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World Map / South America / Economy / Venezuelan Economy

Venezuelan Economy





From the early times Venezuela economy has been characterized by dependence on the oil reserves in the country. Oil is a major revenue earner for Venezuela.
The earnings from oil exports amount to almost 90% of Venezuela's revenues from exports and form 30% of the country's GDP. A major source of revenue apart from oil is tax collection. This crossed $23 billion in 2006.

Strikes in the whole country from December 2002 to February 2003 had adverse effects on Venezuela economy. The real GDP fell by approximately 9% in 2002 and approximately 8% in 2003. That time onwards Venezuela's economy is witnessing a steady growth and development. The GDP of Venezuela grew more in 2004 and 2005 reaching 18% and 11% respectively. This was a big boost for the economy of Venezuela.

In 2006 economic growth was almost 9%. the main reason behind this was rise in oil prices. Government expenditures along with low increase in wages and a better admittance to domestic credit led to a boom in consumer sector. But Venezuelan economy faced a rise in inflation. An increase in Venezuela's money supply took place in 2006. Venezuela economy is also witnessing a significant increase in imports.

The GDP of Venezuela is $186.3 billion. Unemployment in the country is 8.9% and the rate of inflation is 15.8%. agricultural products of Venezuela are corn, sorghum, sugarcane, rice, bananas, vegetables, coffee etc. Major industries include petroleum, construction materials, food processing, textile, iron ore mining etc.

Export partners of Venezuela are US, Netherlands Antilles and Canada. Import partners of the country are US, Colombia, Brazil and Mexico. Export commodities include petroleum, bauxite and aluminum, steel, chemicals etc. and the products that are imported are raw materials, machinery and equipment, transport equipment and construction material.

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