Bolivarian Republic of Venezuela

Capital: Caracas                          HDI: 0.764 (67th)

Language: Spanish

GDP (PPP): $538.9 billion

Currency: Bolívar Fuerte

Population: ~ 29.3 million

Venezuela is built on oil production; the country is blessed with a wealth of natural resources and has some of the world’s largest oil reserves. Oil accounts for about 95% of export revenues and 11% of national GDP, and thus the country’s economy is dependent on international oil demand. The government is very much focused on the wellbeing of its citizens, setting social development goals that have reduced poverty and increased education. Some of the other main economic activities in the country include manufacturing and agriculture which could be further developed. Because of its wealth of natural resources and its social development goals, Venezuela has a lot of economic potential.





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