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Currency exchange
07-Sep-2010

4,289.71 = 1US$


 




Asoc. Latinoamericana de Integración

Untitled Document

General Information

Total Population 28,200,000 (est.)
Area 882,050 km2
Local Currency Bolvar (VEB)
Literacy 93.4%
Economically active population 11,054,400
as % of total population 39.2%
Unemployment rate 7.4% (national areas - CEPAL statistic 2008)
   
Gross Domestic Product (GDP) 348,500 US$ millions
as % of Regional GDP 8.9% (Latin America GDP 2008 = US$ 3,928,300 millions)
GDP per Head 12,358 US$
Ranking in Latin America 2

Important dates
  • January 1 - New Year
  • Monday and Tuesday of Carnival-Change as the year
  • Thursday and Friday holy-Change as the year
  • May 1 - Day of the worker
  • Corpus Christi-Change as the year
  • July 5 - Independence Day
  • August 15 - Ascension of Our Seora
  • November 12 - Day Immaculada
  • December 25 - Christmas
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Economic Statistics
(years 2005 - proj. 2010)
Venezuela has a Gross Domestic Product of US$348,500MM. This is distributed by sectors in the following way: agriculture with 3.9%, having as main products corn, sugarcane, rice, bananas; industry with 37.4%, having as main products petroleum, iron ore mining, construction materials, food processing; and the services sector with 58.7%.
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National Accounts
National Accounts 2006 2007 2008 est. 2009 proj. 2010
▲% GDP (proj.10: Source IMF april 2010) 9.9% 8.2% 4.8% -3.3% -2.6%
Nominal GDP (US$ millions) 184,500 228,100 317,100 348,500 233,800
GDP per Head (US$) 6,859 8,355 11,448 12,358 8,175
GDP by Sector     100.0%    
Agriculture     3.9%    
Industry     37.4%    
Services     58.7%    
Inflation rate 17.0% 22.5% 30.9% 25.1% 34.0%
Budget Balance 0.0% 3.0% -1.2% -6.1% -3.0%

GPD Growth

 

 
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Trade Statistics
Regarding foreign trade, US represents its main commercial partner buying 50.3% of Venezuelan exports, whereas the main export products are constituted by petroleum products.


Foreign Trade (2008) See other countries
Exports Imports
By countries By countries
US 50.3% US 27.9%
Netherlands Antilles 9.6% Colombia 13.5%
China 5.9% Brazil 11.4%
Spain 3.6% Mexico 7.4%
By products By products
Petroleum 93.7% Intermediate goods 47.2%
    Consumer goods 27.0%
    Capital goods 22.4%
   


Balance of Payments (US$ mill.) 2006 2007 2008 est. 2009 proj. 2010
 
Exchange rate: VEB / US$
(end of period)
2.15 2.15 2.15 2.15 4.30
           
Exports of goods 65,578 69,010 95,138 57,595 60,106
Imports of goods 33,583 46,031 49,482 38,442 35,880
Trade & Services Balance 27,585 16,027 37,302 11,536 17,240
% GDP 15.0% 7.0% 11.8% 3.3% 7.4%
Income Balance -1,045 2,467 698 -2,652 -3,630
% GDP -0.6% 1.1% 0.2% -0.8% -1.6%
Current Transfers Balance -78 -431 -608 -323 -450
% GDP 0.0% -0.2% -0.2% -0.1% -0.2%
Current Account Balance 26,462 18,063 37,392 8,561 13,160
% GDP
14.3% 7.9% 11.8% 2.5% 5.6%
Net Direct Investments flows -2,032 978 -923 -4,939 -6,500
% GDP -1.1% 0.4% -0.3% -1.4% -2.8%
Net Portfolio Investments flows -5,211 1,808 -3,428 -5,081 -6,467
% GDP -2.8% 0.8% -1.1% -1.5% -2.8%



 


 


2006 2007 2008 est. 2009 proj. 2010
Foreign Debt Stock 44,614 43,148 47,086 49,315 56,704
% GDP 24.2% 18.9% 14.8% 14.2% 24.3%
     
Foreign Debt Service 9,959 6,027 7,321 6,585 9,981
Principal repayments 6,632 3,005 3,595 2,433 5,630
Interest payments 3,327 3,022 3,726 4,152 4,351
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