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. Key Industries: Petroleum, Construction Materials, Food Processing, Textiles, Iron Ore Mining, Steel, Aluminum, Motor Vehicle Assembly Key Imports: Raw Materials, Machinery and Equipment, Transport Equipment, Construction Materials, Agricultural Products Key Exports: Petroleum, Bauxite and Aluminum, Steel, Chemicals, Agricultural, Minerals

A nationwide strike between December 2002 and February 2003 had economic consequences (real GDP declined by around 9% in 2002 and 8% in 2003); but economic output since then has recovered. Fueled by high oil prices, record government spending helped to boost GDP in 2006 by about 9% and in 2007 by about 8%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom, but at the cost of higher inflation (roughly 20 percent in 2007). Imports also have jumped significantly. President CHAVEZ in 2007 nationalized firms in the petroleum, communications, and electricity sectors. Voters in December 2007 rejected Chavez’s proposed constitutional changes. CHAVEZ still has significant control of the economy and has indicated he intends to continue to centralize authority over the economy by implementing "21st Century Socialism”.

The country began 2011 having to deal with economic imbalances resulting from the government's economic policies, housing crises and continuing electricity crises.