Venezuela Country Profile Part Two: Economics


GDP

• 381,286,237,848 USD 
• Upper Middle Income
• As of 2012 

GDP Per Capita

• 13,200 USD
• As of 2012 

Life Expectancy 

• 74 years 
• As of 2012 

Poverty Rate 

• 25.4%
• As of 2012

Literacy Rate 

• 95.5%
• As of 2012 

Unemployment Rate

• 7.2%
• As of 2014 

Inflation 

• 42.6% 
• As of 2012 

Natural Resources 

• Venezuela has a large amount of petroleum and natural gas.  This prized commodity accounts for about 1/5th of their GDP.  However, it only accounts for less than 1% of the workforce.  
• Venezuela's climate is hot and humid with average temperatures at about 74 degrees.
• Venezuela has about 2,800 km of coastline along the Caribbean Sea 

Labor 

• The number of employed persons in Venezuela is 13005919.00
• The number of unemployed persons in Venezuela is 1014676.00 
• The educational system in Venezuela is highly centralized.  Primary education is compulsory and free in public schools.  Primary education lasts for the first 9 years of schooling.  Secondary education follows.  Technical and vocational information is taught here and usually lasts for 3 years.  There are private and public sectors.  Higher education is then offered at Universities.

Capital 

• Venezuela's wealthiest industry is oil production.  Wealth in oil allowed the country to grow in other ways and in the 1960's the government made it a goal to diversify the economy.  Manufacturing grew immensely and now is about one-sixth of the GDP and workforce.  
• The countries transportation system is very well developed.  Road systems allow for domestic travel.  Coastal and inland waterways serve for bulk transportation.  There is also air transportation for long distance traveling.  

Work Cited 

http://databank.worldbank.org/data/views/reports/tableview.aspx

http://www.indexmundi.com/venezuela/demographics_profile.html
http://www.climate-zone.com/climate/venezuela/fahrenheit/caracas.htm
http://wenr.wes.org/2013/05/education-in-venezuela-reform-expansion-and-an-uncertain-future/
http://www.britannica.com/EBchecked/topic/625197/Venezuela/32724/Industry