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Venezuela
Introduction
Key Economic Facts
Venezuela is a country located in South America bordering
the Caribbean Sea and the Atlantic Ocean. Venezuela has a
strategic location on major sea routes linking North and
South America. Neighboring countries
include Brazil, Colombia, and Guyana.
The geography of Venezuela is varied
and consists of the Andes Mountains in
northwest and the Guiana Highlands in
southeast. The government system of Venezuela is a
federal republic; the chief of state and head of government
is the president. Venezuela has a largely command
economy in which the central
government directs the
economy regarding the
production and distribution of
goods. Venezuela is a member
of the Common Market of the
South (Mercosur).
Income Level (by per capita
GNI):
Level of Development:
GDP, PPP (current international
$):
GDP growth (annual %):
GDP per capita, PPP (current
international $):
External debt stocks, total
(DOD, current US$):
Manufacturing, value added (%
of GDP):
Current account balance (BoP,
current US$):
Inflation, consumer prices
(annual %):
Labor force, total:
Unemployment, total (% of
total labor force) (modeled ILO
estimate):
Imports of goods and services
(current US$):
Exports of goods and services
(current US$):
Location:
Capital City:
Chief of State:
Head of Govt.:
Currency:
Major Languages:
South America
Caracas (-4.5 GMT)
President Nicolás Maduro
President Nicolás Maduro
Bolivar Fuerte (VEF)
Spanish (official), numerous
indigenous dialects
Primary Religions: nominally Roman Catholic 96%,
Protestant 2%, other 2%
Calling Code: 58
Voltage: 120
Key Websites
Main Government Page: presidencia.gob.ve
Investment Promotion conapri.org
Agency:
Risk Assessment (Provided by Coface)
High Income
Developing
$542.20 billion (2014)
-5.70% (2015)
$17,664.74 (2014)
$123,666,152,000.00 (2015)
13.55% (2014)
-$20.36 billion (2015)
109.68% (2015)
14,729,347 (2016)
6.90% (2016)
$109.59 billion (2013)
$91.96 billion (2013)
GDP Composition %
Agriculture
Industry
Manufacturing
53
42
6
Services
14
*Although Manufacturing is included in the Industry figures, it is also separately
reported because it plays a critical role in economy.
Rankings
Index
Corruption Perceptions Index
EY Globalization Index
Global Competitiveness Index
Global Enabling Trade Index
Index of Economic Freedom
International Logistics Performance Index (LPI)
Inward FDI Potential Index
KOF Index of Globalization
Networked Readiness Index (NRI)
Open Budget Index
Rank
166 / 176
58 / 60
130 / 138
136 / 136
179 / 180
122 / 160
61 / 139
101 / 187
108 / 139
94 / 102
Country rating: E - The highest-risk political and economic
situation and the most difficult business environment.
Corporate default is likely.
Business Climate rating: E - The highest possible risk in
terms of business climate. Due to a lack of available
financial information and an unpredictable legal system,
doing business in this country is extremely difficult.
Strengths
• Significant oil reserves along the Oronoco river and
potential offshore gas fields
• Geographic proximity to the United States, the
leading market for Venezuelan oil
• Influence within the Caribbean region through the
PetroCaribe initiative
• Assets (including in the United States) of the State oil
company, PDVSA
• Growing active population
Weaknesses
• Economy heavily dependent on oil and gas sector
and loans from China
• Critical risk of default on external debts
• Escalating political instability
• Hyperinflation
• Inefficiency of PDVSA State-owned oil company
• Opaque and informal management of oil and gas
revenues
• Shortages of currency and goods
• Length of payment time in business
U.S. Embassy
Calle F con Calle Suapure,
Urb. Colinas de Valle Arriba,
Caracas, Venezuela 1080
P.O. Box 62291, Caracas 1060 A
APO AA 34037
Tel: (58-212) 975–6411
http://caracas.usembassy.gov/
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV