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Venezuela ECONOMY
Gross Domestic Product (GDP): Approximately
US$58
billion in 1988; per capita income roughly US$3,100.
Growth has
been tied to status of world oil market. Strong growth
during
1970s was followed by rapid decline in early 1980s.
Limited
economic reforms carried out by administration of
President Jaime
Lusinchi (1984-89) restored modest growth in 1985-88.
Broader
reforms instituted by President Carlos Andrés Pérez
(1989-)
likely to hamper growth in short term in favor of
establishing
steady growth pattern in long term.
Services: Government and other services
(including
utilities) accounted for 39.7 percent of GDP in 1988.
Commerce
accounted for additional 19.6 percent.
Industry: Accounted for a combined 34.8 percent
of GDP
in 1988. Subsectors included manufacturing (17.1 percent
of GDP),
petroleum (12.8 percent), and construction (4.9 percent).
Output
mostly for domestic market except for processed petroleum
and
minerals.
Agriculture: Accounted for 5.9 percent of GDP in
1988.
Output focused almost entirely on domestic market.
Exchange Rate: Venezuelan bolívar (B) placed on
a
floating exchange rate in 1989, following a number of
official
devaluations of currency from 1983 to 1989. In late-1990,
exchange rate declined to B43 = US$1.
Exports: Approximately US$10.8 billion in 1989,
down
severely from 1981 peak of US$20.1 billion. Petroleum and
petrochemicals normally accounted for at least 80 percent
of
export value.
Imports: Approximately US$10.9 billion in 1988,
down
from peak of US$11.7 billion in 1982. Raw materials
represented
44 percent of 1988 imports, followed by machinery (26
percent),
transportation equipment (16 percent), and consumer goods
(15
percent).
Balance of Payments: Deficit of US$4.7 billion
in 1988
mainly result of falling oil prices. Capital outflows and
foreign
debt payments also contributed to negative balance of
payments
trend in late 1980s.
Fiscal Year: Calendar year.
Data as of December 1990
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