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Venezuela Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Venezuela Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 21,

Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 60% 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 recovered strongly through 2008. 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 an economic contraction in 2009-10. This spending, combined with recent minimum wage hikes and improved access to domestic credit, created a consumption boom which came at the cost of higher inflation - roughly 32% in 2008, and slowing only slightly to 27% in 2011, despite the lengthy downturn. Shortages of basic goods continue to affect portions of the population. 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 May, 2010, CHAVEZ closed the unofficial foreign exchange market - the "parallel" market - in an effort to stem inflation and slow the currency's depreciation. In June 2010, the government created the "Transaction System for Foreign Currency Denominated Securities" (SITME) to replace the "parallel" market. In December 2010, CHAVEZ eliminated the dual exchange rate system and unified the exchange rate at 4.3 bolivars per dollar. In January 2011, CHAVEZ announced the second devaluation of the bolivar within twelve months. In December 2010, the National Assembly passed a package of five organic laws designed to complete the transformation of the Venezuelan economy in line with CHAVEZ's vision of 21st century socialism. These laws were implemented in 2011. In 2011 Venezuela wrestled with macroeconomic imbalances resulting from the government's unorthodox economic policies, a housing crisis, a continuing electricity crisis, and food shortages. The budget deficit reached 5.3% of GDP, and public debt as a percent of GDP climbed steeply.

GDP (purchasing power parity):
$368.8 billion (2011 est.)
country comparison to the world: 35

$358.6 billion (2010 est.)
$364 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$309.8 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2011 est.)
country comparison to the world: 126

-1.5% (2010 est.)
-3.2% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$12,400 (2011 est.)
country comparison to the world: 95

$12,300 (2010 est.)
$12,700 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 3.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 35.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 60.6% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
13.44 million (2011 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:
8.5% (2011 est.)
country comparison to the world: 101

8.5% (2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
37.9% (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):
15.9% of GDP (2011 est.)
country comparison to the world: 161
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $88.62 billion
[see also: Budget revenues country ranks ]
expenditures: $104.9 billion (2011 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
28.6% of GDP (2011 est.)
country comparison to the world: 95
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.3% of GDP (2011 est.)
country comparison to the world: 156
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
33% of GDP (2011 est.)
country comparison to the world: 94

24.9% of GDP (2010 est.)
note: data cover central Government Debt, and includes some debt instruments issued (or owned) by Government entities other than the treasury such as the state-owned oil company; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions.
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
28.9% (2011 est.)
country comparison to the world: 221

27.4% (2010 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:
17.2% (31 December 2011 est.)
country comparison to the world: 26

18.348% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$71.89 billion (31 December 2011 est.)
country comparison to the world: 39

$70.57 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$79.05 billion (31 December 2011 est.)
country comparison to the world: 58

$78.88 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$48.03 billion (31 December 2011 est.)
country comparison to the world: 65

$48.78 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$3.991 billion (31 December 2010)
country comparison to the world: 71

$8.86 billion (31 December 2009)
$8.251 billion (31 December 2009)
[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:
1.4% (2011 est.)
country comparison to the world: 140
[see also: Industrial production growth rate country ranks ]

Electricity - production:
123.4 billion kWh (2009 est.)
country comparison to the world: 29
[see also: Electricity - production country ranks ]

Electricity - consumption:
84.72 billion kWh (2008 est.)
country comparison to the world: 35
[see also: Electricity - consumption country ranks ]

Electricity - exports:
633 million kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
373 million kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
2.375 million bbl/day (2010 est.)
country comparison to the world: 13
[see also: Oil - production country ranks ]

Oil - consumption:
746,000 bbl/day (2010 est.)
country comparison to the world: 24
[see also: Oil - consumption country ranks ]

Oil - exports:
1.871 million bbl/day (2009 est.)
country comparison to the world: 12
[see also: Oil - exports country ranks ]

Oil - imports:
0 bbl/day (2009 est.)
country comparison to the world: 209
[see also: Oil - imports country ranks ]

Natural gas - production:
22.9 billion cu m (2010 est.)
country comparison to the world: 29
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
25.08 billion cu m (2010 est.)
country comparison to the world: 31
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2010 est.)
country comparison to the world: 200
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
2.18 billion cu m (2010 est.)
country comparison to the world: 45
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
5.065 trillion cu m (1 January 2011 est.)
country comparison to the world: 9
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$24.62 billion (2011 est.)
country comparison to the world: 17

$14.38 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$89.38 billion (2011 est.)
country comparison to the world: 43

$65.79 billion (2010 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 38.7%, China 7.7%, India 4.8%, Cuba 4.1% (2010)

Imports:
$50.04 billion (2011 est.)
country comparison to the world: 53

$38.61 billion (2010 est.)
[see also: Imports country ranks ]

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

Imports - partners:
US 26.6%, Colombia 11.4%, Brazil 9.6%, China 9.1% (2010)

Reserves of foreign exchange and gold:
$30.93 billion (31 December 2011 est.)
country comparison to the world: 49

$29.62 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$89.6 billion (30 September 2011 est.)
country comparison to the world: 45

$80.8 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$38.52 billion (31 December 2011 est.)
country comparison to the world: 57

$38.02 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$22.84 billion (31 December 2011 est.)
country comparison to the world: 43

$19.89 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
bolivars (VEB) per US dollar -

4.428 (2011 est.)
4.1336 (2010 est.)
2.147 (2009)
2.147 (2008)
2,147 (2007)


NOTE: 1) The information regarding Venezuela on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2012 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 07-Mar-12
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