Venezuela+Economics

Latin America

**Grow Familiar with Venezuelan Economics **



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**Economic Activity: **

 * **Thirteen percent of Venezuelans take part in farming ([|Economics]). **
 * **The main crops include corn, sugarcane, rice, bananas, vegetables, and coffee. **
 * **There is also a lot of livestock and fishing that takes place in Venezuela. **

**Transporting Goods: **

 * **Many communication problems come from the mountains in Venezuela, which hurt the nation's economic development. **
 * **The primary transportation is by ship. **
 * **Though, Venezuela has built a highway system. **

**Main Exports: **

 * **Oil **
 * **Aluminum **
 * **Steel **
 * **Chemicals **
 * **Iron Ore **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Coffee **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Cocoa **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Rice **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Cotton **

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Oil: **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Venezuela is the largest foreign oil supplier to the United States. **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Oil accounts for ninety percent of the export income in Venezuela. **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">It accounts for fifty percent of the government earnings. **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Oil also accounts for thirty percent of the gross domestic product in Venezuela. **

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Trading Partners: **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">United States **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Colombia **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Brazil **


 * <span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">The Orinoco River is largely used as a source of hydroelectric power. **

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">A high percentage of Venezuela's population lives in poverty. **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Since the oil boom in the 1980s the percentage of the poor population rose from twenty-three percent to sixty-eight percent in 2003. **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Wealth in Venezuela lies with only a small minority of Venezuelans. **

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Currency: **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Venezuela adopted a new form of currency on January 1, 2008. **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">This currency is known as bolivares fuertes. **
 * <span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">**3.18 bolivares = 1 U.S. dollar**

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Gross National Product (GNP): **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">As of 2005, Venezuela was ranked 37th in the world at 128 billion dollars. **

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Gross Domestic Product (GDP): **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">In 2001, Venezuela's GDP was estimated at $146.2 billion. **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Per capita GDP was estimated at $6,100. **
 * <span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">**The annual growth rate was estimated at 2.7%**

**<span style="background-color: #ffc300; color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Unemployment rate: **

 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">The rate is 8.4% **
 * **<span style="color: #2d16e4; font-family: Verdana,Geneva,sans-serif; font-size: 120%;">Estimated that in 1997, approximately 67% of the population had incomes below the poverty line. **

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