. Index
. 1996 Index
. Flag
. Geography
. People
. Government
. Economy
. Transportation
. Commun'tions
. Defense
. Geo Names
. Feedback
===========
|
Venezuela Economy 1996
Despite efforts to broaden the base of the economy, petroleum continues to
play a dominant role. In 1994, as GDP declined 3.3%, the oil sector - which
accounts for 24% of the total - enjoyed a 6% expansion, provided 45% of the
budget revenues, and generated 70% of the export earnings. President
CALDERA, who assumed office in February 1994, has used an interventionist,
reactive approach to managing the economy, instituting price and foreign
exchange controls in mid-year to slow inflation and stop the loss of foreign
exchange reserves. The government claims it will remove these controls once
inflationary pressures abate, but the $8 billion bailout of the banking
sector in 1994 has made it difficult for the government to make good on its
promise. Economic controls, coupled with political uncertainty driven by
recurrent coup rumors, continue to deter foreign and domestic investment;
private forecasters see the recession persisting for a third year in 1995.
GDP - purchasing power parity - $178.3 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$14.6 billion, including capital expenditures of $103 million (1994 est.)
$15.2 billion (f.o.b., 1994 est.)
petroleum 72%, bauxite and aluminum, steel, chemicals, agricultural
products, basic manufactures
US and Puerto Rico 55%, Japan, Netherlands, Italy
$7.6 billion (f.o.b., 1994 est.)
raw materials, machinery and equipment, transport equipment, construction
materials
US 40%, Germany, Japan, Netherlands, Canada
growth rate -1.4% (1993 est.); accounts for 41% of GDP
petroleum, iron-ore mining, construction materials, food processing,
textiles, steel, aluminum, motor vehicle assembly
accounts for 6% of GDP; products - corn, sorghum, sugarcane, rice, bananas,
vegetables, coffee, beef, pork, milk, eggs, fish; not self-sufficient in
food other than meat
illicit producer of cannabis, opium, and coca leaf for the international
drug trade on a small scale; however, large quantities of cocaine and heroin
transit the country from Colombia; important money-laundering hub
US commitments, including Ex-Im (FY70-86), $488 million; Communist countries
(1970-89), $10 million
1 bolivar (Bs) = 100 centimos
bolivares (Bs) per US$1 - 169.570 (January 1995), 148.503 (1994), 90.826
(1993), 68.38 (1992), 56.82 (1991), 46.90 (1990)
|
|
