GFmag Online Readers Survey 2012
Venezuela


Venezuela Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Venezuela; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bankCentral Bank of Venezuela
International ReservesUS$ 29.665 billion (Source: World Bank; Data updated: November 2010)
Gross Domestic Product - GDPUS$ 294.271 billion (2010 estimate)
GDP (Purchasing Power Parity)355.145 billion of International dollars (2010 estimate)
Real GDP growth
20002001200220032004200520062007
3.7%3.4%-8.9%-7.8%18.3%10.3%9.9%8.2%
2008200920102011*
4.8%-3.3%-1.9%1.8%

*Estimate

GDP per capita - current pricesUS$ 9,886 (2010 estimate)
GDP per capita - PPP$11,931 International Dollars (2010 estimate)
GDP (PPP) - share of world total
19801990200020102015**
0.73%0.58%0.49%0.47%0.4%

**Forecast

GDP - composition by sector
  • agriculture: 3.9% 
  • industry: 35.6% 
  • services: 60.6% (2011 estimate)

    • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP)N/A

(Data released on November 2010)

Inflation
2008200920102011*
30.4%(2008)27.1%28.2%29.8%

*Estimate

Unemployment rate
2008200920102011*
7.4%7.9%8.6%(2009)8.1%

*Estimate

Household saving ratesN/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)
20072008200920102011*
30.9%24.6%32.7%38.7%40.2%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2007200820092010*2011**
-2.9%-2.7%-8.2%-3.8%-3.5%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: BB-/Stable/B

Moody's rating: B2

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Nov 2010)

Market value of publicly traded shares
200720082009
N/AN/AN/A
Largest companies in VenezuelaCantv (Telecommunications services), Mercantil Servicios (Investment Services), Banesco Banco (Regional Banks)
(2011)
DATA ON TRADE AND COMPETITIVENESS
Current account balanceUS$ 20.7 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP7% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

17.6% (2009)

(Data released on December 2010)

Shares in world total merchandising export0.43%(2007)

(Data were released in Nov 2011 and refer to 2010)

Shares in world total commercial services export0.04%(2007)

(Data were released in Nov 2011 and refer to 2010)

Total exportsUS$64.87 billion f.o.b. (2010 estimate)
Export commoditiespetroleum, bauxite and aluminum, steel, chemicals, agricultural products, basic manufactures
Total importsUS$53.44 billion f.o.b. (2008 estimate)
Import commoditiesraw materials, machinery and equipment, transport equipment, construction materials
Exports - major partnersUS 42.7%, Netherlands Antilles 8%, China 3.1% (2007)
Imports - major partnersUS 26.6%, Colombia 13.5%, Brazil 9.5%, China 6.7%, Mexico 5.2%, Panama 5% (2007)
FDI inflows
200820092010
US$349 millionUS$-3,105 million(2009)US$-1,404 million(2009)
FDI outflows
200820092010
US$1,273 millionUS$1,834 millionUS$2,390 million
Value of cross-border M&A, by country of purchaser
2008200920102011
US$-1,358 millionUS$-2 million(2009)N/A(2009)US$-1,600 million
Cross-border M&A deals worth over $3 billion completed in 2008

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 – 183. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 172 out of 183 countries(2009) (2010)

Subcategories:

Starting a business: 144 out of 183 countries(2009)

Registering property: 101 out of 183 countries

Paying Taxes: 178 out of 183 countries

Getting credit: 176 out of 183 countries

Protecting investors: 179 out of 183 countries

Trading across border: 167 out of 183 countries

Enforcing Contracts: 74 out of 183 countries

(2010)

Global competitiveness ranking
(ranking by country on a basis of 142, the first is the best)		124

(2011/2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 175 Score: 37.6 (Repressed) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zoneUTC-4.5
Total area 912,050 km2 (2006)
CapitalCaracas (2009)
Currencybolivars (VEB) (2009)
Government typefederal republic (2009)
LanguagesSpanish (official), numerous indigenous dialects
Religionsnominally Roman Catholic 96%, Protestant 2%, other 2%
Total population
1980199020002010*2015**
15.02 million19.5 million24.18 million29.18 million32.22 million

*Estimate    **Forecast

Urban population as % of total population
1960198020002009
61.6%79.2%89.7%93.7%
Population median age25.0 years (2006)
Population growth rate1.6% (2009)
Life expectancy74 years (2007)
Adult literacy93% (2000/2007)
% of population living on less than $2 a day10.61% (2011)
Inequality of wealth distribution (Gini index)

43.5 (2006)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:5
Civil Liberties:5 (2010)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

120.65% (2010)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population35.63% (Data were released in 2011 and refer to 2010)
Cost of living index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Caracas: 51st (2011)

CO2 emissions
(Metric tons of CO2 per capita)

6.0288 (2008)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2012:
  • COUNTRY WINNERS Banco Mercantil (National, 2012)
2011:
  • COUNTRY WINNERS Banco Mercantil (National, 2011)
2010:
  • COUNTRY WINNERS Banco Mercantil (National, 2010)
2009:
  • COUNTRY WINNERS Banco Mercantil (National, 2009)

WORLD'S BEST INTERNET BANKS

2011:
  • COUNTRY WINNERS / Best Consumer Internet Banks BBVA Banco Provincial (National, 2011)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Consumer Internet Banks Mercantil Banco Universal (National, 2010)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks Mercantil Banco Universal (National, 2009)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS BBVA Banco Provincial (National, 2012)
2011:
  • COUNTRY WINNERS BBVA Banco Provincial (National, 2011)
2010:
  • COUNTRY WINNERS BBVA Banco Provincial (National, 2010)

WORLD'S BEST SUB CUSTODIANS

2011:
  • COUNTRY WINNERS Citi (National, 2011)
2010:
  • COUNTRY WINNERS Citi (National, 2010)
2009:
  • COUNTRY WINNERS Citi (2009)

TOP 200 EMERGING MARKETS BANKS

2010:
  • OVERALL BIGGEST Banesco Banco Universal (Global, 2010)
  • OVERALL BIGGEST Mercantil CA Banco Universal (Global, 2010)

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2012:
  • COUNTRY WINNERS Banco Mercantil (National, 2012)
2011:
  • COUNTRY WINNERS Banco Mercantil (National, 2011)
2010:
  • COUNTRY WINNERS Banco Mercantil (National, 2010)
2009:
  • COUNTRY WINNERS Banco Mercantil (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE