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Venezuela Economy 2009
https://geographic.org/wfb2009/venezuela/venezuela_economy.html
SOURCE: 2009 CIA WORLD FACTBOOK

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Ukraine Communications 2009
SOURCE: 2009 CIA WORLD FACTBOOK


Economy - overview:
Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, about 50% of the federal budget revenues, and around 30% of GDP. 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 high oil prices, record government spending helped to boost GDP by about 9% in 2006, 8% in 2007, and nearly 6% in 2008. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom but has come at the cost of higher inflation - roughly 20% in 2007 and more than 30% in 2008. Imports also have jumped significantly. Declining oil prices in the latter part of 2008 are expected to undermine the govenment's ability to continue the high rate of spending. President Hugo CHAVEZ in 2008 continued efforts to increase the government's contol of the economy by nationalizing firms in the cement and steel sectors. In 2007 he nationalized firms in the petroleum, communications, and electricity sectors. In July 2008, CHAVEZ implemented by decree a number of laws that further consolidate and centralize authority over the economy through his plan for "21st Century Socialism."

GDP (purchasing power parity):
$357.9 billion (2008 est.)
$341.2 billion (2007)
$314.7 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$331.8 billion (2008 est.)

GDP - real growth rate:
4.9% (2008 est.)
8.4% (2007 est.)
10.3% (2006 est.)

GDP - per capita (PPP):
$13,500 (2008 est.)
$13,100 (2007 est.)
$12,300 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 3.6%
industry: 35.3%
services: 61.1% (2008 est.)

Labor force:
12.49 million (2008 est.)

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

Unemployment rate:
8.5% (2008 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)

Investment (gross fixed):
20.5% of GDP (2008 est.)

Budget:
revenues: $106.2 billion
expenditures: $100.8 billion (2008 est.)

Public debt:
17.4% of GDP (2008 est.)

Inflation rate (consumer prices):
31% (2008 est.)

Central bank discount rate:
28.5% (31 December 2007)

Commercial bank prime lending rate:
17.11% (31 December 2007)

Stock of money:
$63.18 billion (31 December 2007)

Stock of quasi money:
$8.889 billion (31 December 2007)

Stock of domestic credit:
$50.24 billion (31 December 2007)

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

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:
-3.3% (2008 est.)

Electricity - production:
110.7 billion kWh (2007 est.)

Electricity - consumption:
83.84 billion kWh (2006 est.)

Electricity - exports:
542 million kWh (2006 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
2.667 million bbl/day (2007 est.)

Oil - consumption:
738,300 bbl/day (2007 est.)

Oil - exports:
2.203 million bbl/day (2006 est.)

Oil - imports:
0 bbl/day (2006 est.)

Oil - proved reserves:
87.04 billion bbl (1 January 2008 est.)

Natural gas - production:
26.5 billion cu m (2007 est.)

Natural gas - consumption:
26.5 billion cu m (2007 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
0 cu m (2007 est.)

Natural gas - proved reserves:
4.708 trillion cu m (1 January 2008 est.)

Current account balance:
$48.44 billion (2008 est.)

Exports:
$103.5 billion f.o.b. (2008 est.)

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

Exports - partners:
US 42.7%, Netherlands Antilles 8%, China 3.1% (2007)

Imports:
$53.44 billion f.o.b. (2008 est.)

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

Imports - partners:
US 26.6%, Colombia 13.5%, Brazil 9.5%, China 6.7%, Mexico 5.2%, Panama 5% (2007)

Reserves of foreign exchange and gold:
$36.36 billion (31 December 2008 est.)

Debt - external:
$47.99 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$44.31 billion (2008 est.)

Stock of direct foreign investment - abroad:
$15.81 billion (2008 est.)

Exchange rates:
bolivars (VEB) per US dollar - 2.147 (2008 est.), 2,147 (2007), 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004)
note: On 1 January 2008 Venezuela revalued its currency with 1000 old bolivares equal to 1 new bolivar


NOTE: The information regarding Venezuela on this page is re-published from the 2009 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2009 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2009 should be addressed to the CIA.






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