Economy of Venezuela
Venezuela is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Venezuela may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Venezuela exports around $91.78 billion and imports roughly $59.32 billion. 8.1% of population in the country are unemployed. The total number of unemployed people in Venezuela is 2,622,879. In Venezuela, 31.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Venezuela is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.7% of GDP. The Gini Index of the country is 39. Venezuela is experiencing good equality. The majority of citizens in Venezuela fall within a narrow range of income, although some cases may show significant differences. Venezuela has a Human Development Index (HDI) of 0.764. Venezuela has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Venezuela is 2.493.
The currency of Venezuela is Venezuelan bolivar soberano. There are several plural forms of the name 'Venezuelan bolivar soberano'. These are bolivars, bolivares. The symbol used for this currency is Bs.S., and it is abbreviated as VEF. The Venezuelan bolivar soberano is divided into Centimo; there are 100 in one bolivar soberano.
According to the S&P credit-rating agency, Venezuela has a credit rating score of CCC, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Venezuela has a credit rating score of CCC, and the prospects of this rating are negative. According to the Moody's credit-rating agency, Venezuela has a credit rating score of Caa3, and the prospects of this rating are negative.
In Venezuela, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Venezuela. Locally, the central bank of Venezuela is called Banco Central de Venezuela. The average deposit interest rate offered by local banks in Venezuela is 14.7%.
Venezuela has a government debt of 49% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Venezuela is set at 34%. Personal income tax ranges from 6% to 34%, depending on your specific situation and income level. VAT in Venezuela is 12%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Venezuela is $540898 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Venezuela was last recorded at $17 million. PPP in Venezuela is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Venezuela is 371,339 billion. Based on this statistic, Venezuela is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Venezuela. The Gross Domestic Product (GDP) per capita in Venezuela was last recorded at $11 million. The average citizen in Venezuela has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Venezuela averaged -3% in 2014. According to this percentage, Venezuela is currently experiencing significant decline. Countries that are experiencing significant decline could be experiencing dramatic decreases in personal consumption, employment rate, and personal income. A significant decline in GDP should warn investors that this location poses a high level of risk and should not be considered a safe location for investment. To read more about financial information click on finances of Venezuela.
Major industries in the country are agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products. The total labor force of Venezuela is 14,732,950 people, wherein 8.1% of population in the country are unemployed. The total number of unemployed people in Venezuela is 2,622,879. The Industrial Production growth rate of Venezuela is -8%.To read more about industrial information within Venezuela click on industry of Venezuela.
There are 25138 km2 of arable land in Venezuela, and it comprises 3% of the country's total territory. There are 32900 km2 of cultivated land in Venezuela. The country's major agricultural crops and products are corn, sorghum, sugarcane, rice, bananas, vegetables, coffee, beef, pork, milk, eggs, fish.To read more about agriculture click on agriculture of Venezuela.