Bank of Guatemala
The concerned page provides all the necessary information About Venezuela. Venezuelan Economy is dependent on oil production and its export. The oil industry produces more than half of the country's GDP. The GDP of the economy improves with the improvement in the oil prices and decreases with the decrease in oil prices. The country is the third largest in oil production and this industry is the backbone of the economy of Venezuela. During 1999 the oil prices fell to a considerable extent and as a consequence there was a fall in the GDP rate. The GDP recorded a fall of 7.2%. Again in 2000 with the rise in the oil prices the GDP recorded a growth of 3.2%. Post 2000 the GDP growth of Venezuela was recorded at 10% per year.Sectorial Growth in Venezuela Economy
The oil industry is the largest in Venezuela producing more than half of the GDP. The industry has taken a path of growth ever since it has been discovered. Apart from the oil industry the other industries are iron ore, mining and fishing industry. There is also a hydel power plant in Venezuela.TThe service sector employs 64% of the population. Banking is a source of revenue for the government. The services provided by the bank are excellent and therefore it contributes a good amount to the GDP of the country.
