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Economy of Venezuela

The economy of Venezuela is largely based on the petroleum sector and manufacturing. Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports. Venezuela is the fifth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America. During the collapse of oil prices in the 1980s the economy contracted, the monetary sign commenced a progressive devaluation, and inflation skyrocketed to reach peaks of 84% in 1989 and 99% in 1996, three years prior to Hugo Chávez taking office.

Venezuela manufactures and exports heavy industry products such as steel, aluminium and cement, with production concentrated around Ciudad Guayana, near the Guri Dam, one of the largest in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes electronics and automobiles, as well as beverages, and foodstuffs. Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labour force, and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork, and beef. The country is not self-sufficient in most areas of agriculture.

U.S. exports to Venezuela have included machinery, agricultural products, medical instruments, and cars. Venezuela is one of the top four suppliers of foreign oil to the United States. About 500 U.S. companies are represented in Venezuela. According to Central Bank of Venezuela, the government received from 1998 to 2008 around 325 billion USD through oil production and export in general, and according to the International Energy Agency, to August 2015 has production of 2.4 million barrels per day, 500,000 of which go to the United States of America.

In 2015, Venezuela had over 100% inflation - the highest in the world and the highest in the country's history - with inflation expected to reach 700% in 2016 and increase nearly 2,000% in 2017 while the population's poverty rate was between 76% to80% according to independent sources.

Sectors

Petroleum and other resources

Venezuela is a major producer of petroleum products, which remain the keystone of the Venezuelan economy. A range of other natural resources, including iron ore, coal, bauxite, gold, nickel, and diamonds, are in various stages of development and production. Venezuela utilizes vast hydropower resources to supply power to the nation's industries.

Manufacturing

Manufacturing contributed 15% of GDP in 2009. The manufacturing sector is experiencing severe difficulties, amidst lack of investment and accusations of mismanagement. Venezuela manufactures and exports steel, aluminium, transport equipment, textiles, apparel, beverages, and foodstuffs. It produces cement, tires, paper, fertilizer, and assembles cars both for domestic and export market.

Agriculture

Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labour force, and at least a quarter of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, beef, and pork.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Venezuela"

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