Venezuela continues to be highly dependent on the petroleum sector, accounting for roughly one-third of GDP, around 80% of export earnings, and over half of government operating revenues. Government revenue has also been bolstered by increased tax collection, which has surpassed its 2005 collection goal by almost 50%. Tax revenue is the primary source of non-oil revenue, which accounts for 53% of the 2006 budget. A disastrous two-month national oil strike from December 2002 to February 2003, temporarily halted economic activity. The economy remained in depression in 2003, declining by 9.2% after an 8.9% fall in 2002. Output recovered strongly in 2004-2005, aided by high oil prices and strong consumption growth. Venezuela continues to be an important source of crude oil for the US market. Both inflation and unemployment remain fundamental problems.
GDP (purchasing power parity): $161.7 billion (2005 est.)
GDP (official exchange rate): $118.3 billion (2005 est.)
GDP - real growth rate: 8.3% (2005 est.)
GDP - per capita: purchasing power parity - $6,400 (2005 est.)
