Venezuela: Facts & Stats

ECONOMY

Industry:

Since the economy was largely dependent on oil (in 2003 it accounted for approximately 80% of exports and nearly 50% of fiscal revenues), Venezuela neglected other domestic industries for decades in favor of importing goods to satisfy Venezuelan consumer needs. The government has recently encouraged industrial diversification and development through protective tariffs and tax exemptions for reinvestment.

Although much of Venezuela's petroleum is exported in crude form, petroleum refining is a major industry. Venezuela's five refineries had a total capacity of 1,282,000 barrels per day in 2002, and reserves are estimated at 74 billion barrels. The country is the world's fifth-largest producer of oil. A two-month general strike in 2002–03 severely affected oil production, but it began to recover in March 2003.

The steel industry operates at about 48% of capacity. The Venezuelan metal engineering industry produces auto body parts, valves, boilers, piping, wire mesh, and many other cast products.

Venezuela has large and underexploited reserves of natural gas. In 2003, oil and natural gas production, water, whiskey, and the chemicals sector showed potential for growth.

Agriculture:

In 2001, agriculture accounted for 5% of the GDP, engaging 8.8% of the economically active population. Venezuela continues to rely heavily on food and agricultural imports. Despite abundant resources favorable to agricultural production, 70% of cereals and 98% of oilseeds consumed in Venezuela are imported.

The main field crops are sugarcane, rice, corn, and sorghum, and the chief fruits are bananas, plantains, oranges, coconuts, and mangoes. The most important agricultural items for industrial use are cotton, tobacco, and sisal.

Two varieties of tobacco grow in Venezuela, black and Virginia blond; the latter is used for the most part to make certain popular brands of US cigarettes under license. Sisal is grown and widely used to make cordage and bags for sacking grains and coffee. Thin strings of the fiber are also employed in hammocks, household bags, doormats, hats, and sandals.

Research & Development:

The National Council of Scientific and Technological Research (founded in 1967) and the State Ministry for Science and Technology direct and coordinate research activities. Among the principal research institutes, academies, and learned societies are the National Academy of Medicine (1904), the Academy of Physical, Mathematical, and Natural Sciences (1917), and the Venezuelan Association for the Advancement of Science (1950).

Major research institutes include the Institute of Experimental Medicine (1940), the Venezuelan Scientific Research Institute (1959), and the Center for Investigation of Petroleum Technology (1979). All of these societies and institutes are located in Caracas. Venezuela has 20 universities and colleges that offer courses in basic and applied sciences.

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