
      29.4 billion cu m (2003 est.)

      Natural gas - exports:
      0 cu m (2004 est.)

      Natural gas - imports:
      0 cu m (2004 est.)

      Natural gas - proved reserves:
      4.19 trillion cu m (2004)

      Current account balance:
      $14.59 billion (2004 est.)

      Exports:
      $35.84 billion f.o.b. (2004 est.)

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

      Exports - partners:
      US 58.7%, Netherlands Antilles 4.1%, Canada 2.5% (2004)

      Imports:
      $14.98 billion f.o.b. (2004 est.)

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

      Imports - partners:
      US 33.2%, Colombia 5.7%, Brazil 5%, Germany 4% (2004)

      Reserves of foreign exchange and gold:
      $25.75 billion (2004 est.)

      Debt - external:
      $33.29 billion (2004 est.)

      Economic aid - recipient:
      $74 million (2000)

      Currency (code):
      bolivar (VEB)

      Exchange rates:
      bolivares per US dollar - 1,891.3 (2004), 1,607 (2003), 1,161 (2002), 723.7 (2001), 680 (2000)

      Fiscal year:
      calendar year


      NOTE: The information regarding Venezuela on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2005 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2005 should be addressed to the CIA.







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    http://www.allcountries.org/wfb2005/venezuela/venezuela_economy.html

    Revised 16-Feb-06
    Copyright © 2005 Photius Coutsoukis (all rights reserved)


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