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    Venezuela Economy - 2004
    https://immigration-usa.com/wfb2004/venezuela/venezuela_economy.html
    SOURCE: 2004 CIA WORLD FACTBOOK

      Economy - overview:
      Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of GDP, around 80% of export earnings, and more than half of government operating revenues. Despite higher oil prices at the end of 2002 and into 2003, domestic political instability, culminating in 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. In late 2003, President CHAVEZ committed himself to $1 billion in new social programs, money the government does not have.

      GDP:
      purchasing power parity - $117.9 billion (2003 est.)

      GDP - real growth rate:
      -9.2% (2003 est.)

      GDP - per capita:
      purchasing power parity - $4,800 (2003 est.)

      GDP - composition by sector:
      agriculture: 5%
      industry: 50%
      services: 45% (2001)

      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):
      31.1% (2003 est.)

      Labor force:
      9.9 million (1999)

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

      Unemployment rate:
      18% (2003 est.)

      Budget:
      revenues: $20.1 billion
      expenditures: $23.3 billion, including capital expenditures of $2.6 billion (2002)

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

      Industrial production growth rate:
      -5.4% (2002 est.)

      Electricity - production:
      87.6 billion kWh (2001)

      Electricity - production by source:
      fossil fuel: 31.7%
      hydro: 68.3%
      other: 0% (2001)
      nuclear: 0%

      Electricity - consumption:
      81.47 billion kWh (2001)

      Electricity - exports:
      0 kWh (2001)

      Electricity - imports:
      0 kWh (2001)

      Oil - production:
      3.08 million bbl/day (2001 est.)

      Oil - consumption:
      505,000 bbl/day (2001 est.)

      Oil - exports:
      NA

      Oil - imports:
      NA

      Oil - proved reserves:
      63.95 billion bbl (1 January 2002)

      Natural gas - production:
      31.71 billion cu m (2001 est.)

      Natural gas - consumption:
      31.71 billion cu m (2001 est.)

      Natural gas - exports:
      0 cu m (2001 est.)

      Natural gas - imports:
      0 cu m (2001 est.)

      Natural gas - proved reserves:
      4.202 trillion cu m (1 January 2002)

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

      Exports:
      $25.86 billion f.o.b. (2003 est.)

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

      Exports - partners:
      US 45.1%, Netherlands Antilles 12.8%, Dominican Republic 2.8% (2002)

      Imports:
      $10.71 billion f.o.b. (2003 est.)

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

      Imports - partners:
      US 32.1%, Colombia 8%, Brazil 6.2%, Germany 4.6%, Mexico 4.4%, Italy 4.1% (2002)

      Debt - external:
      $20.8 billion (2003)

      Economic aid - recipient:
      $74 million (2000)

      Currency:
      bolivar (VEB)

      Currency code:
      VEB

      Exchange rates:
      bolivares per US dollar - 1,607.79 (2003), 1,160.95 (2002), 723.67 (2001), 679.96 (2000), 605.72 (1999)

      Fiscal year:
      calendar year


      NOTE: The information regarding Venezuela on this page is re-published from the 2004 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2004 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2004 should be addressed to the CIA.

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    https://immigration-usa.com/wfb2004/venezuela/venezuela_economy.html

    Revised 21-May-04
    Copyright © 2004 Photius Coutsoukis (all rights reserved)


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