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Venezuela Economy 2007

https://allcountries.org/wfb2007/venezuela/venezuela_economy.html
SOURCE: 2007 CIA WORLD FACTBOOK

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Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP. Tax collection - Venezuela's primary source of non-oil revenue - is expected to surpass $23 billion in 2006, exceeding the yearend collection goal by more than 20%. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by higher oil prices, record government spending helped to boost GDP growth in 2004 and 2005 to approximately 18% and 11%, respectively. Economic growth in 2006 reached about 9%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has fueled a consumption boom - car sales in 2006 increased by around 70% - but has come at the cost of higher inflation. Despite government attempts to withdraw liquidity from the economy, Venezuela's money supply set a record in June 2006, approximately 70% higher than the previous year. Imports have also jumped significantly.

GDP (purchasing power parity):
$186.3 billion (2006 est.)

GDP (official exchange rate):
$149.9 billion (2006 est.)

GDP - real growth rate:
10.3% (2006 est.)

GDP - per capita (PPP):
$7,200 (2006 est.)

GDP - composition by sector:
agriculture: 3.7%
industry: 40.5%
services: 55.9% (2006 est.)

Labor force:
12.19 million (2006 est.)

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

Unemployment rate:
8.9% (2006 est.)

Population below poverty line:
37.9% (end 2005 est.)

Household income or consumption by percentage share:
lowest 10%: 0.7%
highest 10%: 35.2% (2003)

Distribution of family income - Gini index:
48.2 (2003)

Inflation rate (consumer prices):
13.7% (2006 est.)

Investment (gross fixed):
22.5% of GDP (2006 est.)

Budget:
revenues: $54.65 billion
expenditures: $54.61 billion (2006 est.)

Public debt:
24.3% of GDP (2006 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:
7% (2006 est.)

Electricity - production:
99.2 billion kWh (2005)

Electricity - consumption:
73.36 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

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

Oil - consumption:
560,000 bbl/day (2004 est.)

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

Oil - imports:
NA bbl/day

Oil - proved reserves:
78.77 billion bbl (1 January 2006)

Natural gas - production:
27.53 billion cu m (2005 est.)

Natural gas - consumption:
27.53 billion cu m (2005 est.)

Natural gas - exports:
0 cu m (2005 est.)

Natural gas - imports:
0 cu m (2005)

Natural gas - proved reserves:
4.112 trillion cu m (1 January 2006 est.)

Current account balance:
$27.17 billion (2006 est.)

Exports:
$65.21 billion f.o.b. (2006 est.)

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

Exports - partners:
US 46.3%, Netherlands Antilles 13.5%, China 3.2% (2006)

Imports:
$32.23 billion f.o.b. (2006 est.)

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

Imports - partners:
US 30.6%, Colombia 10.2%, Brazil 10.1%, Mexico 5.9%, China 4.9%, Panama 4.8% (2006)

Economic aid - recipient:
$48.66 million (2005)

Reserves of foreign exchange and gold:
$36.67 billion (2006 est.)

Debt - external:
$41.4 billion (2006 est.)

Stock of direct foreign investment - at home:
$45.4 billion (2006 est.)

Stock of direct foreign investment - abroad:
$11.56 billion (2006 est.)

Market value of publicly traded shares:
$8.251 billion (2006)

Currency (code):
bolivar (VEB)

Exchange rates:
bolivares per US dollar - 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003), 1,161 (2002)

Fiscal year:
calendar year


NOTE: The information regarding Venezuela on this page is re-published from the 2007 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2007 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2007 should be addressed to the CIA.



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