Bolivarian Republic of Venezuela Capital: Caracas Area: 912,050 sq km (Illinois 143,987 sq km)

People Population:26,023,528 Population Density: 30 per sq km Pop. Growth Rate: 1.486% Net Migration Rate: migrants/1000 population Life Expectancy: Total population: years male: years female: years Ethnic Groups: 68% Mestizo, 21 % white, 10% African, 1% Native American

Economy GDP (PPP): $176.4 billion GDP (official exchange rate):$147.9 billion GDP per capita (PPP): $6,900 GDP Growth Rate: 8.8% GDP by sector: Agriculture:3.7% Industry: 41% Services:55.3% Inflation Rate (CPI): 15.8% Unemployment Rate: 8.9%

Government Government Budget: Revenue: $52.24 billion Expenditure: $52.9 billion Balance: -660 million Public Debt: 28.4% of GDP Current Account Balance: $31.82 billion surplus

Free Trade Agreements Recently joined Mercosur April of 2006 left Andean Community in protest Opposes FTAA

Fiscal Policy High spending Foreign Debt is managed well Internal Debt is high, however Revenue highly dependent on oil (to balance budget needs an oil price of $60/barrel) Nationalization of telecommunications, oil

Monetary and Exchange Rate Policy High persistent inflation Chavez threatening Central Bank independence Fixed Exchange rate Inflation, consumer prices 22%31%22%16%

Social Policies Highest minimum monthly salary in South America ($285/month) Reduced work day from 8 to 6 hours, in order to reduce unemployment Threatened nationalization of private hospitals due to high prices Chavez halted plans to privatize social security

External Relations Very bad relationship with the United States Desires to leave World Bank and IMF Subsidies to some nations, Argentina and Cuba “Bolivarian Alternative for the Americas”

Sources (05/15/2007). Retrieved May 21, 2007, from CIA- The World Fact Book Web site: Retrieved May 21, 2007, from Background Notes-U.S. Department of State Web site: (2005).Uncle Sam visits his restive neighbours. Economist. 377, Venezuelan economy grows; oil sector shrinks. (2007, May 16). Latinnews Daily. Robinson West, J (2007, May 14). The production crunch; Chavez style oil nationalism is endangering world economic growth. Newsweek. Buncombe, A Chavez pulls out of IMF and World Bank. (2007 May 2). The Independent. Chavez's bankrupt path. (2007, January 10). The Globe and Mail, p. A18. (2006).Pico Sour. Economist. 380, 30. (2004).What revolution?. Economist. 372, (2004).Smash and grab. Economist. 370, 31. (2000).Venezuela on a gusher. Economist. 356, Retrieved May 21, 2007, from World Development Indicators Web site: ext.worldbank.org/ext/DDPQQ/report.do?method=showReport