Overview: Petroleum is the backbone of the economy, accounting for 23% of GDP, 61% of central government ordinary revenues, and 77% of export earnings in 1993. Former President PEREZ introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and the removal of price controls, a free market exchange rate, and market-linked interest rates threw the economy into confusion, causing an 8% decline in GDP in 1989. The economy recovered part way in 1990 and grew by 9.7% in 1991 and 6.8% in 1992; economic activity fell by 1% in 1993, primarily because of business concerns over political instability.

National product: GDP - purchasing power equivalent - $161 billion (1993 est.)

National product real growth rate: -1% (1993 est.)

National product per capita: $8,000 (1993 est.)

Inflation rate (consumer prices): 46% (1993 est.)

Unemployment rate: 8.2% (1993 est.)

Budget:
revenues: $9.8 billion
expenditures: $11.9 billion, including capital expenditures of $103 million (1993 est.)

Exports: $14.2 billion (f.o.b., 1993 est.)
commodities: petroleum 77%, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
partners: US and Puerto Rico 42%, Japan, Netherlands, Italy

Imports: $11 billion (f.o.b., 1993 est.)
commodities: raw materials, machinery and equipment, transport equipment, construction materials
partners: US 50%, Germany, Japan, Netherlands, Canada

External debt: $28.5 billion (1993)

Industrial production: growth rate 6.1% (1992 est.); accounts for 40% of GDP, including petroleum

Electricity:
capacity: 21,130,000 kW
production: 58.541 billion kWh
consumption per capita: 2,830 kWh (1992)

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

Agriculture: accounts for 6% of GDP and 16% of labor force; products - corn, sorghum, sugarcane, rice, bananas, vegetables, coffee, beef, pork, milk, eggs, fish; not self-sufficient in food other than meat

Illicit drugs: illicit producer of cannabis and coca leaf for the international drug trade on a small scale; however, large quantities of cocaine transit the country from Colombia; important money-laundering hub

Economic aid:
recipient: US commitments, including Ex-Im (FY70-86), $488 million; Communist countries (1970-89), $10 million

Currency: 1 bolivar (Bs) = 100 centimos
Exchange rates: bolivares (Bs) per US$1 - 107.260 (January 1994), 90.826 (1993), 68.38 (1992), 56.82 (1991), 46.90 (1990), 34.68 (1989)

Fiscal year: calendar year

NOTE: The information regarding Venezuela on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 1995 information contained here. All suggestions for corrections of any errors about Venezuela Economy 1995 should be addressed to the CIA.