The Economy Of Venezuela. Detailed description of the current state of the economy of Venezuela briefly

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 The Economy Of Venezuela. Detailed description of the current state of the economy of Venezuela briefly

Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 40% of government revenues, and 11% of GDP. The country ended 2014 with an estimated 4% contraction in its GDP, 68.4% inflation, widespread shortages of consumer goods, and declining central bank international reserves. The International Monetary Fund forecasts that the GDP will shrink another 7% in 2015 and inflation may reach 80%. Under President Nicolas MADURO, the Venezuelan government’s response to the economic crisis been to increase state control over the economy and blame the private sector for the shortages. The Venezuelan government has maintained strict currency controls since 2003. Currently, three official currency exchange mechanisms are in place for the sale of dollars to private sector firms and individuals, with rates based on the government's import priorities. These currency controls present significant obstacles to trade with Venezuela because importers cannot obtain sufficient dollars to purchase goods needed to maintain their operations. MADURO has used decree powers to enact legislation to deepen the state’s role as the primary buyer and marketer of imports, further tighten currency controls, cap business profits, and extend price controls. Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. High costs for oil production and state oil company PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production.

GDP (purchasing power parity):

$545.7 billion (2014 est.)

$562.6 billion (2013 est.)

$555.1 billion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 35

GDP (official exchange rate):

$209.2 billion (2014 est.)

GDP - real growth rate:

-3% (2014 est.)

1.3% (2013 est.)

5.6% (2012 est.)

country comparison to the world: 213

GDP - per capita (PPP):

$17,900 (2014 est.)

$18,800 (2013 est.)

$18,800 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 88

Gross national saving:

22.9% of GDP (2014 est.)

23.9% of GDP (2013 est.)

29.5% of GDP (2012 est.)

country comparison to the world: 57

GDP - composition, by end use:

household consumption: 65.4%

government consumption: 16.3%

investment in fixed capital: 13.1%

investment in inventories: 5.4%

exports of goods and services: 16.7%

imports of goods and services: -16.8%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 3.8%

industry: 35.4%

services: 60.8% (2014 est.)

Agriculture - products:

corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Industries:

agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Industrial production growth rate:

-1% (2014 est.)

country comparison to the world: 175

Labor force:

14.34 million (2014 est.)

country comparison to the world: 40

Labor force - by occupation:

agriculture: 7.3%

industry: 21.8%

services: 70.9% (4th quarter, 2011 est.)

Unemployment rate:

7.8% (2014 est.)

7.5% (2013 est.)

country comparison to the world: 86

Population below poverty line:

31.6% (2011 est.)

Household income or consumption by percentage share:

lowest 10%: 1.7%

highest 10%: 32.7% (2006)

Distribution of family income - Gini index:

39 (2011)

49.5 (1998)

country comparison to the world: 67

Budget:

revenues: $142.6 billion

expenditures: $204 billion (2014 est.)

Taxes and other revenues:

68.2% of GDP (2014 est.)

country comparison to the world: 3

Budget surplus (+) or deficit (-):

-29.4% of GDP (2014 est.)

country comparison to the world: 213

Public debt:

51.4% of GDP (2014 est.)

50.9% of GDP (2013 est.)

note: data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions

country comparison to the world: 66

Fiscal year:

calendar year

Inflation rate (consumer prices):

69.8% (2014 est.)

40.6% (2013 est.)

Central bank discount rate:

29.5% (31 December 2010)

29.5% (31 December 2009)

country comparison to the world: 1

Commercial bank prime lending rate:

17.5% (31 December 2014 est.)

15.9% (31 December 2013 est.)

country comparison to the world: 23

Stock of narrow money:

$356 billion (31 December 2014 est.)

$192.3 billion (31 December 2013 est.)

country comparison to the world: 15

Stock of broad money:

$360 billion (31 December 2014 est.)

$196 billion (31 December 2013 est.)

country comparison to the world: 28

Stock of domestic credit:

$372.7 billion (31 December 2014 est.)

$196.4 billion (31 December 2013 est.)

country comparison to the world: 33

Market value of publicly traded shares:

$25.3 billion (31 December 2012 est.)

$5.143 billion (31 December 2011)

$3.991 billion (31 December 2011 est.)

country comparison to the world: 60

Current account balance:

$5.266 billion (2014 est.)

$11.95 billion (2013 est.)

country comparison to the world: 33

Exports:

$83.2 billion (2014 est.)

$88.76 billion (2013 est.)

country comparison to the world: 46

Exports - commodities:

petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products

Exports - partners:

US 34.3%, India 15.9%, China 14%, Netherlands Antilles 8.4%, Singapore 6%, Cuba 4.9% (2013)

Imports:

$50.34 billion (2014 est.)

$51.93 billion (2013 est.)

country comparison to the world: 55

Imports - commodities:

agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products

Imports - partners:

US 27.4%, China 12.6%, Brazil 10%, Russia 7.1%, Argentina 5.1%, Colombia 4.7%, Mexico 4.5% (2013)

Reserves of foreign exchange and gold:

$20.2 billion (31 December 2014 est.)

$21.48 billion (31 December 2013 est.)

country comparison to the world: 59

Debt - external:

$69.66 billion (31 December 2014 est.)

$70.16 billion (31 December 2013 est.)

country comparison to the world: 52

Stock of direct foreign investment - at home:

$57.14 billion (31 December 2014 est.)

$55.23 billion (31 December 2013 est.)

country comparison to the world: 55

Stock of direct foreign investment - abroad:

$25.38 billion (31 December 2014 est.)

$24.29 billion (31 December 2013 est.)

country comparison to the world: 46

Exchange rates:

bolivars (VEB) per US dollar -

6.284 (2014 est.)

6.0478 (2013 est.)

4.29 (2012 est.)

4.289 (2011 est.)

2.5821 (2010 est.)