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Venezuela Economy 2014
http://www.theodora.com/wfbcurrent/venezuela/venezuela_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 45% of federal budget revenues, and around 12% of GDP. Fueled by high oil prices, record government spending helped to boost GDP growth by 4.2% in 2011, after a sharp drop in oil prices caused an economic contraction in 2009-10. 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 26% in 2011 and 21% in 2012. 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 have hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In the first half of 2010 Venezuela faced the prospect of lengthy nationwide blackouts when its main hydroelectric power plant - which provides more than 35% of the country's electricity - nearly shut down. In May 2010, CHAVEZ closed the unofficial foreign exchange market - the "parallel market" - in an effort to stem inflation and slow the currency's depreciation. In June 2010, the government created the "Transaction System for Foreign Currency Denominated Securities" to replace the "parallel" market. In December 2010, CHAVEZ eliminated the dual exchange rate system and unified the exchange rate at 4.3 bolivars per dollar. In January 2011, CHAVEZ announced the second devaluation of the bolivar within twelve months. In December 2010, the National Assembly passed a package of five organic laws designed to complete the transformation of the Venezuelan economy in line with CHAVEZ's vision of 21st century socialism. In 2012, Venezuela continued to wrestle with a housing crisis, high inflation, an electricity crisis, and rolling food and goods shortages - all of which were fallout from the government's unorthodox economic policies. The budget deficit for the entire government reached 17% of GDP in 2012, and public debt as a percent of GDP climbed steeply to 49%, despite record oil prices.

GDP (purchasing power parity):
$397.9 billion (2012 est.)
country comparison to the world: 34

$376.7 billion (2011 est.)
$361.6 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$376.1 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.6% (2012 est.)
country comparison to the world: 51

4.2% (2011 est.)
-1.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,500 (2012 est.)
country comparison to the world: 98

$13,000 (2011 est.)
$12,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
28.9% of GDP (2012 est.)
country comparison to the world: 30

30.8% of GDP (2011 est.)
24.2% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.2%
investment in fixed capital: 19.9%
investment in inventories: 6.1%
exports of goods and services: 25.8%
imports of goods and services: -22.9%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 3.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35.5%
services: 60.8% (2012 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, chemical products, paper products

Industrial production growth rate:
4.7% (2012 est.)
country comparison to the world: 60
[see also: Industrial production growth rate country ranks ]

Labor force:
13.49 million (2012 est.)
country comparison to the world: 41
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 7.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.8%
services: 70.9% (4th quarter, 2011)

Unemployment rate:
7.8% (2012 est.)
country comparison to the world: 87

8.2% (2011 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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.7% (2006)

Distribution of family income - Gini index:
39 (2011)
country comparison to the world: 69

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

Budget:
revenues: $109.8 billion
[see also: Budget revenues country ranks ]
expenditures: $165.3 billion (2012 est.)

Taxes and other revenues:
29.2% of GDP (2012 est.)
country comparison to the world: 100
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-14.8% of GDP (2012 est.)
country comparison to the world: 213
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
26.8% of GDP (2012 est.)
country comparison to the world: 121

25.1% of GDP (2011 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):
21.1% (2012 est.)
country comparison to the world: 217

26.1% (2011 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:
16.38% (31 December 2012 est.)
country comparison to the world: 27

17.15% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$162.7 billion (31 December 2012 est.)
country comparison to the world: 23

$99.46 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$188.2 billion (31 December 2012 est.)
country comparison to the world: 43

$115.9 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$160.1 billion (31 December 2012 est.)
country comparison to the world: 45

$92.82 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$5.143 billion (31 December 2011)
country comparison to the world: 89

$3.991 billion (31 December 2010)
$8.86 billion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$11.02 billion (2012 est.)
country comparison to the world: 25

$24.39 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$97.34 billion (2012 est.)
country comparison to the world: 39

$92.81 billion (2011 est.)
[see also: Exports country ranks ]

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

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

Imports:
$59.31 billion (2012 est.)
country comparison to the world: 50

$46.78 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, 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:
$29.89 billion (31 December 2012 est.)
country comparison to the world: 51

$29.89 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$75.75 billion (31 December 2012 est.)
country comparison to the world: 53

$67.91 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$47.4 billion (31 December 2012 est.)
country comparison to the world: 55

$45.2 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$21.25 billion (31 December 2012 est.)
country comparison to the world: 46

$19.81 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
bolivars (VEB) per US dollar -

4.289 (2012 est.)
4.289 (2011 est.)
2.5821 (2010 est.)
2.147 (2009)
2.147 (2008)


NOTE: The information regarding Venezuela on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2014 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2014 should be addressed to the CIA.



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