Venezuela Economy 2001

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

NOTE: The information regarding Venezuela on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2001 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2001 should be addressed to the CIA.