What does the Venezuelan economy depend on?

What resources does Venezuela rely on?

Apart from petroleum, the country’s natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals. The national currency is the bolivar. HE Nicolás Maduro Moros is the President of the Bolivarian Republic of Venezuela and the country is a Founder Member of OPEC.

What commodity is Venezuela dependent on?

Venezuela is an oil-dependent economy. Revenue from petroleum exports accounts for more than 50% of the country’s GDP and roughly 95% of total exports.

Why is Venezuela so poor?

Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.

What are 3 major industries in Venezuela?

Below is a list of the nation’s major industries:

  • Petroleum.
  • Iron, Steel, and Aluminum.
  • Agriculture.
  • Banking.
  • Tourism.
  • Fishing.
  • Insurance.

What does Venezuela import and export?

Traditionally, petroleum represents more than 85% of Venezuela’s exports. Other exports include gold (8.6%), acyclic alcohols (1.6%), aluminium (0.5%), iron ores (0.5%), and crustaceans (0.2%). The country mainly imports refined petroleum (42.3%), corn (2.9%), rice (2.7%), wheat (2.6%), and soybean oil (2.1%).

Why can’t Venezuela sell their oil?

Venezuela has greater oil stores than any other country. But after years of corruption, mismanagement and more recently U.S. sanctions, its oil output has dropped to a tenth of what it was two decades ago. … The last drilling rig still working in Venezuela shut down in August.

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What is the poverty rate in Venezuela?

The 2020-2021 National Survey of Living Conditions (ENCOVI), conducted by researchers at Andres Bello Catholic University (UCAB), found that of the country’s 28 million residents, 76.6% live in extreme poverty, up from 67.7% last year.

Does Venezuela have a diversified economy?

It is considered to be one of the world’s most ecologically diverse countries with four different geographical regions. The country has the largest economy in the Andean Community (CAN) and although it is very unevenly distributed, Venezuela enjoys one of the highest GNPs per capita in Latin America.

What percent of Venezuelan economy is oil?

Venezuela is almost entirely dependent on its oil revenues, which account for around 96 percent of its income.