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Economy - overview:
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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.
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GDP:
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purchasing power parity - $131.7 billion (2002 est.)
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GDP - real growth rate:
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-8.9% (2002 est.)
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GDP - per capita:
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purchasing power parity - $5,400 (2002 est.)
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GDP - composition by sector:
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agriculture: 5%
industry: 50%
services: 45% (2001)
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Population below poverty line:
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47% (1998 est.)
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Household income or consumption by percentage share:
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lowest 10%: 0.8%
highest 10%: 36.5% (1998)
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Distribution of family income - Gini index:
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49.5 (1998)
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Inflation rate (consumer prices):
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31.2% (2002 est.)
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Labor force:
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9.9 million (1999)
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Labor force - by occupation:
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services 64%, industry 23%, agriculture 13% (1997 est.)
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Unemployment rate:
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17% (2002 est.)
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Budget:
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revenues: $21.5 billion
expenditures: $27 billion, including capital expenditures of $NA (2000 est.)
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Industries:
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petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
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Industrial production growth rate:
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-5.4% (2002 est.)
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Electricity - production:
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87.6 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 31.7%
hydro: 68.3%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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81.47 billion kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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3.08 million bbl/day (2001 est.)
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Oil - consumption:
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505,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Oil - proved reserves:
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63.95 billion bbl (37257)
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Natural gas - production:
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31.71 billion cu m (2001 est.)
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Natural gas - consumption:
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31.71 billion cu m (2001 est.)
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Natural gas - exports:
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0 cu m (2001 est.)
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Natural gas - imports:
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0 cu m (2001 est.)
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Natural gas - proved reserves:
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4.202 trillion cu m (37257)
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Agriculture - products:
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corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
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Exports:
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$28.6 billion f.o.b. (2001)
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Exports - commodities:
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petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
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Exports - partners:
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US 53.4%, Netherlands Antilles 17.3%, Canada 2.9% (2002)
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Imports:
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$18.8 billion f.o.b. (2001)
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Imports - commodities:
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raw materials, machinery and equipment, transport equipment, construction materials
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Imports - partners:
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US 27.5%, Colombia 6.9%, Brazil 5.7%, Mexico 4.4% (2002)
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Debt - external:
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$38.2 billion (2000)
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Economic aid - recipient:
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$74 million (2000)
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Currency:
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bolivar (VEB)
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Currency code:
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VEB
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Exchange rates:
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bolivares per US dollar - 1,160.44 (2002), 723.67 (2001), 679.96 (2000), 605.72 (1999), 547.56 (1998)
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Fiscal year:
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calendar year
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