Venezuela+Economics

=Economy of Venezuela! =
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Venezuela's currency is called the Bolivar, or VEB for short. 2.6 VEBs is equal to 1 United States dollar on essentials which includes food medicine, and industrial machinary, and 4.3 VEBs is equal to one dollar for all other products, such as telephones and cars. This means that the U.S. currency is worth more than the Venezuelan currency.



The people of Venezuela mostly work in agriculture (13%), industry (23%), and services (64%). Since 2008-2009, Hugo Chavez has continued efforts to increase the government's control of the economy by nationalizing firms in agribusiness, banking, tourism, oil, cement, and steel sectors. The industries of Venezuela are: petroleum, construction materials, food processing, textiles, iron ore mining, steel, aluminum, and motor vehicle assembly. These are the jobs that most of the people of Venezuela work in.



The economy of Venezuela remains highly dependent on revenues from the oil industry. Oil accounts for almost 90% of all the export earnings and about 50% of the federal budget revenues, and 30% of the GDP. When oil prices go up, it is bad for the consumers, but good for the people who work in the oil industry, which, we have learned, is most of the people in Venezuela!

The Gross Domestic Product, or GDP, is $13,100 (per capita), compared to the United States' GDP of $46,400 (per capita). This means that Venezuela only makes an average of $13,100 dollars per person, while the United States make an average of $46,400 dollars per person! Wow! This shows that Venezuela doesn't make a lot of money! However, the unemplyment rate is fairly low, only 10.7% of Venezuelan people don't have a steady job. But, 37.9% of the people are living below the poverty line.



Venezuela has many different exports, or products that they make in the country, then ship to other countries to be purchased. Venezuela's exports include: petroleum, bauxite and aluminum, steel, chemicals, agricultural products, and basic manufactures. The agricultural products that Venezuela is known for are corn, sugarcane, sorghum, rice, bananas, vegetables, coffee, beef, pork, milk, eggs, and fish. Venezuela sends most of its products to the United States (39.8%), The Netherlands (7.6 %), and China (4.1%).



Venezuela also has many imports, or products that they buy from other countries. Some of Venezuela's imports are: raw materials, machinary and equipment, transport equipment, and construction materials. Venezuela buys most if its products from the United States (26.1%), Brazil (10.7%), China (6.9%), and Mexico (4.8%).

The country of Venezuela is $43.41 BILLION dollars in debt!

This information came from the CIA World factbook website: []