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Home :: Trade Leads By Country : Venezuela



VENEZUELA

Venezuela, Countries by TradeVenezuela, Countries by Trade

Introduction

This country is highly inclined towards business and commerece and this has made the government implement more for the development of the country through positive investmnets and proper planning to get the best for the country.However this is the reason Business became the main purpose that brought more than half of the incoming tourists to Venezuela, due in part to a decrease of political conflict, increases in oil investments and new opportunities for business. Due to the good tourism the country is now on a progressive front and the revenues that are generated are a obvious contribution that help the country develop.


Business and Economy

Venezuela continues to be highly dependent on the petroleum sector, which accounts for roughly one-third of GDP, around 80% of export earnings, and more than half of government operating revenues. Despite higher oil prices at the end of 2002 and into 2003, domestic political instability, culminating in a disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. In late 2003, President CHAVEZ committed himself to $1 billion in new social programs, money the government does not have.


Major Cities

The major cities that one can think of visiting and exploring when in Venezuela are cities like, Bolívar, Ciudad, Guayana, Maracaibo, Maracay, Petare, Valencia. Other countries that we can see are Caracas,Barquisimeto,Ciudad.


Fact Sheet

GDP:purchasing power parity - $117.9 billion (2003 est.)
GDP - real growth rate: -9.2% (2003 est.)
GDP - per capita: purchasing power parity - $4,800 (2003 est.)
GDP - composition by sector:
agriculture: 5%
industry: 50%
services: 45% (2001)
Population below poverty line: 47% (1998 est.)
Household income or consumption by percentage share:
lowest 10%: 0.8%
highest 10%: 36.5% (1998)
Distribution of family income - Gini index: 49.5 (1998)
Inflation rate (consumer prices): 31.1% (2003 est.)
Labor force: 9.9 million (1999)
Labor force - by occupation: services 64%, industry 23%, agriculture 13% (1997 est.)
Unemployment rate: 18% (2003 est.)
Budget:
revenues: $20.1 billion
expenditures: $23.3 billion, including capital expenditures of $2.6 billion (2002)
Industries: petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly
Industrial production growth rate: -5.4% (2002 est.)




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