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1994-05-02
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<text>
<title>
Venezuela: Economy
</title>
<article><hdr>The World Factbook 1993: Venezuela
Economy</hdr><body>
<p>Overview: Petroleum is the backbone of the economy, accounting
for 23% of GDP, 70% of central government revenues, and 82% of
export earnings in 1992. President PEREZ introduced an economic
readjustment program when he assumed office in February 1989.
Lower tariffs and the removal of price controls, a free market
exchange rate, and market-linked interest rates threw the
economy into confusion, causing an 8% decline in GDP in 1989.
However, the economy recovered part way in 1990 and grew by
10.4% in 1991 and 7.3% in 1992, led by the non-petroleum sector.
</p>
<p>National product: GDP - exchange rate conversion - $57.8
billion (1992 est.)
</p>
<p>National product real growth rate: 7.3% (1992 est.)
</p>
<p>National product per capita: $2,800 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 32% (1992 est.)
</p>
<p>Unemployment rate: 8.4% (1992 est.)
</p>
<p>Budget: revenues $13.2 billion; expenditures $13.1 billion,
including capital expenditures of $NA (1992)
</p>
<list>
<l>Exports: $14.0 billion (f.o.b., 1992 est.)</l>
<l> commodities: petroleum 82%, bauxite and aluminum, iron ore,
agricultural products, basic manufactures</l>
<l> partners: US 50.7%, Europe 13.7%, Japan 4.0% (1989)</l>
<l>Imports: $12.4 billion (f.o.b., 1992 est.)</l>
<l> commodities: foodstuffs, chemicals, manufactures, machinery
and transport equipment</l>
<l> partners: US 44%, FRG 8.0%, Japan 4%, Italy 7%, Canada 2%
(1989)</l>
</list>
<p>External debt: $27.1 billion (1992)
</p>
<p>Industrial production: growth rate 11.9% (1992 est.); accounts
for 25% of GDP, including petroleum
</p>
<p>Electricity: 21,130,000 kW capacity; 58,541 million kWh
produced, 2,830 kWh per capita (1992)
</p>
<p>Industries: petroleum, iron-ore mining, construction
materials, food processing, textiles, steel, aluminum, motor
vehicle assembly
</p>
<p>Agriculture: accounts for 6% of GDP and 16% of labor force;
products - corn, sorghum, sugarcane, rice, bananas, vegetables,
coffee, beef, pork, milk, eggs, fish; not self-sufficient in
food other than meat
</p>
<p>Illicit drugs: illicit producer of cannabis and coca leaf for
the international drug trade on a small scale; however, large
quantities of cocaine transit the country from Colombia;
important money-laundering hub
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-86), $488
million; Communist countries (1970-89), $10 million
</p>
<p>Currency: 1 bolivar (Bs)=100 centimos
</p>
<p>Exchange rates: bolivares (Bs) per US$1 - 80.18 (January
1993), 68.38 (1992), 56.82 (1991), 46.90 (1990), 34.68 (1989),
14.50 (fixed rate 1987-88)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>