Venezuela

The Economic System The economy of Venezuela is a mixed economy based in large part on petroleum. The petroleum sector dominates the economy, accounting for roughly a third of GDP, around 80% of export earnings, and more than half of government operating revenues. Venezuela is the fifth biggest member of OPEC by production. From the 1950s to the early 1980s the Venezuelan economy was the strongest in South America. The continuous growth during that period attracted many immigrants. The collapse of oil prices during the 1980s the economy contracted. With the 2007 rise in oil prices and rising government expenditures, Venezuela's economy grew by 9% in There was income inequality.

Change in Venezuela Other poverty measures, particularly ones that are not just based on income, are slightly lower, but all of them paint the picture of a large increase in poverty in Venezuela over the past 25 years. Compared to other countries in Latin America, Venezuela has the largest increase in poverty in this time period and among the larger countries, it has the largest proportion of the population living in poverty.

What Goods & Services Need to be Produced? Oil and gas Power Infrastructure Financial Services Telecommunications Environment - including water Tourism Consumer goods Security Services

How should the Goods and Services be Produced? All the goods required for production, manufacturing, import, storage, transportation, distribution and marketing of goods and services are declared of public and social interest.

For whom should the Goods and Services be Produced? Government officials may adopt measures to prevent unlawful price gouging of goods and services, and may even lower prices when necessary Economy In his annual address to the Nation at the National Assembly.