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Venezuela Economy
GDP:
purchasing power parity - $117.9 billion (2003 est.)
GDP - real growth rate:
-9.2% (2003 est.)
GDP - per capita:
purchasing power parity - $4,800 (2003 est.)
GDP - composition by sector:
agriculture: 5%
industry: 50%
services: 45% (2001)
Investment (gross fixed):
12.6% of GDP (2003)
Population below poverty line:
47% (1998 est.)
Household income or consumption by percentage share:
lowest 10%: 0.8%
highest 10%: 36.5% (1998)
Distribution of family income - Gini index:
49.5 (1998)
Inflation rate (consumer prices):
31.1% (2003 est.)
Labor force:
11.38 million (2003)
Labor force - by occupation:
agriculture 13%, industry 23%, services 64% (1997 est.)
Unemployment rate:
18% (2003 est.)
Budget:
revenues: $19.33 billion
expenditures: $24.34 billion, including capital expenditures of $2.6 billion (2003)
Public debt:
38.8% of GDP (2003)
Industries:
petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
Industrial production growth rate:
-15.4% (2003 est.)
Electricity - production:
87.6 billion kWh (2001)
Electricity - production by source:
fossil fuel: 31.7%
hydro: 68.3%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
81.47 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
3.08 million bbl/day (2001 est.)
Oil - consumption:
505,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
63.95 billion bbl (1 January 2002)
Natural gas - production:
31.71 billion cu m (2001 est.)
Natural gas - consumption:
31.71 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
4.202 trillion cu m (1 January 2002)
Agriculture - products:
corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
Current account balance:
$9.659 billion (2003)
Exports:
$25.86 billion f.o.b. (2003 est.)
Exports - commodities:
petroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Exports - partners:
US 48.1%, Netherlands Antilles 12.1%, Dominican Republic 2.7% (2003 est.)
Imports:
$10.71 billion f.o.b. (2003 est.)
Imports - commodities:
raw materials, machinery and equipment, transport equipment, construction materials
Imports - partners:
US 27.4%, Brazil 8.1%, Colombia 6.7%, Mexico 4.1% (2003 est.)
Reserves of foreign exchange & gold:
$20.67 billion (2003)
Debt - external:
$32.51 billion (2003)
Economic aid - recipient:
$74 million (2000)
Currency:
bolivar (VEB)
Currency code:
VEB
Exchange rates:
bolivares per US dollar - 1,607.79 (2003), 1,160.95 (2002), 723.666 (2001), 679.96 (2000), 605.717 (1999)
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