2017 Edition

Background

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. Under Hugo CHAVEZ, president from 1999 to 2013, and his hand-picked successor, President Nicolas MADURO, the executive branch has exercised increasingly authoritarian control over other branches of government. At the same time, democratic institutions have deteriorated, freedoms of expression and the press have been curtailed, and political polarization has grown. The ruling party's economic policies have expanded the state's role in the economy through expropriations of major enterprises, strict currency exchange and price controls that discourage private sector investment and production, and overdependence on the petroleum industry for revenues, among others. Current concerns include: human rights abuses, rampant violent crime, high inflation, and widespread shortages of basic consumer goods, medicine, and medical supplies.

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 mil

human rights abuses, rampant violent crime, high inflation, and widespread shortages of basic consumer goods, medicine, and medical supplies.

Area

912,050 sq km 882,050 sq km 30,000 sq km

land

882,050 sq km

total

912,050 sq km

water

30,000 sq km

Area - comparative

almost six times the size of Georgia; slightly more than twice the size of California

Climate

tropical; hot, humid; more moderate in highlands

Coastline

2,800 km

Elevation

450 m lowest point: Caribbean Sea 0 m highest point: Pico Bolivar 4,978 m

elevation extremes

lowest point: Caribbean Sea 0 m

highest point

Pico Bolivar 4,978 m

mean elevation

450 m

Environment - current issues

sewage pollution of Lago de Valencia; oil and urban pollution of Lago de Maracaibo; deforestation; soil degradation; urban and industrial pollution, especially along the Caribbean coast; threat to the rainforest ecosystem from irresponsible mining operations

Environment - international agreements

Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands none of the selected agreements

party to

Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands

signed but not ratified

: none of the selected agreements

Geographic coordinates

8 00 N, 66 00 W

Geography - note

on major sea and air routes linking North and South America; Angel Falls in the Guiana Highlands is the world's highest waterfall (979 m)

Irrigated land

10,550 sq km (2012)

Land boundaries

5,267 km Brazil 2,137 km, Colombia 2,341 km, Guyana 789 km

border countries (3)

Brazil 2,137 km, Colombia 2,341 km, Guyana 789 km

total

5,267 km

Land use

24.5% arable land 3.1%; permanent crops 0.8%; permanent pasture 20.6% 52.1% 23.4% (2011 est.)

agricultural land

24.5%

forest

52.1%

other

23.4% (2011 est.)

Location

Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana

Map references

South America

Maritime claims

12 nm 15 nm 200 nm 200-m depth or to the depth of exploitation

contiguous zone

15 nm

continental shelf

200-m depth or to the depth of exploitation

exclusive economic zone

200 nm

territorial sea

12 nm

Natural hazards

subject to floods, rockslides, mudslides; periodic droughts

Natural resources

petroleum, natural gas, iron ore, gold, bauxite, other minerals, hydropower, diamonds

Population - distribution

most of the population is concentrated in the northern and western highlands along an eastern spur at the northern end of the Andes, an area that includes the capital of Caracas

Terrain

Andes Mountains and Maracaibo Lowlands in northwest; central plains (llanos); Guiana Highlands in southeast

Age structure

27.36% (male 4,390,773/female 4,175,080) 17.03% (male 2,707,934/female 2,624,031) 40.53% (male 6,289,673/female 6,398,217) 7.98% (male 1,198,525/female 1,299,498) 7.09% (male 1,003,534/female 1,216,751) (2017 est.)

0-14 years

27.36% (male 4,390,773/female 4,175,080)

15-24 years

17.03% (male 2,707,934/female 2,624,031)

25-54 years

40.53% (male 6,289,673/female 6,398,217)

55-64 years

7.98% (male 1,198,525/female 1,299,498)

65 years and over

7.09% (male 1,003,534/female 1,216,751) (2017 est.)

Birth rate

18.8 births/1,000 population (2017 est.)

Children under the age of 5 years underweight

2.9% (2009)

Contraceptive prevalence rate

75% (2010)

Death rate

5.3 deaths/1,000 population (2017 est.)

Demographic profile

Social investment in Venezuela during the CHAVEZ administration reduced poverty from nearly 50% in 1999 to about 27% in 2011, increased school enrollment, substantially decreased infant and child mortality, and improved access to potable water and sanitation through social investment. "Missions" dedicated to education, nutrition, healthcare, and sanitation were funded through petroleum revenues. The sustainability of this progress remains questionable, however, as the continuation of these social programs depends on the prosperity of Venezuela's oil industry. In the long-term, education and health care spending may increase economic growth and reduce income inequality, but rising costs and the staffing of new health care jobs with foreigners are slowing development. While CHAVEZ was in power, more than one million predominantly middle- and upper-class Venezuelans are estimated to have emigrated. The brain drain is attributed to a repressive political system, lack of economic opportunities, steep inflation, a high crime rate, and corruption. Thousands of oil engineers emigrated to Canada, Colombia, and the United States following CHAVEZ's firing of over 20,000 employees of the state-owned petroleum company during a 2002-03 oil strike. Additionally, thousands of Venezuelans of European descent have taken up residence in their ancestral homelands. Nevertheless, Venezuela has attracted hundreds of thousands of immigrants from South America and southern Europe because of its lenient migration policy and the availability of education and health care. Venezuela also has been a fairly accommodating host to Colombian refugees, numbering about 170,000 as of year-end 2016. However, since 2014, falling oil prices have driven a major economic crisis that has pushed Venezuelans from all walks of life to migrate or to seek asylum abroad to escape severe shortages of food, water, and medicine; soaring inflation; unemployment; and violence. Tens of thousands of Venezuelans have migrated, often illegally, to Colombia, Brazil, Mexico, Panama, Chile, Guyana, the Dominican Republic, or taken perilous journeys by raft to Aruba and Curacao. Asylum applications increased significantly in the US and Brazil in 2016 and 2017. Although several receiving countries are making efforts to increase immigration restrictions and to deport illegal Venezuelan migrants, Venezuelans continue to migrate to avoid economic collapse at home.

Dependency ratios

52.6 9.5 10.5 (2015 est.)

elderly dependency ratio

9.5

potential support ratio

10.5 (2015 est.)

total dependency ratio

52.6

youth dependency ratio

43

Drinking water source

urban: 95% of population rural: 77.9% of population total: 93.1% of population urban: 5% of population rural: 22.1% of population total: 6.9% of population (2015 est.)

rural

22.1% of population

total

6.9% of population (2015 est.)

urban

5% of population

Education expenditures

6.9% of GDP (2009)

Ethnic groups

Spanish, Italian, Portuguese, Arab, German, African, indigenous people

Health expenditures

5.3% of GDP (2014)

HIV/AIDS - adult prevalence rate

0.6% (2016 est.)

HIV/AIDS - deaths

2,500 (2016 est.)

HIV/AIDS - people living with HIV/AIDS

120,000 (2016 est.)

Hospital bed density

0.9 beds/1,000 population (2011)

Infant mortality rate

12.2 deaths/1,000 live births 12.8 deaths/1,000 live births 11.6 deaths/1,000 live births (2017 est.)

female

11.6 deaths/1,000 live births (2017 est.)

male

12.8 deaths/1,000 live births

total

12.2 deaths/1,000 live births

Languages

Spanish (official), numerous indigenous dialects

Life expectancy at birth

76 years 73 years 79.1 years (2017 est.)

female

79.1 years (2017 est.)

male

73 years

total population

76 years

Literacy

age 15 and over can read and write 97.1% 97% 97.2% (2016 est.)

definition

age 15 and over can read and write

female

97.2% (2016 est.)

male

97%

total population

97.1%

Major infectious diseases

high bacterial diarrhea and hepatitis A dengue fever and malaria active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)

degree of risk

high

food or waterborne diseases

bacterial diarrhea and hepatitis A

note

active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)

vectorborne diseases

dengue fever and malaria

Major urban areas - population

CARACAS (capital) 2.916 million; Maracaibo 2.196 million; Valencia 1.734 million; Maracay 1.166 million; Barquisimeto 1.039 million (2015)

Maternal mortality rate

95 deaths/100,000 live births (2015 est.)

Median age

28.3 years 27.6 years 29 years (2017 est.)

female

29 years (2017 est.)

male

27.6 years

total

28.3 years

Nationality

Venezuelan(s) Venezuelan

adjective

Venezuelan

noun

Venezuelan(s)

Net migration rate

-1.2 migrant(s)/1,000 population (2017 est.)

Obesity - adult prevalence rate

25.6% (2016)

Population

31,304,016 (July 2017 est.)

Population distribution

most of the population is concentrated in the northern and western highlands along an eastern spur at the northern end of the Andes, an area that includes the capital of Caracas

Population growth rate

1.24% (2017 est.)

Religions

nominally Roman Catholic 96%, Protestant 2%, other 2%

Sanitation facility access

urban: 97.5% of population rural: 69.9% of population total: 94.4% of population urban: 2.5% of population rural: 30.1% of population total: 5.6% of population (2015 est.)

rural

30.1% of population

total

5.6% of population (2015 est.)

urban

2.5% of population

School life expectancy (primary to tertiary education)

14 years NA NA (2009)

female

NA (2009)

male

NA

total

14 years

Sex ratio

1.05 male(s)/female 1.05 male(s)/female 1.03 male(s)/female 0.98 male(s)/female 0.92 male(s)/female 0.79 male(s)/female 0.99 male(s)/female (2016 est.)

0-14 years

1.05 male(s)/female

15-24 years

1.03 male(s)/female

25-54 years

0.98 male(s)/female

55-64 years

0.92 male(s)/female

65 years and over

0.79 male(s)/female

at birth

1.05 male(s)/female

total population

0.99 male(s)/female (2016 est.)

Total fertility rate

2.32 children born/woman (2017 est.)

Unemployment, youth ages 15-24

14.6% NA NA (2015 est.)

female

NA (2015 est.)

male

NA

total

14.6%

Urbanization

89.1% of total population (2017) 1.38% annual rate of change (2015-20 est.)

rate of urbanization

1.38% annual rate of change (2015-20 est.)

urban population

89.1% of total population (2017)

Administrative divisions

23 states (estados, singular - estado), 1 capital district* (distrito capital), and 1 federal dependency** (dependencia federal); Amazonas, Anzoategui, Apure, Aragua, Barinas, Bolivar, Carabobo, Cojedes, Delta Amacuro, Dependencias Federales (Federal Dependencies)**, Distrito Capital (Capital District)*, Falcon, Guarico, Lara, Merida, Miranda, Monagas, Nueva Esparta, Portuguesa, Sucre, Tachira, Trujillo, Vargas, Yaracuy, Zulia the federal dependency consists of 11 federally controlled island groups with a total of 72 individual islands

note

the federal dependency consists of 11 federally controlled island groups with a total of 72 individual islands

Capital

Caracas 10 29 N, 66 52 W UTC-4 (1 hour ahead of Washington, DC, during Standard Time)

geographic coordinates

10 29 N, 66 52 W

name

Caracas

time difference

UTC-4 (1 hour ahead of Washington, DC, during Standard Time)

Citizenship

yes yes no 5 years

citizenship by birth

yes

citizenship by descent

yes

dual citizenship recognized

no

residency requirement for naturalization

5 years

Constitution

many previous; latest adopted 15 December 1999, effective 30 December 1999; amended 2009 (2016)

Country name

Bolivarian Republic of Venezuela Venezuela Republica Bolivariana de Venezuela Venezuela native stilt-houses built on Lake Maracaibo reminded early explorers Alonso de OJEDA and Amerigo VESPUCCI in 1499 of buildings in Venice and so they named the region "Venezuola," which in Italian means "Little Venice"

conventional long form

Bolivarian Republic of Venezuela

conventional short form

Venezuela

etymology

native stilt-houses built on Lake Maracaibo reminded early explorers Alonso de OJEDA and Amerigo VESPUCCI in 1499 of buildings in Venice and so they named the region "Venezuola," which in Italian means "Little Venice"

local long form

Republica Bolivariana de Venezuela

local short form

Venezuela

Diplomatic representation from the US

Ambassador (vacant); Charge d'Affaires Lee MCCLENNY (July 2014) Calle F con Calle Suapure, Urbanizacion Colinas de Valle Arriba, Caracas 1080 P. O. Box 62291, Caracas 1060-A; APO AA 34037 [58] (212) 975-6411, 907-8400 (after hours) [58] (212) 907-8199

chief of mission

Ambassador (vacant); Charge d'Affaires Lee MCCLENNY (July 2014)

embassy

Calle F con Calle Suapure, Urbanizacion Colinas de Valle Arriba, Caracas 1080

FAX

[58] (212) 907-8199

mailing address

P. O. Box 62291, Caracas 1060-A; APO AA 34037

telephone

[58] (212) 975-6411, 907-8400 (after hours)

Diplomatic representation in the US

Ambassador (vacant); Charge d'Affaires Carlos Julio RON Martinez (since February 2017) 1099 30th Street NW, Washington, DC 20007 [1] (202) 342-2214 [1] (202) 342-6820 Boston, Chicago, Houston, New Orleans, New York, San Francisco, San Juan (Puerto Rico)

chancery

1099 30th Street NW, Washington, DC 20007

chief of mission

Ambassador (vacant); Charge d'Affaires Carlos Julio RON Martinez (since February 2017)

consulate(s) general

Boston, Chicago, Houston, New Orleans, New York, San Francisco, San Juan (Puerto Rico)

FAX

[1] (202) 342-6820

telephone

[1] (202) 342-2214

Executive branch

President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Tareck EL AISSAMI (since 4 January 2017); note - the president is both chief of state and head of government President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Tareck EL AISSAMI (since 4 January 2017) Council of Ministers appointed by the president president directly elected by simple majority popular vote for a 6-year term (no term limits); election last held on 14 April 2013 - a special election held following the death of President Hugo CHAVEZ Frias on 5 March 2013 (next election expected in late 2018 or early 2019 pending official convocation by the country's electoral body) Nicolas MADURO Moros elected president; percent of vote - Nicolas MADURO Moros (PSUV) 50.6%, Henrique CAPRILES Radonski (PJ) 49.1%, other 0.3%

cabinet

Council of Ministers appointed by the president

chief of state

President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Tareck EL AISSAMI (since 4 January 2017); note - the president is both chief of state and head of government

election results

Nicolas MADURO Moros elected president; percent of vote - Nicolas MADURO Moros (PSUV) 50.6%, Henrique CAPRILES Radonski (PJ) 49.1%, other 0.3%

elections/appointments

president directly elected by simple majority popular vote for a 6-year term (no term limits); election last held on 14 April 2013 - a special election held following the death of President Hugo CHAVEZ Frias on 5 March 2013 (next election expected in late 2018 or early 2019 pending official convocation by the country's electoral body)

head of government

President Nicolas MADURO Moros (since 19 April 2013); Executive Vice President Tareck EL AISSAMI (since 4 January 2017)

Flag description

three equal horizontal bands of yellow (top), blue, and red with the coat of arms on the hoist side of the yellow band and an arc of eight white five-pointed stars centered in the blue band; the flag retains the three equal horizontal bands and three main colors of the banner of Gran Colombia, the South American republic that broke up in 1830; yellow is interpreted as standing for the riches of the land, blue for the courage of its people, and red for the blood shed in attaining independence; the seven stars on the original flag represented the seven provinces in Venezuela that united in the war of independence; in 2006, then President Hugo CHAVEZ ordered an eighth star added to the star arc - a decision that sparked much controversy - to conform with the flag proclaimed by Simon Bolivar in 1827 and to represent the historic province of Guayana

Government type

federal presidential republic

Independence

5 July 1811 (from Spain)

International law organization participation

has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction

International organization participation

Caricom (observer), CD, CDB, CELAC, FAO, G-15, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt (signatory), ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ITSO, ITU, ITUC (NGOs), LAES, LAIA, LAS (observer), MIGA, NAM, OAS, OPANAL, OPCW, OPEC, PCA, Petrocaribe, UN, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Judicial branch

Supreme Tribunal of Justice (consists of 32 judges organized into 6 divisions - constitutional, political administrative, electoral, civil appeals, criminal appeals, and social (mainly agrarian and labor issues) judges proposed by the Committee of Judicial Postulation (an independent body of organizations dealing with legal issues and of the organs of citizen power) and appointed by the National Assembly; judges serve nonrenewable 12-year terms Superior or Appeals Courts (Tribunales Superiores); District Tribunals (Tribunales de Distrito); Courts of First Instance (Tribunales de Primera Instancia); Parish Courts (Tribunales de Parroquia); Justices of the Peace (Justicia de Paz) Network

highest court(s)

Supreme Tribunal of Justice (consists of 32 judges organized into 6 divisions - constitutional, political administrative, electoral, civil appeals, criminal appeals, and social (mainly agrarian and labor issues)

judge selection and term of office

judges proposed by the Committee of Judicial Postulation (an independent body of organizations dealing with legal issues and of the organs of citizen power) and appointed by the National Assembly; judges serve nonrenewable 12-year terms

subordinate courts

Superior or Appeals Courts (Tribunales Superiores); District Tribunals (Tribunales de Distrito); Courts of First Instance (Tribunales de Primera Instancia); Parish Courts (Tribunales de Parroquia); Justices of the Peace (Justicia de Paz) Network

Legal system

civil law system based on the Spanish civil code

Legislative branch

unicameral National Assembly or Asamblea Nacional (167 seats; 113 members directly elected in single- and multi-seat constituencies by simple majority vote, 51 directly elected in multi-seat constituencies by proportional representation vote, and 3 seats reserved for indigenous peoples of Venezuela; members serve 5-year terms) last held on 6 December 2015 (next expected to be held in 2020) percent of vote by party - MUD (opposition coalition) 56.2%, PSUV (pro-government) 40.9%, other 2.9%; seats by party - MUD 109, PSUV 55, indigenous peoples 3 amid months of protests and clashes beginning in latter 2016, President MADURO issued a decree to hold an election to form a Constituent Assembly; the 30 July 2017 poll approved the formation of a 545-member Constituent Assembly, which is empowered to change the constitution and dismiss government institutions and officials

description

unicameral National Assembly or Asamblea Nacional (167 seats; 113 members directly elected in single- and multi-seat constituencies by simple majority vote, 51 directly elected in multi-seat constituencies by proportional representation vote, and 3 seats reserved for indigenous peoples of Venezuela; members serve 5-year terms)

election results

percent of vote by party - MUD (opposition coalition) 56.2%, PSUV (pro-government) 40.9%, other 2.9%; seats by party - MUD 109, PSUV 55, indigenous peoples 3

elections

last held on 6 December 2015 (next expected to be held in 2020)

note

amid months of protests and clashes beginning in latter 2016, President MADURO issued a decree to hold an election to form a Constituent Assembly; the 30 July 2017 poll approved the formation of a 545-member Constituent Assembly, which is empowered to change the constitution and dismiss government institutions and officials

National anthem

"Gloria al bravo pueblo" (Glory to the Brave People) Vicente SALIAS/Juan Jose LANDAETA adopted 1881; lyrics written in 1810, the music some years later; both SALIAS and LANDAETA were executed in 1814 during Venezuela's struggle for independence

lyrics/music

Vicente SALIAS/Juan Jose LANDAETA

name

"Gloria al bravo pueblo" (Glory to the Brave People)

note

adopted 1881; lyrics written in 1810, the music some years later; both SALIAS and LANDAETA were executed in 1814 during Venezuela's struggle for independence

National holiday

Independence Day, 5 July (1811)

National symbol(s)

troupial (bird); national colors: yellow, blue, red

troupial (bird); national colors

yellow, blue, red

Political parties and leaders

A New Time or UNT [Manuel ROSALES] Brave People's Alliance or ABP [Richard BLANCO] Christian Democrats or COPEI [Roberto ENRIQUEZ] Coalition of opposition parties -- The Democratic Unity Table or MUD [Jose Luis CARTAYA] Communist Party of Venezuela or PCV [Oscar FIGUERA] Democratic Action or AD [Henry RAMOS ALLUP] Fatherland for All or PPT [Rafael UZCATEGUI] For Social Democracy or PODEMOS [Didalco Antonio BOLIVAR GRATEROL] Justice First or PJ [Julio BORGES] Movement Toward Socialism or MAS [Segundo MELENDEZ] Popular Will or VP [Leopoldo LOPEZ] Progressive Wave or AP [Henri FALCON] The Radical Cause or La Causa R [Americo DE GRAZIA] United Socialist Party of Venezuela or PSUV [Nicolas MADURO] Venezuelan Progressive Movement or MPV [Simon CALZADILLA] Venezuela Project or PV [Henrique Fernando SALAS FEO]

Political pressure groups and leaders

Bolivarian and Socialist Workers' Union (a ruling-party-oriented organized labor union) Confederacion Venezolana de Industriales or Coindustria (a conservative business group) Consejos Comunales (pro-government local communal councils) Federation of Chambers and Associations of Commerce and Production of Venezuela or FEDECAMARAS (a conservative business group) Union of Oil Workers of Venezuela or FUTPV Venezuelan Confederation of Workers or CTV (opposition-oriented labor organization) various civil society groups and human rights organizations

other

various civil society groups and human rights organizations

Suffrage

18 years of age; universal

Agriculture - products

corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Budget

$98.81 billion $236.6 billion (2016 est.)

expenditures

$236.6 billion (2016 est.)

revenues

$98.81 billion

Budget surplus (+) or deficit (-)

-48% of GDP (2016 est.)

Central bank discount rate

29.5% (2015)

Commercial bank prime lending rate

20.78% (31 December 2016 est.) 19.4% (31 December 2015 est.)

Current account balance

$-3.87 billion (2016 est.) $-20.36 billion (2015 est.)

Debt - external

$109.8 billion (31 December 2016 est.) $123.7 billion (31 December 2015 est.)

Distribution of family income - Gini index

39 (2011) 49.5 (1998)

Economy - overview

Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue. In 2016, GDP contracted 10%, inflation hit 720%, people faced widespread shortages of consumer goods, and central bank international reserves dwindled. On the other hand, Venezuela managed to pay down its external debt and narrow its current account deficit. Domestic production and industry continues to severely underperform and the Venezuelan government continues to rely on imports to meet its basic food and consumer goods needs. Falling oil prices since 2014 have aggravated Venezuela’s economic crisis. Insufficient access to dollars, price controls, and rigid labor regulations have led some US and multinational firms to reduce or shut down their Venezuelan operations. Market uncertainty and state oil company PDVSA’s poor cash flow have slowed investment in the petroleum sector, resulting in a decline in oil production. Under President Nicolas MADURO, the Venezuelan Government’s response to the economic crisis has been to increase state control over the economy and blame the private sector for the shortages. MADURO has ceded increasing authority for the production and distribution of scarce goods to the military and to local socialist party member committees. The Venezuelan Government has maintained strict currency controls since 2003. On 17 February 2016, the Venezuelan Government announced a change from three official currency exchange mechanisms to only two official rates for the sale of dollars to private-sector firms and individuals, with rates based on the government's import priorities. The official exchange rate used for food and medicine imports was devalued to 10 bolivars per dollar from 6.3 bolivars per dollar. The second rate moved to a managed float. These currency controls present significant obstacles to trade with Venezuela because importers cannot obtain sufficient dollars to purchase goods needed to maintain their operations. Meting out access to the multiple exchange rates has created opportunities for arbitrage and corruption. MADURO has used decree powers to enact legislation to deepen the state’s role as the primary buyer and distributor of imports, further tighten currency controls, cap business profits, and extend price controls.

Exchange rates

bolivars (VEB) per US dollar - 48.07 (2016 est.) 48.07 (2015 est.) 13.72 (2014 est.) 6.284 (2013 est.) 4.29 (2012 est.)

Exports

$27.2 billion (2016 est.) $37.23 billion (2015 est.)

Exports - commodities

petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products

Exports - partners

US 35.1%, India 17.2%, China 14.1%, Netherlands Antilles 8%, Singapore 5.3%, Cuba 4.1% (2016)

Fiscal year

calendar year

GDP - composition, by end use

71.9% 16.2% 17.3% 1.9% 6.1% -13.3% (2016 est.)

exports of goods and services

6.1%

government consumption

16.2%

household consumption

71.9%

imports of goods and services

-13.3% (2016 est.)

investment in fixed capital

17.3%

investment in inventories

1.9%

GDP - composition, by sector of origin

4% 35.5% 60.6% (2016 est.)

agriculture

4%

industry

35.5%

services

60.6% (2016 est.)

GDP - per capita (PPP)

$14,000 (2016 est.) $17,000 (2015 est.) $18,400 (2014 est.) data are in 2016 dollars

note

data are in 2016 dollars

GDP - real growth rate

-16.5% (2016 est.) -6.2% (2015 est.) -3.9% (2014 est.)

GDP (official exchange rate)

$236.4 billion (2016 est.)

GDP (purchasing power parity)

$434.9 billion (2016 est.) $514 billion (2015 est.) $542.2 billion (2014 est.) data are in 2016 dollars

note

data are in 2016 dollars

Gross national saving

7.6% of GDP (2016 est.) 31.8% of GDP (2015 est.) 9.1% of GDP (2014 est.)

Household income or consumption by percentage share

1.7% 32.7% (2006)

highest 10%

32.7% (2006)

lowest 10%

1.7%

Imports

$20.19 billion (2016 est.) $36.46 billion (2015 est.)

Imports - commodities

agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, petroleum products, pharmaceuticals, chemicals, iron and steel products

Imports - partners

US 22.1%, China 14.3%, Brazil 7.4%, Colombia 4.2% (2016)

Industrial production growth rate

-8% (2016 est.)

Industries

agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Inflation rate (consumer prices)

254.4% (2016 est.) 121.7% (2015 est.)

Labor force

14.16 million (2016 est.)

Labor force - by occupation

7.3% 21.8% 70.9% (4th quarter, 2011)

agriculture

7.3%

industry

21.8%

services

70.9% (4th quarter, 2011)

Market value of publicly traded shares

$25.3 billion (31 December 2012 est.) $5.143 billion (31 December 2011 est.) $3.991 billion (31 December 2011 est.)

Population below poverty line

19.7% (2015 est.)

Public debt

39.3% of GDP (2016 est.) 50.6% of GDP (2015 est.) data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions

note

data cover central government debt, as well as the debt of state-owned oil company PDVSA; the data include treasury debt held by foreign entities; the data include some debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; some debt instruments for the social funds are sold at public auctions

Reserves of foreign exchange and gold

$10.99 billion (31 December 2016 est.) $16.37 billion (31 December 2015 est.)

Stock of broad money

$165.4 billion (31 December 2016 est.) $279.1 billion (31 December 2015 est.)

Stock of direct foreign investment - abroad

$31.12 billion (31 December 2016 est.) $30.04 billion (31 December 2015 est.)

Stock of direct foreign investment - at home

$33.78 billion (31 December 2016 est.) $32.18 billion (31 December 2015 est.)

Stock of domestic credit

$339.6 billion (31 December 2016 est.) $339 billion (31 December 2015 est.)

Stock of narrow money

$163.3 billion (31 December 2016 est.) $273.3 billion (31 December 2015 est.)

Taxes and other revenues

34.4% of GDP (2016 est.)

Unemployment rate

20.6% (2016 est.) 6.8% (2015 est.)

Carbon dioxide emissions from consumption of energy

188 million Mt (2013 est.)

Crude oil - exports

1.514 million bbl/day (2014 est.)

Crude oil - imports

0 bbl/day (2014 est.)

Crude oil - production

2.277 million bbl/day (2016 est.)

Crude oil - proved reserves

300.9 billion bbl (1 January 2017 es)

Electricity - consumption

73.99 billion kWh (2015 est.)

Electricity - exports

0 kWh (2015 est.)

Electricity - from fossil fuels

52.8% of total installed capacity (2015 est.)

Electricity - from hydroelectric plants

47.1% of total installed capacity (2015 est.)

Electricity - from nuclear fuels

0% of total installed capacity (2015 est.)

Electricity - from other renewable sources

0.1% of total installed capacity (2015 est.)

Electricity - imports

0 kWh (2015 est.)

Electricity - installed generating capacity

32.17 million kW (2015 est.)

Electricity - production

114.4 billion kWh (2015 est.)

Electricity access

100,000 99.7% 99.8% 98.6% (2013)

electrification - rural areas

98.6% (2013)

electrification - total population

99.7%

electrification - urban areas

99.8%

population without electricity

100,000

Natural gas - consumption

39.62 billion cu m (2015 est.)

Natural gas - exports

0 cu m (2014 est.)

Natural gas - imports

500 million cu m (2015 est.)

Natural gas - production

26 billion cu m (2015 est.)

Natural gas - proved reserves

5.701 trillion cu m (1 January 2017 es)

Refined petroleum products - consumption

747,000 bbl/day (2015 est.)

Refined petroleum products - exports

402,300 bbl/day (2014 est.)

Refined petroleum products - imports

0 bbl/day (2014 est.)

Refined petroleum products - production

1.028 million bbl/day (2014 est.)

Broadcast media

government supervises a mixture of state-run and private broadcast media; 13 public service networks, 61 privately owned TV networks, a privately owned news channel with limited national coverage, and a government-backed Pan-American channel; state-run radio network includes roughly 65 news stations and another 30 stations targeted at specific audiences; state-sponsored community broadcasters include 235 radio stations and 44 TV stations; the number of private broadcast radio stations has been declining, but many still remain in operation (2014)

Internet country code

.ve

Internet users

18,547,381 60.0% (July 2016 est.)

percent of population

60.0% (July 2016 est.)

total

18,547,381

Telephone system

modern and expanding two domestic satellite systems with three earth stations; recent substantial improvement in telephone service in rural areas; installation of a national interurban fiber-optic network capable of digital multimedia services; three major providers operate the mobile market; combined fixed-line and mobile-cellular telephone subscribership about 115 per 100 persons country code - 58; submarine cable systems provide connectivity to Cuba and the Caribbean, Central and South America, and US; satellite earth stations - 1 Intelsat (Atlantic Ocean) and 1 PanAmSat; participating with Colombia, Ecuador, Peru, and Bolivia in the construction of an international fiber-optic network (2016)

domestic

two domestic satellite systems with three earth stations; recent substantial improvement in telephone service in rural areas; installation of a national interurban fiber-optic network capable of digital multimedia services; three major providers operate the mobile market; combined fixed-line and mobile-cellular telephone subscribership about 115 per 100 persons

general assessment

modern and expanding

international

country code - 58; submarine cable systems provide connectivity to Cuba and the Caribbean, Central and South America, and US; satellite earth stations - 1 Intelsat (Atlantic Ocean) and 1 PanAmSat; participating with Colombia, Ecuador, Peru, and Bolivia in the construction of an international fiber-optic network (2016)

Telephones - fixed lines

7,752,232 25 (July 2016 est.)

subscriptions per 100 inhabitants

25 (July 2016 est.)

total subscriptions

7,752,232

Telephones - mobile cellular

27,600,893 89 (July 2016 est.)

subscriptions per 100 inhabitants

89 (July 2016 est.)

total

27,600,893

Airports

444 (2013)

Airports - with paved runways

17 (2013)

1,524 to 2,437 m

33

2,438 to 3,047 m

9

914 to 1,523 m

62

over 3,047 m

6

total

127

under 914 m

17 (2013)

Airports - with unpaved runways

130 (2013)

1,524 to 2,437 m

57

2,438 to 3,047 m

3

914 to 1,523 m

127

total

317

under 914 m

130 (2013)

Civil aircraft registration country code prefix

YV (2016)

Heliports

3 (2013)

Merchant marine

bulk carrier 4, cargo 12, chemical tanker 1, liquefied gas 5, passenger 1, passenger/cargo 14, petroleum tanker 16 9 (Denmark 1, Estonia 1, Germany 1, Greece 4, Mexico 1, Spain 1) 14 (Panama 13, Saint Vincent and the Grenadines 1) (2010)

by type

bulk carrier 4, cargo 12, chemical tanker 1, liquefied gas 5, passenger 1, passenger/cargo 14, petroleum tanker 16

foreign-owned

9 (Denmark 1, Estonia 1, Germany 1, Greece 4, Mexico 1, Spain 1)

registered in other countries

14 (Panama 13, Saint Vincent and the Grenadines 1) (2010)

total

53

National air transport system

6,456,853 6,204,085 mt-km (2015)

annual freight traffic on registered air carriers

6,204,085 mt-km (2015)

annual passenger traffic on registered air carriers

6,456,853

inventory of registered aircraft operated by air carriers

122

number of registered air carriers

17

Pipelines

extra heavy crude 981 km; gas 5,941 km; oil 7,588 km; refined products 1,778 km (2013)

Ports and terminals

La Guaira, Maracaibo, Puerto Cabello, Punta Cardon Jose terminal

major seaport(s)

La Guaira, Maracaibo, Puerto Cabello, Punta Cardon

oil terminal(s)

Jose terminal

Railways

447 km 447 km 1.435-m gauge (41.4 km electrified) (2014)

standard gauge

447 km 1.435-m gauge (41.4 km electrified) (2014)

total

447 km

Roadways

96,189 km (2014)

total

96,189 km (2014)

Waterways

7,100 km (Orinoco River (400 km) and Lake de Maracaibo navigable by oceangoing vessels) (2011)

Maritime threats

the International Maritime Bureau continues to report the territorial and offshore waters in the Caribbean Sea as at risk for piracy and armed robbery against ships; numerous vessels, including commercial shipping and pleasure craft, have been attacked and hijacked both at anchor and while underway; crews have been robbed and stores or cargoes stolen; in 2016, there were five attacks reported and this increased to six attacks in the first half of 2017 making Venezuela the fourth most dangerous area in the World

Military branches

Bolivarian National Armed Forces (Fuerza Armada Nacional Bolivariana, FANB): Bolivarian Army (Ejercito Bolivariano, EB), Bolivarian Navy (Armada Bolivariana, AB; includes Naval Infantry, Coast Guard, Naval Aviation), Bolivarian Military Aviation (Aviacion Militar Bolivariana, AMB; includes Air National Guard), Bolivarian National Guard (Guardia Nacional Bolivaria, GNB), Bolivarian Militia (Milicia Bolivariana, NMB) (2016)

Bolivarian National Armed Forces (Fuerza Armada Nacional Bolivariana, FANB)

Bolivarian Army (Ejercito Bolivariano, EB), Bolivarian Navy (Armada Bolivariana, AB; includes Naval Infantry, Coast Guard, Naval Aviation), Bolivarian Military Aviation (Aviacion Militar Bolivariana, AMB; includes Air National Guard), Bolivarian National Guard (Guardia Nacional Bolivaria, GNB), Bolivarian Militia (Milicia Bolivariana, NMB) (2016)

Military expenditures

1% of GDP (2015) 1.16% of GDP (2014) 1.43% of GDP (2013) 1.3% of GDP (2012) 0.75% of GDP (2011)

Military service age and obligation

all citizens of military service age (18-60 years old) are obligated to register for military service, though mandatory recruitment is forbidden; the minimum service obligation is 12 months (2016)

Disputes - international

claims all of the area west of the Essequibo River in Guyana, preventing any discussion of a maritime boundary; Guyana has expressed its intention to join Barbados in asserting claims before the UN Convention on the Law of the Sea that Trinidad and Tobago's maritime boundary with Venezuela extends into their waters; dispute with Colombia over maritime boundary and Venezuelan administered Los Monjes Islands near the Gulf of Venezuela; Colombian organized illegal narcotics and paramilitary activities penetrate Venezuela's shared border region; US, France, and the Netherlands recognize Venezuela's granting full effect to Aves Island, thereby claiming a Venezuelan Economic Exclusion Zone/continental shelf extending over a large portion of the eastern Caribbean Sea; Dominica, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines protest Venezuela's full effect claim

Illicit drugs

small-scale illicit producer of opium and coca for the processing of opiates and coca derivatives; however, large quantities of cocaine, heroin, and marijuana transit the country from Colombia bound for US and Europe; significant narcotics-related money-laundering activity, especially along the border with Colombia and on Margarita Island; active eradication program primarily targeting opium; increasing signs of drug-related activities by Colombian insurgents on border

Refugees and internally displaced persons

171,920 (Colombia) (2016)

refugees (country of origin)

171,920 (Colombia) (2016)

Trafficking in persons

Venezuela is a source and destination country for men, women, and children subjected to sex trafficking and forced labor; Venezuelan women and girls, sometimes lured from poor interior regions to urban and tourist areas, are trafficked for sexual exploitation within the country, as well as in the Caribbean; Venezuelan children are exploited, frequently by their families, in domestic servitude; people from South America, the Caribbean, Asia, and Africa are sex and labor trafficking victims in Venezuela; thousands of Cuban citizens, particularly doctors, who work in Venezuela on government social programs in exchange for the provision of resources to the Cuban Government experience conditions of forced labor Tier 3 – Venezuela does not fully comply with the minimum standards for the elimination of trafficking and is not making significant efforts to do so; in 2014, the government appeared to increase efforts to hold traffickers criminally accountable, but a lack of government data made anti-trafficking law enforcement efforts difficult to assess; publically available information indicated many cases pursued under anti-trafficking law involved illegal adoption rather than sex and labor trafficking; authorities identified a small number of trafficking victims, and victim referrals to limited government services were made on an ad hoc basis; because no specialized facilities are available for trafficking victims, women and child victims accessed centers for victims of domestic violence or at-risk youth, and services for men were virtually non-existent; NGOs provided some services to sex and labor trafficking victims; Venezuela has no permanent anti-trafficking interagency body, no national anti-trafficking plan, and still has not passed anti-trafficking legislation drafted in 2010 (2015)

current situation

Venezuela is a source and destination country for men, women, and children subjected to sex trafficking and forced labor; Venezuelan women and girls, sometimes lured from poor interior regions to urban and tourist areas, are trafficked for sexual exploitation within the country, as well as in the Caribbean; Venezuelan children are exploited, frequently by their families, in domestic servitude; people from South America, the Caribbean, Asia, and Africa are sex and labor trafficking victims in Venezuela; thousands of Cuban citizens, particularly doctors, who work in Venezuela on government social programs in exchange for the provision of resources to the Cuban Government experience conditions of forced labor

tier rating

Tier 3 – Venezuela does not fully comply with the minimum standards for the elimination of trafficking and is not making significant efforts to do so; in 2014, the government appeared to increase efforts to hold traffickers criminally accountable, but a lack of government data made anti-trafficking law enforcement efforts difficult to assess; publically available information indicated many cases pursued under anti-trafficking law involved illegal adoption rather than sex and labor trafficking; authorities identified a small number of trafficking victims, and victim referrals to limited government services were made on an ad hoc basis; because no specialized facilities are available for trafficking victims, women and child victims accessed centers for victims of domestic violence or at-risk youth, and services for men were virtually non-existent; NGOs provided some services to sex and labor trafficking victims; Venezuela has no permanent anti-trafficking interagency body, no national anti-trafficking plan, and still has not passed anti-trafficking legislation drafted in 2010 (2015)