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Venezuela Economy 2015
http://www.theodora.com/wfbcurrent/venezuela/venezuela_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 45% of budget revenues, and around 12% of GDP. Fueled by high oil prices, pre-election government spending helped spur GDP growth in 2012 to 5.6%. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 20% in 2012 and rising to more than 56% in 2013. Former President Hugo CHAVEZ's efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In 2013, Venezuela continued to wrestle with housing and electricity crises, and rolling food and goods shortages, resulting from the government's unorthodox economic policies. The budget deficit for the public sector reached 17% of GDP in 2012 and was trimmed to under 10% of GDP in 2013. The Venezuelan government has maintained a regime of strict currency exchange controls since 2003. Venezuelan law now sanctions a three-tiered exchange rate system, with rates based on the government's import priorities.

GDP (purchasing power parity):
$407.4 billion (2013 est.)
country comparison to the world: 34

$403.3 billion (2012 est.)
$381.9 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$367.5 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.6% (2013 est.)
country comparison to the world: 159

5.6% (2012 est.)
4.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,600 (2013 est.)
country comparison to the world: 99

$13,700 (2012 est.)
$13,100 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
23.8% of GDP (2013 est.)
country comparison to the world: 58

28.9% of GDP (2012 est.)
30.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.3%
government consumption: 13.2%
investment in fixed capital: 17.3%
investment in inventories: 5.7%
exports of goods and services: 25%
imports of goods and services: -23.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 3.7%
industry: 35.5%
services: 60.8% (2013 est.)

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

Industries:
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Industrial production growth rate:
1% (2013 est.)
country comparison to the world: 150
[see also: Industrial production growth rate country ranks ]

Labor force:
14.01 million (2013 est.)
country comparison to the world: 40
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.3%
industry: 21.8%
services: 70.9% (4th quarter, 2011)

Unemployment rate:
7.9% (2013 est.)
country comparison to the world: 84

7.8% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
31.6% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 32.7% (2006)

Distribution of family income - Gini index:
39 (2011)
country comparison to the world: 67

49.5 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $103.4 billion
expenditures: $139.4 billion (2013 est.)

Taxes and other revenues:
28.1% of GDP (2013 est.)
country comparison to the world: 105
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-9.8% of GDP (2013 est.)
country comparison to the world: 205
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
34.2% of GDP (2013 est.)
country comparison to the world: 109

26.8% of GDP (2012 est.)
note: data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
56.2% (2013 est.)
country comparison to the world: 222

21.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
29.5% (31 December 2010)
country comparison to the world: 3

29.5% (31 December 2009)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18% (31 December 2013 est.)
country comparison to the world: 32

16.38% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$181.4 billion (31 December 2013 est.)
country comparison to the world: 22

$162.7 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$185.6 billion (31 December 2013 est.)
country comparison to the world: 39

$166.7 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$176.7 billion (31 December 2013 est.)
country comparison to the world: 42

$160.1 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$25.3 billion (31 December 2012 est.)
country comparison to the world: 78

$5.143 billion (31 December 2011)
$3.991 billion (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$3.195 billion (2013 est.)
country comparison to the world: 34

$11.02 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$91.78 billion (2013 est.)
country comparison to the world: 41

$97.34 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products

Exports - partners:
US 39.1%, China 14.3%, India 12%, Netherlands Antilles 7.8%, Cuba 4.6% (2012)

Imports:
$59.32 billion (2013 est.)
country comparison to the world: 49

$59.31 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products

Imports - partners:
US 31.7%, China 16.8%, Brazil 9.1%, Colombia 4.8% (2012)

Reserves of foreign exchange and gold:
$21.15 billion (31 December 2013 est.)
country comparison to the world: 58

$29.89 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$74.87 billion (31 December 2013 est.)
country comparison to the world: 53

$75.75 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$49.9 billion (31 December 2013 est.)
country comparison to the world: 55

$47.4 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$21.94 billion (31 December 2013 est.)
country comparison to the world: 46

$21.25 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
bolivars (VEB) per US dollar -

6.048 (2013 est.)
4.289 (2012 est.)
2.5821 (2010 est.)
2.147 (2009)
2.147 (2008)


NOTE: The information regarding Venezuela on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2015 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2015 should be addressed to the CIA.



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