| 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 has also 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 - per capita | $6,400 (2005 est.) |
| GDP - real growth rate (%) | 8.3% (2005 est.) |
| Agriculture - products | corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish |
| GDP - composition by sector (%) | agriculture: 4.6%, industry: 48.2%, services: 47.2% (2005 est.) |
| Industries | petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly |
| Economic aid - recipient | $74 million (2000) |
| Debt - external | $39.79 billion (2005 est.) |
| Population below poverty line (%) | 47% (1998 est.) |
| Labor force - by occupation (%) | agriculture 13%, industry 23%, services 64% (1997 est.) |
Environment, Land use / Resources, Economy, Population / Demographics, Infrastructure, Health -- CIA World Factbook, 2005
