Venezuela 

Venezuela landenbeleid

Beleid vastgesteld op 01 mei 2012

• Geen dekking

Landenklasse: 7

Venezuela landenrapport

Atradius Dutch State Business Economic Research
Country Report last updated Nov 24th 2010

Country: VENEZUELA 

Political Situation

Still Firm Grip Of Chavez 

Head of state
President Hugo Chavez.

Form of government
Government of the Partido Socialista Unido de Venezuela (PSUV).

Internal Economic Situation
Very Poor: Recession And Inflation

General situation
Oil depending economy. Since 2009 real GDP-fall (2010 -3%) because of the global recession, less high oil prices and production and the impact of adverse economic measures on domestic output results. After a decrease by 6.4% in 2009, industrial production is projected to fall by >7% this year. The price/currency controls foster black market activities, erode standards of living more than the official figures show and lead to shortages of basic consumer goods, fueling the rate of inflation to 30% p.a. The lack of dollar access hinders an economic recovery as well. Oil production has stagnated due to stalled (foreign) investments: major oil companies have been forced to accept new joint venture contracts with a PdVSA-majority rule. The banking sector is highly exposed to public sector debt and to state control over (maximum) lending rates/(minimum) deposit rates and to compulsory lending allocations to sub-prime borrowers and the state; real interest rate is strongly negative. Rising level of non performing loans. Very poor corruption score: 162nd of 180 on the TI Index. 
 
External Economic Situation
Still Good Figures

Main sources of foreign exchange
Petroleum and derivatives (84%).

Main foreign markets
United States (52%), Latin America (37%), EU (8%).

Main expenses of foreign exchange
Raw materials (29%), machinery (22%).
 
Balance of payments 
Exportrevenues are totally dependent on oil price and production. Despite large current account surpluses, erosion of international reserves due to a high level of capital flight and transfers to off-budget spending accounts.