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123Independenceday » Economy

Economy of Venezuela

The economy of Venezuela is widely based on its rich natural deposits and resources. The varied oil reserves situated at different parts of the country and the accumulation of it through expansion has contributed in its economic growth over the last few decades. In fact, the land of Venezuela is regarded as one of the largest oil producers of the world. From time to time, different economic policies were adopted by the successive governments which have invariably helped the country to achieve rapid progress through balanced industrialization. Due to certain impressive economic reforms initiated during the phase of 1950 to 1980, the Venezuelan economic system was established, as one of the dominant economic markets among the South American countries.

To know more about the other aspects of the economy of Venezuela, here is providing you some significant information.

Trade and Business Services in Venezuela---
Statistics indicate that 3/4 th of the country's earning come from the export of oil and petroleum. Until 1970, Venezuela was regarded as the largest exporter of petroleum in the world, primarily to U.S.A.

However, modernization and diversification of the various economic resources has given a great boost recently with world class manufacturing units set up at different parts of the country. In the mid-1970s, the government of Venezuela nationalized industries such as iron ore, oil, and gas and earnings derived from the export of these raw materials was used to fund huge infrastructural projects. The discovery of rich deposits like nickel, bauxite, coal was significantly used for development of industrialization aided by a well planned economic strategy. According to the recent GDP report, the per capita income of an average Venezuelan has risen to $ 6500 while the growth rate is 9.1%. Though the economy of Venezuela has received setbacks every now and then, yet the ascension continued.

Industries and Natural Resources of Venezuela---
Other than petroleum and oil, industries such as food processing units, textiles, aluminum and steel enterprises have flourished as never before and also contributed to the rise of small manufacturing industries in the last few decades. About 3% of the land is cultivable in Venezuela, and special emphasis is laid on the cultivation and production of rice, sugarcane, coffee, vegetables and poultry. Furthermore, the economy of Venezuela received an impetus with economic collaboration from its trading partners like U.S.A, Brazil, Colombia, Mexico and other European countries.


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