Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 45% of budget revenues, and around 12% of GDP. Fueled by high oil prices, pre-election government spending helped spur GDP growth in 2012 to 5.6%. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 20% in 2012 and rising to more than 56% in 2013. Former President Hugo CHAVEZ's efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In 2013, Venezuela continued to wrestle with housing and electricity crises, and rolling food and goods shortages, resulting from the government's unorthodox economic policies. The budget deficit for the public sector reached 17% of GDP in 2012 and was trimmed to under 10% of GDP in 2013. The Venezuelan government has maintained a regime of strict currency exchange controls since 2003. Venezuelan law now sanctions a three-tiered exchange rate system, with rates based on the government's import priorities.
$407.4 billion (2013 est.)
country comparison to the world: 34
$403.3 billion (2012 est.)
$381.9 billion (2011 est.)
1.6% (2013 est.)
country comparison to the world: 159
5.6% (2012 est.)
4.2% (2011 est.)
$13,600 (2013 est.)
country comparison to the world: 99
$13,700 (2012 est.)
$13,100 (2011 est.)
agriculture: 3.7%
industry: 35.5%
services: 60.8% (2013 est.)
31.6% (2011 est.)
56.2% (2013 est.)
country comparison to the world: 222
21.1% (2012 est.)
14.01 million (2013 est.)
country comparison to the world: 40
agriculture: 7.3%
industry: 21.8%
services: 70.9% (4th quarter, 2011)
7.9% (2013 est.)
country comparison to the world: 84 7.8% (2012 est.)
agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products
1% (2013 est.)
country comparison to the world: 150
