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 two-month national oil
strike from December 2002 to February 2003, temporarily halted
economic activity. The economy is likely to remain in a recession in
2003, after sinking an estimated 8.9 percent in 2002.
GDP:
purchasing power parity - $131.7 billion (2002 est.)
GDP - real growth rate:
-8.9% (2002 est.)
GDP - per capita:
purchasing power parity - $5,400 (2002 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):
31.2% (2002 est.)
Labor force:
9.9 million (1999)
Labor force - by occupation:
services 64%, industry 23%, agriculture 13% (1997 est.)
Unemployment rate:
17% (2002 est.)
Budget:
revenues: $21.5 billion
expenditures: $27 billion, including capital expenditures of $NA
(2000 est.)
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 (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
63.95 billion bbl (37257)
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 (37257)
Agriculture - products:
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef,
pork, milk, eggs; fish
Exports:
$28.6 billion f.o.b. (2001)
Exports - commodities:
petroleum, bauxite and aluminum, steel, chemicals, agricultural
products, basic manufactures
Exports - partners:
US 53.4%, Netherlands Antilles 17.3%, Canada 2.9% (2002)
Imports:
$18.8 billion f.o.b. (2001)
Imports - commodities:
raw materials, machinery and equipment, transport equipment,
construction materials
Imports - partners:
US 27.5%, Colombia 6.9%, Brazil 5.7%, Mexico 4.4% (2002)
Debt - external:
$38.2 billion (2000)
Economic aid - recipient:
$74 million (2000)
Currency:
bolivar (VEB)
Currency code:
VEB
Exchange rates:
bolivares per US dollar - 1,160.44 (2002), 723.67 (2001), 679.96
(2000), 605.72 (1999), 547.56 (1998)
Fiscal year:
calendar year