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VENEZUELA PROFILE |
People
Population: 28,091,383.
Annual population growth: 1.6%.
Religion: Roman Catholic 96%, Protestant 2%, other 2%.
Language: Spanish (official), numerous indigenous dialects.
Cities: Capital--Caracas (metro. area pop. 3.2 million). Other major cities--Maracaibo, Valencia, Barquisimeto, Maracay, Merida, Ciudad Bolivar
An estimated 28 million people lived in Venezuela as of 2008. The population is young, growing, and urbanized. The population growth rate is 1.6% per year, and roughly 50% of Venezuelans are under the age of 25. According to the 2001 census, almost 90% of the population lives in urban areas. Metropolitan Caracas, the country's largest city, has an estimated 3.2 million inhabitants. Venezuela is proud of its tradition as a melting pot, and the majority of its citizens have a mixed racial heritage of Caucasian, African, and American Indian elements.
Economy:
GDP: USD 315.6 billion.
Annual growth rate: 8.3%.
GDP per capita: USD 8,140.
Real GDP increased by 8.3% in 2007. The economy recovered strongly in 2004 (18.3%), 2005 (10.3%), and 2006 (10.3%) after two consecutive years of deep economic recession. The economic recovery has been driven by a large increase in government expenditures, based on an oil windfall, which in turn generated higher consumption levels.
The Venezuelan Government dominates the economy. The state oil company, PDVSA, controls the petroleum sector. Government companies control the electricity sector and important parts of the telecommunications and media sectors. In the spring of 2008, the government announced the nationalization of cement and steel producers, as well as select companies in the milk and meat distribution sectors. It announced its intention to nationalize Banco de Venezuela, one of the country’s largest private banks, in July 2008. These and previous nationalizations, as well as other threats to property rights and an uncertain macroeconomic environment characterized by high inflation and foreign exchange controls, have led to reduced space for the private sector and low levels of private investment.
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