After a serious regression that lasted from 2002 to 2003, Venezuela economy recuperated in the years 2004 and 2005. Credit goes to a huge increment in the expenditures of the government as an oil windfall yielded higher levels of consumption. But Venezuela economy got a real boost when GDP increased by 10.3% approximately in the year 2006. On the basis of income and region, World Bank had also categorized Venezuela as an upper-income country situated in Latin America.
Key Economic Indicators of Venezuela
- A Gross National Income (GNI) of approximately 105.3 billion US Dollars was recorded in Atlas method for the year 2004. While GNI per capita was estimated to be 4,030 US dollars.
- In the year 2004, the Gross Domestic Product was recorded to be approximately 110.1 billion US dollars.
- In the year 2006, the Consumer Price Index was recorded to be around 17%.
- The ratio between external debt and GDP was estimated to be around 16% and the Gini coefficient was about 0.45 in 2006.
Labor and Infrastructure
As approximately 13% of the work force is employed by the public sector, the official unemployment rates were recorded to be 8.9% in December, 2006. This Latin American country has an extensive network of roads.
Mining in Venezuela
Considered as the largest producer of direct-reduced iron, Venezuela is also known for bauxite, aluminum, cement, steel, phosphate rock and alumina. Other mining products of Venezuela include gold, diamond and ferro alloy.
Agriculture, tourism industry and trade with various other countries also contribute significantly to the economy of Venezuela .
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