Economy - overview:
Venezuela continues to be highly dependent on the petroleum sector,
accounting for roughly one-third of GDP, around 80% of export
earnings, and over half of government operating revenues. Government
revenue also has been bolstered by increased tax collection, which
has surpassed its 2005 collection goal by almost 50%. Tax revenue is
the primary source of non-oil revenue, which accounts for 53% of the
2006 budget. A disastrous two-month national oil strike, from
December 2002 to February 2003, temporarily halted economic
activity. The economy remained in depression in 2003, declining by
9.2% after an 8.9% fall in 2002. Output recovered strongly in
2004-2005, aided by high oil prices and strong consumption growth.
Venezuela continues to be an important source of crude oil for the
US market. Both inflation and unemployment remain fundamental
problems.
GDP (purchasing power parity):
$162.1 billion (2005 est.)
GDP (official exchange rate):
$106.1 billion (2005 est.)
GDP - real growth rate:
9.3% (2005 est.)
GDP - per capita (PPP):
$6,400 (2005 est.)
GDP - composition by sector: agriculture: 4% industry: 41.9% services: 54.1% (2005 est.)
Labor force: 12.31 million (2005 est.)
Labor force - by occupation: agriculture: 13% industry: 23% services: 64% (1997 est.)
Unemployment rate:
12.2% (2005 est.)
Population below poverty line:
47% (1998 est.)