Venezuela Economy - 2005

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. 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. Despite continued domestic instability, output recovered strongly in 2004, aided by high oil prices. Both inflation and unemployment remain fundamental problems.

GDP:
purchasing power parity - $145.2 billion (2004 est.)

GDP - real growth rate:
16.8% (2004 est.)

GDP - per capita:
purchasing power parity - $5,800 (2004 est.)

GDP - composition by sector:
agriculture: 0.1%
industry: 46.5%
services: 53.4% (2004 est.)

Labor force:
12.25 million (2004 est.)

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

Unemployment rate:
17.1% (2004 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:
49.5 (1998)

Inflation rate (consumer prices):
22.4% (2004 est.)

Investment (gross fixed):
12.9% of GDP (2004 est.)

Budget:
revenues: $26.91 billion
expenditures: $30.7 billion, including capital expenditures of $2.6 billion (2004 est.)

Public debt:
43.1% of GDP (2004 est.)

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

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

Industrial production growth rate:
12.3% (2004 est.)

Electricity - production:
89.7 billion kWh (2003)

Electricity - consumption:
89.3 billion kWh (2003)

Electricity - exports:
450 million kWh (2003)

Electricity - imports:
30 million kWh (2003)

Oil - production:
2.6 million bbl/day (2004 est.)

Oil - consumption:
500,000 bbl/day (2004 est.)

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

Oil - imports:
NA

Oil - proved reserves:
78 billion bbl (2004 est.)

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

Natural gas - consumption:
29.4 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:
4.19 trillion cu m (2004)

Current account balance:
$14.59 billion (2004 est.)

Exports:
$35.84 billion f.o.b. (2004 est.)

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

Exports - partners:
US 58.7%, Netherlands Antilles 4.1%, Canada 2.5% (2004)

Imports:
$14.98 billion f.o.b. (2004 est.)

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

Imports - partners:
US 33.2%, Colombia 5.7%, Brazil 5%, Germany 4% (2004)

Reserves of foreign exchange and gold:
$25.75 billion (2004 est.)

Debt - external:
$33.29 billion (2004 est.)

Economic aid - recipient:
$74 million (2000)

Currency (code):
bolivar (VEB)

Exchange rates:
bolivares per US dollar - 1,891.3 (2004), 1,607 (2003), 1,161 (2002), 723.7 (2001), 680 (2000)