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Description Venezuela by rbd.me
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Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen, who promoted the oil industry and allowed for some social reforms. Democratically elected governments have held sway since 1959. Hugo CHAVEZ, president since 1999, seeks to implement his "21st Century Socialism," which purports to alleviate social ills while at the same time attacking capitalist globalization and existing democratic institutions. Current concerns include: a weakening of democratic institutions, political polarization, a politicized military, drug-related violence along the Colombian border, increasing internal drug consumption, overdependence on the petroleum industry with its price fluctuations, and irresponsible mining operations that are endangering the rain forest and indigenous peoples.
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Location
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Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana
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Area - comparative
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slightly more than twice the size of California
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Natural resources Venezuela
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petroleum, natural gas, iron ore, gold, bauxite, other minerals, hydropower, diamonds
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Population Venezuela
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27,223,228 (July 2010 est.)
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Religions Venezuela
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nominally Roman Catholic 96%, Protestant 2%, other 2%
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Languages
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Spanish (official), numerous indigenous dialects
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Education Venezuela expenditures
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3.7% of GDP (2006)
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Government Venezuela type
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federal republic
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Independence
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5 July 1811 (from Spain)
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Venezuela Economy - overview
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Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, about 50% of the federal budget revenues, and around 30% of GDP. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% in 2008, before the world recession caused a contraction in 2009. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom but has come at the cost of higher inflation - roughly 20% in 2007 and more than 30% in 2008. Imports also jumped significantly before the recession of 2009. Declining oil prices in the latter part of 2008 are undermining the government's ability to continue the high rate of spending. President Hugo CHAVEZ in 2008-09 continued efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, banking, tourism, oil, cement, and steel sectors. In 2007, he nationalized firms in the petroleum, communications, and electricity sectors. In January, 2010, CHAVEZ announced a dual exchange rate system for the fixed rate bolivar. The system offers a 2.6 bolivar per dollar rate for imports of essentials, including food, medicine, and industrial machinery, and a 4.3 bolivar per dollar rate for imports of other products, including cars and telephones.
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Investment Venezuela
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18.3% of GDP (2009 est.)
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Industries Venezuela
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corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
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Airports Venezuela
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.ve
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