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Economy of Venezuela
The economy of Venezuela is largely based on the petroleum sector and manufacturing.〔(Background Note: Venezuela ) U.S. Department of State. Retrieved 29 October 2011.〕 Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports. Venezuela is the fifth largest member of OPEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America. During the collapse of oil prices in the 1980s the economy contracted, the monetary sign commenced a progressive devaluation, and inflation skyrocketed to reach peaks of 84% in 1989 and 99% in 1996, three years prior to Hugo Chávez taking office. With high oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007.
Manufacturing contributed 17% of GDP in 2006. Venezuela manufactures and exports heavy industry products such as steel, aluminium and cement, with production concentrated around Ciudad Guayana, near the Guri Dam, one of the largest in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes electronics and automobiles, as well as beverages, and foodstuffs. Agriculture in Venezuela accounts for approximately 3% of GDP, 10% of the labor force, and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork, and beef. The country is not self-sufficient in most areas of agriculture.
In spite of strained relations between the two countries, the United States has been Venezuela's most important trading partner. U.S. exports to Venezuela have included machinery, agricultural products, medical instruments, and cars. Venezuela is one of the top four suppliers of foreign oil to the United States. About 500 U.S. companies are represented in Venezuela.〔 According to Central Bank of Venezuela, the government received from 1998 to 2008 around 325 billion USD through oil production and export in general,〔("Ingresos Petroleros de Venezuela 1999-2008." ) Centro de Investigaciones Económicas. 21 June 2008. Retrieved 3 September 2010.〕 and according to the International Energy Agency, to August 2015 has production of 2.4 million barrels per day, 500,000 of which go to the United States of America.〔("Crude Oil Supply Vs. OPEC Output Target:Venezuela." ) IEA Oil Market Report. 11 August 2015. Retrieved 4 September 2015.〕
Since Hugo Chávez's "socialist revolution" half-dismantled its PDVSA oil giant corporation in 2002 by firing most of its 20,000-strong dissident professional human capital, and imposed stringent currency controls in 2003 in an attempt to prevent capital flight, there have been a steady decline in oil production and exports and a series of stern currency devaluations, disrupting the economy. Further yet, price controls, expropriation of numerous farmlands and all types of industries (including cattle and poultry, most of those eventually laid to waste), and other disputable government policies including a near-total freeze on any access to foreign currency at reasonable 'official' interchange rates, have caused severe shortages in Venezuela and steep price rises of all types of supplies and goods, including foodstuffs, household consumables, spare parts, tools, chemical, pharmaceutical and medical supplies, etc. forcing many manufacturers to either cut production, restrict product lines, close down, or ultimately abandon the country, as has been the case with several technology firms, including most automobile makers. In 2015, Venezuela had the world's highest inflation rate with the rate surpassing 100%, becoming the highest in the country's history.
==History==
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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