Short facts about the economy in Venezuela

Economy - overview:

The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuelan officials estimate that GDP grew by 3.2% in 2000. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight undercut the recovery. The bolivar is widely believed to be overvalued by as much as 50%. The government is still rebuilding after massive flooding and landslides in December 1999 caused an estimated $15 billion to $20 billion in damage.

GDP:	purchasing power parity - $146.2 billion (2000 est.)

GDP - real growth rate:

3.2% (2000 est.)

GDP - per capita:

purchasing power parity - $6,200 (2000 est.)

GDP - composition by sector:

agriculture:  5% industry:  24% services:  71% (1999 est.)

Population below poverty line:

67% (1997 est.)

Household income or consumption by percentage share:

lowest 10%:  1.5% highest 10%:  35.6% (1995)

Inflation rate (consumer prices):

13% (2000)

Labor force:

9.9 million (1999)

Labor force - by occupation:

services 64%, industry 23%, agriculture 13% (1997 est.)

Unemployment rate:

14% (2000 est.)

Budget:

revenues:  $26.4 billion expenditures:  $27 billion, including capital expenditures of $NA (2000 est.)

Industries:

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

Industrial production growth rate:

NA

Electricity - production:

81.215 billion kWh (1999)

Electricity - production by source:

fossil fuel:  32.16% hydro:  67.84% nuclear:  0% other:  0% (1999)

Electricity - consumption:

75.53 billion kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Exports:

$32.8 billion (f.o.b., 2000)

Exports - commodities:

petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures

Exports - partners:

US and Puerto Rico 57%, Colombia, Brazil, Japan, Germany, Netherlands, Italy (1999)

Imports:

$14.7 billion (f.o.b., 2000)

Imports - commodities:

raw materials, machinery and equipment, transport equipment, construction materials

Imports - partners:

US 53%, Japan, Colombia, Italy, Germany, France, Brazil, Canada (1999)

Debt - external:

$34 billion (2000)

Economic aid - recipient:

$35 million with more assistance likely as a result of flooding (1999)

Currency:

bolivar (VEB)

Currency code:

VEB

Exchange rates:

bolivares per US dollar - 699.700 (January 2001), 679.960 (2000), 605.717 (1999), 547.556 (1998), 488.635 (1997), 417.333 (1996)

Fiscal year:

calendar year

Source: World Factbook