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    Venezuela Index 2006

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    Venezuela Economy - 2006
    http://www.theodora.com/wfbcurrent/venezuela/venezuela_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. Government revenue also has been bolstered by increased tax collection, which has surpassed its 2005 collection goal by almost 50%. Tax revenue is the primary source of non-oil revenue, which accounts for 53% of the 2006 budget. A disastrous two-month national oil strike, from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. Output recovered strongly in 2004-2005, aided by high oil prices and strong consumption growth. Venezuela continues to be an important source of crude oil for the US market. Both inflation and unemployment remain fundamental problems.

      GDP (purchasing power parity):
      $164.1 billion (2005 est.)

      GDP (official exchange rate):
      $116.2 billion (2005 est.)

      GDP - real growth rate:
      9.1% (2005 est.)

      GDP - per capita (PPP):
      $6,500 (2005 est.)

      GDP - composition by sector:
      agriculture: 4.6%
      industry: 48.2%
      services: 47.2% (2005 est.)

      Labor force:
      12.31 million (2005 est.)

      Labor force - by occupation:
      agriculture: 13%
      industry: 23%
      services: 64% (1997 est.)

      Unemployment rate:
      12.3% (2005 est.)

      Population below poverty line:
      47% (1998 est.)

      Household income or consumption by percentage share:
      lowest 10%: 0.8%
      highest 10%: 36.5% (1998)

      Distribution of family income - Gini index:
      49.1 (1998)

      Inflation rate (consumer prices):
      15.7% (2005 est.)

      Investment (gross fixed):
      23.8% of GDP (2005 est.)

      Budget:
      revenues: $39.63 billion
      expenditures: $41.27 billion; including capital expenditures of $2.6 billion (2005 est.)

      Public debt:
      32% of GDP (2005 est.)

      Agriculture - products:
      corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

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

      Industrial production growth rate:
      3.4% (2005 est.)

      Electricity - production:
      87.44 billion kWh (2003)

      Electricity - consumption:
      81.32 billion kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      3.081 million bbl/day (2005 est.)

      Oil - consumption:
      530,000 bbl/day (2003 est.)

      Oil - exports:
      2.1 million bbl/day (2004 est.)

      Oil - imports:
      NA bbl/day

      Oil - proved reserves:
      75.59 billion bbl (2005 est.)

      Natural gas - production:
      29.7 billion cu m (2003 est.)

      Natural gas - consumption:
      29.7 billion cu m (2003 est.)

      Natural gas - exports:
      0 cu m (2004 est.)

      Natural gas - imports:
      0 cu m (2004 est.)

      Natural gas - proved reserves:
      4.191 trillion cu m (2005)

      Current account balance:
      $20.3 billion (2005 est.)

      Exports:
      $52.73 billion f.o.b. (2005 est.)

      Exports - commodities:
      petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures

      Exports - partners:
      US 55.5%, Netherlands Antilles 4.7%, Dominican Republic 2.8% (2004)

      Imports:
      $24.63 billion f.o.b. (2005 est.)

      Imports - commodities:
      raw materials, machinery and equipment, transport equipment, construction materials

      Imports - partners:
      US 28.8%, Colombia 9.9%, Brazil 7%, Mexico 4.1% (2004)

      Reserves of foreign exchange and gold:
      $30.74 billion (2005 est.)

      Debt - external:
      $39.79 billion (2005 est.)

      Economic aid - recipient:
      $74 million (2000)

      Currency (code):
      bolivar (VEB)

      Exchange rates:
      bolivares per US dollar - 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003), 1,161 (2002), 723.7 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Venezuela on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2006 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2006 should be addressed to the CIA.

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    http://www.theodora.com/wfbcurrent/venezuela/venezuela_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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