Attribute | Value |
---|---|
Geography | |
Area | 912,050 km² |
Continent | South America |
Land area | 882,050 km² |
Water area | 30,000 km² |
Land boundaries | 5,267 km |
Border countries |
|
Coastline | 2,800 km |
Mean elevation | 450 m |
Lowest point | 0 m |
Highest point | 4,978 m |
People | |
Population | 28,644,603 |
Official languages |
|
Religion | Nominally Roman Catholic |
Government | |
Long country name | Bolivarian Republic of Venezuela |
Short country name | Venezuela |
Long local name | Republica Bolivariana de Venezuela |
Short local name | Venezuela |
Former name | Add |
Government type | Federal presidential republic |
Capital | Caracas |
Economy | |
GDP (PPP) | 381,600,000,000 USD |
GDP (OER) | 210,100,000,000 USD |
GDP (real growth rate) | -14 % |
GDP - per capita (PPP) | 12,500 USD |
Gross national saving | 12.1 % of GDP |
Labor force | 14,210,000 |
Unemployment rate | 27.1 % |
Population below poverty line | 19.7 % |
Budget revenues | 92,800,000,000 USD |
Budget expenditures | 189,700,000,000 USD |
Military expenditures | 0.49 % of GDP |
Taxes and other revenues | 44.2 % of GDP |
Budget surplus or deficit | -46.1 % of GDP |
Public debt | 38.9 % of GDP |
Inflation rate | 1 % |
Central bank discount rate | 29.5 % |
Commercial bank prime lending rate | 21.1 % |
Stock of narrow money | 149,800,000,000 USD |
Stock of broad money | 149,800,000,000 USD |
Stock of domestic credit | 66,970,000,000 USD |
Market value of publicly traded shares | 25,300,000,000 USD |
Current account balance | 4,277,000,000 USD |
Exports | 32,060,000,000 USD |
Imports | 11,000,000,000 USD |
Reserves of foreign exchange and gold | 9,661,000,000 USD |
External debt | 100,300,000,000 USD |
National currency | bolivars |
National currency (code) | VEB |
National currency (symbol) | Add |
National currency rate to USD | 3 |
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. In 2016, President MADURO issued a decree to hold an election to form a "Constituent Assembly." A 30 July 2017 poll approved the formation of a 545-member Constituent Assembly and elected its delegates, empowering them to change the constitution and dismiss government institutions and officials. The US Government does not recognize the Assembly, which has generally used its powers to rule by decree rather than to reform the constitution. Simultaneously, democratic institutions continue to deteriorate, freedoms of expression and the press are 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.