Venezuela Economy

Venezuela is the most developed country in Latin America. It is an upper middle-income country with a GDP of $58 billion approximately. The agricultural sector is weaker than the service sector in Venezuela. The industrial sector is the most powerful sector of all and has been dominating the economic scenario for quite some time now.

Industry And Venezuela Economy
The industrial sector absorbs the highest percentage of the workforce. The country is the third largest oil producer in the world. The Venezuelan Petroleum Corporation is the third largest conglomerate as well.

The country’s petrochemical and natural gas production is also at a rise. The mining industry of the country has braced itself to become the world’s highest producer of coal, aluminum, steel, iron, gold and other minerals.

The manufacturing industry that manufactures food, beverages, timber, leather, footwear, rubber, plastic, paper and industrial equipment contributes the highest percentage in the GDP of the Venezuelan economy. The tourism industry has also developed to a considerable extent.

Venezuela Economy - GDP Inflation Graph 1981-2013

Venezuela Economy - GDP Inflation Graph 1981-2013

Agriculture And Venezuela Economy
Agriculture has played a leading role in the country even till a couple of years back. But ever since the industrial sector has been growing in leaps and bounds agriculture has taken a back seat. Presently it produces 22% of the GDP. The farmers mainly produce maize, sugar cane, coffee, vegetables, rice and banana. Among the cash crops cocoa seems to be the major crop. Other cash crops are tobacco, oilseeds, cotton, peanut, sesame and it also grows sunflower.

The animal industry deserves a special mention in the industrial production. The fishing and forest industry is a part of the industrial sector on which the economy depends as well.

Venezuelan financial infrastructure is well developed and also maintains a unique banking system

Venezuelan Economic Performance GDP 1981-2013

Year GDP % Change Year GDP % Change
1980 -4.42 1997 6.37
1981 -0.36 1998 0.29
1982 -2.07 1999 -5.97
1983 -3.76 2000 3.69
1984 1.44 2001 3.39
1985 0.19 2002 -8.86
1986 6.51 2003 -7.76
1987 3.58 2004 18.29
1988 5.82 2005 10.32
1989 -8.57 2006 9.87
1990 6.47 2007 8.75
1991 9.73 2008 5.28
1992 6.06 2009 -3.20
1993 0.28 2010 -1.49
1994 -2.35 2011 4.18
1995 3.95 2012 5.63
1996 -0.20 2013 1.34

Source: World Bank

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Last Updated on : 05th March 2015 Next Update : February 2016