| ECONOMY |
| |
| Overview |
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 two-month national oil strike from December 2002 to February
2003, temporarily halted economic activity. The economy is
likely to remain in a recession in 2003, after sinking an
estimated 8.9 percent in 2002. |
| GDP |
purchasing
power parity - $131.7 billion (2002 est.) |
| GDP
- real growth rate |
-8.9% (2002
est.) |
| GDP
- per capita |
purchasing
power parity - $5,400 (2002 est.) |
| GDP
- composition by sector |
agriculture:
5%
industry: 50%
services: 45% (2001) |
| Population
below poverty line |
47% (1998
est.) |
| Inflation
rate (consumer prices) |
31.2% (2002
est.) |
| Labor
force |
9.9 million
(1999) |
| Labor
force - by occupation |
services
64%, industry 23%, agriculture 13% (1997 est.) |
| Unemployment
rate |
17% (2002
est.) |
| Industries |
petroleum,
iron ore mining, construction materials, food processing,
textiles, steel, aluminum, motor vehicle assembly |
| Industrial
production growth rate |
-5.4% (2002
est.) |
