Overview: Petroleum is the cornerstone of the economy and accounted for 17% of GDP, 52% of central government revenues, and 81% of export earnings in 1988. President Perez introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and price supports, a free market exchange rate, and market-linked interest rates have thrown the economy into confusion, causing about an 8% decline in GDP.

GDP: $52.0 billion, per capita $2,700; real growth rate - 8.1% (1989 est.)

Inflation rate (consumer prices): 80.7% (1989)

Unemployment rate: 7.0% (1988)

Budget: revenues $8.4 billion; expenditures $8.6 billion, including capital expenditures of $5.9 billion (1989)

Exports: $10.4 billion (f.o.b., 1988); commodities--petroleum 81%, bauxite and aluminum, iron ore, agricultural products, basic manufactures; partners--US 50.3%, FRG 5.3%, Japan 4.1% (1988)

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

External debt: $33.6 billion (1988)

Industrial production: growth rate 3.7%, excluding oil (1988)

Electricity: 19,110,000 kW capacity; 54,516 million kWh produced, 2,830 kWh per capita (1989)

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

Agriculture: accounts for 6% of GDP and 15% 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 for the international drug trade on a small scale; however, large quantities of cocaine and marijuana do transit the country

Aid: US commitments, including Ex-Im (FY70-86), $488 million; Communist countries (1970-88), $10 million

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

Exchange rates: bolivares (Bs) per US$1--43.42 (January 1990), 34.6815 (1989), 14.5000 (fixed rate 1987-88), 8.0833 (1986), 7.5000 (1985)

Fiscal year: calendar year

NOTE: The information regarding Venezuela on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 1990 information contained here. All suggestions for corrections of any errors about Venezuela Economy 1990 should be addressed to the CIA.