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 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 |
Key Exports: |
Petroleum, Bauxite and Aluminum, Steel, Chemicals, Agricultural |
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In 2006, the Country’s leading markets for exports were U.S. 46.2 %, Netherlands Antilles 13.5 %,
China 3.2 %. Its leading suppliers were U.S. 30.6 %, Colombia 10.2 %, Brazil 10.1 %, Mexico 5.9 %, China 4.9 % and Panama 4.8 %.
Its key trade agreement is the Mercosur pact, which includes Brazil, Uruguay, Paraguay and Venezuela.
Oil and Gas • Information Technology • Retail
• Consumer Goods • Agriculture Cattle
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”.
Additional Resources:
American Chamber of Commerce Venezuela
Mercosur
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Capital: |
Caracas |
Key Cities: |
Maracaibo, Valencia, Puerto Ayacucho
|
Population |
27.7 million (2007 E) |
GDP Growth % |
5.0 (‘08 E)
3.6 (‘09 F)
|
GDP |
228.0 billion US$ |
GDP per Capita |
8,231 US$ |
Inflation Rate Change (%) |
27.6 (’08 E/’09 F) |
Exports |
77.9 (’09 F) billion
US$ |
Imports |
53.6 (’09 F) billion
US$ |
Exchange Rate
Local Currency-US$ |
2,705.0 (’09 F) |
E = Estimate F = Forecast |
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