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@Venezuela:Economy

Overview: Despite efforts to broaden the base of the economy,
petroleum continues to play a dominant role. In 1994, as GDP declined
3.3%, the oil sector - which accounts for 24% of the total - enjoyed a
6% expansion, provided 45% of the budget revenues, and generated 70%
of the export earnings. President CALDERA, who assumed office in
February 1994, has used an interventionist, reactive approach to
managing the economy, instituting price and foreign exchange controls
in mid-year to slow inflation and stop the loss of foreign exchange
reserves. The government claims it will remove these controls once
inflationary pressures abate, but the $8 billion bailout of the
banking sector in 1994 has made it difficult for the government to
make good on its promise. Economic controls, coupled with political
uncertainty driven by recurrent coup rumors, continue to deter foreign
and domestic investment; private forecasters see the recession
persisting for a third year in 1995.

National product: GDP - purchasing power parity - $178.3 billion (1994
est.)

National product real growth rate: -3.3% (1994 est.)

National product per capita: $8,670 (1994 est.)

Inflation rate (consumer prices): 71% (1994 est.)

Unemployment rate: 9% (1994 est.)

Budget:
revenues: $10.3 billion
expenditures: $14.6 billion, including capital expenditures of $103
million (1994 est.)

Exports: $15.2 billion (f.o.b., 1994 est.)
commodities: petroleum 72%, bauxite and aluminum, steel, chemicals,
agricultural products, basic manufactures
partners: US and Puerto Rico 55%, Japan, Netherlands, Italy

Imports: $7.6 billion (f.o.b., 1994 est.)
commodities: raw materials, machinery and equipment, transport
equipment, construction materials
partners: US 40%, Germany, Japan, Netherlands, Canada

External debt: $40.1 billion (1994)

Industrial production: growth rate -1.4% (1993 est.); accounts for 41%
of GDP

Electricity:
capacity: 18,740,000 kW
production: 72 billion kWh
consumption per capita: 3,311 kWh (1993)

Industries: petroleum, iron-ore mining, construction materials, food
processing, textiles, steel, aluminum, motor vehicle assembly

Agriculture: accounts for 6% of GDP; products - corn, sorghum,
sugarcane, rice, bananas, vegetables, coffee, beef, pork, milk, eggs,
fish; not self-sufficient in food other than meat

Illicit drugs: