Overview: Petroleum is the cornerstone of the economy and accounted for 17% of GDP, 52% of central government revenues, and 87% of export earnings in 1987. The same year, real GDP achieved a 3.0% increase.

GDP: $47.3 billion, per capita $2,520; real growth rate 4.2% (1988)

Inflation rate (consumer prices): 35.5% (1988)

Unemployment rate: 7.0% (1988)

Budget: revenues $12.9 billion; expenditures $13.7 billion, including capital expenditures of $5.9 billion (1987)

Exports: $10.4 billion (f.o.b., 1988); @m5commodities--petroleum 81%, bauxite and aluminum, iron ore, agricultural products, basic manufactures; @m5partners--US 50%, FRG 4.7, Japan 3.1%, Netherlands 2.6% (1987)

Imports: $10.9 billion (f.o.b., 1988); @m5commodities--foodstuffs, chemicals, manufactures, machinery and transport equipment; @m5partners--US 44%, FRG 8.5%, Japan 6%, Italy 5%, Brazil 4.4% (1987)

External debt: $32.0 billion, medium and long term (1988)

Industrial production: growth rate 3.7%, excluding oil (1987)

Electricity: 18,200,000 kW capacity; 51,920 million kWh produced, 2,760 kWh per capita (1988)

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

Agriculture: cereals, fruits, sugar, coffee, rice; an illegal producer of small quantities of coca and cannabis for the international drug trade

Aid: NA

Currency: bolivar (plural--bolivares); 1 bolivar (Bs) = 100 centimos

Exchange rates: bolivares (Bs) per US$1--14.5000 (fixed rate since 1986), 8.0333 (1986), 7.5000 (1985); 1989 fixed official rates--14.5000 for 84% of traded goods and 7.5000 for 8% of certain other traded goods; in addition there is a free-market rate of 39.3 covering a further 8% of traded goods

Fiscal year: calendar year

NOTE: The information regarding Venezuela on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 1989 information contained here. All suggestions for corrections of any errors about Venezuela Economy 1989 should be addressed to the CIA.