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 2.7% in 2001. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight - and a temporary fall in oil prices - undercut the recovery. In early 2002, President CHAVEZ changed the exchange rate regime from a crawling peg to a free floating exchange rate, causing the bolivar to depreciate significantly.

GDP purchasing power parity - $146.2 billion (2001 est.)

GDP - real growth rate 2.7% (2001 est.)

GDP - per capita purchasing power parity - $6,100 (2001 est.)

GDP - composition by sector
agriculture: 5%
industry: 40%
services: 55% (2001 est.)

Population below poverty line 67% (1997 est.)

Household income or consumption by percentage share
lowest 10%: 1.6%
highest 10%: 37.6% (1997)

Distribution of family income - Gini index 48.8 (1997)

Inflation rate (consumer prices) 12.3% (2001)

Labor force 9.9 million (1999)

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

Unemployment rate 14.1% (2001 est.)

Budget
revenues: $21.5 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 80.754 billion kWh (2000)

Electricity - production by source
fossil fuel: 22.87%
hydro: 77.13%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 75.101 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $29.5 billion (f.o.b., 2001)

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

Exports - partners US 60%, Brazil 5.5%, Colombia 3.5%, Italy 3.5%, Spain 3.4% (2000)

Imports $18.4 billion (f.o.b., 2001)

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

Imports - partners US 35.8%, Colombia 6.8%, Brazil 4.5%, Germany 3.9%, Italy 3.9% (2000)

Debt - external $34.5 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 - 761.225 (January 2002), 723.666 (2001), 679.960 (2000), 605.717 (1999), 547.556 (1998), 488.635 (1997)

Fiscal year calendar year

NOTE: The information regarding Venezuela on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Venezuela Economy 2002 information contained here. All suggestions for corrections of any errors about Venezuela Economy 2002 should be addressed to the CIA.