Editing Economy of Venezuela (section)

== Sectors ==
Under the tenures of Hugo Chávez and his successor Nicolás Maduro, many businesses abandoned Venezuela. In 1999, there were 13,000 companies in the country. By 2016, less than a third of companies remained in Venezuela, with only 4,000 companies operating in the nation.<ref>{{cite news|last1=Beiras|first1=Beatriz|title=Venezuela economy fractured with shortages of essentials across the country|url=http://www.euronews.com/2016/05/18/venezuela-economy-fractured-with-shortages-of-essentials-across-the-country/|access-date=26 May 2016|agency=[[Euronews]]|date=19 May 2016}}</ref>

=== Petroleum and other resources ===
{{see also|Energy policy of Venezuela}}
[[File:Oil Reserves Updated.png|thumb|A map of world [[oil reserves]] according to OPEC, 2013]]
[[File:Annual crude oil and lease condensate production in South American countries in 2010 through 2020 (51727722797).png|thumb|Oil production in Venezuela (red) fell markedly between 2015 and 2020]]

Venezuela has the world's largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017.<ref>{{Cite web|url=https://www.opec.org/opec_web/en/data_graphs/330.htm|title=OPEC : OPEC Share of World Crude Oil Reserves|website=www.opec.org|access-date=2019-03-26}}</ref> The country is a major producer of [[petroleum]] products, which remain the keystone of the Venezuelan economy. The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only {{convert|2300000|oilbbl}} daily, down from 3.5 million in 1998. However, the oil incomes will double its value in local currency with the recent currency devaluation.<ref>{{in lang|es}} [http://www.eluniversal.com/2010/01/11/eco_art_contribucion-petrole_1720725.shtml "Contribución petrolera se duplica por ajuste cambiario."] El Universal. 11 January 2010. Retrieved 3 September 2010.</ref> Venezuela has large [[energy subsidies]]. In 2015, the cost of [[petrol]] was just US$0.06 per gallon, costing 23% of government revenues.<ref>{{Cite web|url=https://www.cnbc.com/2015/02/23/global-gasoline-price-subsidies-evaporate.html|title=Global gasoline-price subsidies evaporate|first=John W.|last=Schoen|date=23 February 2015|website=www.cnbc.com}}</ref> In February 2016, the government finally decided to raise the price, but only to 6 [[Venezuelan bolívar|bolívar]] (about 60¢ at the official rate of exchange) per litre for premium and just 1 bolívar (10¢) for lower-grade petrol.<ref>{{cite news|title=Venezuela: Maduro anuncia una devaluación y un aumento de hasta el 6.000% en el precio de la gasolina|url=http://www.bbc.com/mundo/noticias/2016/02/160217_venezuela_precio_gasolina_az|agency=BBC|date=17 February 2016}}</ref><ref>{{cite news|title=Venezuela raises petrol price for first time in 20 years|url=https://www.bbc.com/news/business-35600921|agency=BBC|date=18 February 2016}}</ref>

A range of other natural resources, including [[iron ore]], [[coal]], [[bauxite]], [[gold]], [[nickel]] and [[diamond]]s, are in various stages of development and production. In April 2000, Venezuela's president decreed a new [[mining]] [[law]] and regulations were adopted to encourage greater private sector participation in mineral extraction. During Venezuela's economic crisis, the rate of gold excavated fell 64.1% between February 2013 and February 2014 and iron production dropped 49.8%.<ref name=ABCreserves>{{cite news|last=Blasco|first=Emili|title=Venezuela se queda sin suficientes divisas para pagar las importaciones|url=http://www.abc.es/internacional/20140423/abci-venezuela-divisas-importaciones-201404222046.html|access-date=24 April 2014|newspaper=ABC News (Spain)|date=23 April 2014}}</ref> In the production of [[gold]], until 2009 the country produced an annual average between 11 and 12 tons per year. After that, due to the political and economic problems, mining activity plummeted: in 2017 the country only extracted 0.48 ton.<ref>[https://www.ceicdata.com/en/indicator/venezuela/gold-production Gold production in Venezuela]</ref>

Venezuela mostly utilizes [[hydropower]] resources to supply power to the nation's industries, accounting for 57% of total consumption at the end of 2016.<ref>{{Cite web|url=https://www.globallegalinsights.com/practice-areas/energy-laws-and-regulations/venezuela|title=Venezuela {{!}} Energy 2018 |website=GLI – Global Legal Insights Venezuela {{!}} Energy 2018|language=en|access-date=2017-12-18}}</ref> However, persistent drought has severely reduced energy production from hydropower resources.<ref>{{Cite news|url=https://www.theguardian.com/news/2016/mar/30/weatherwatch-hambling-venezuela-hydroelectric-dam-guri-dry-reservoirs-colombia|title=Hydro power falters in persistent drought|last=Hambling|first=David|date=2016-03-30|work=The Guardian|access-date=2017-12-18|language=en|issn=0261-3077}}</ref> The national electricity law is designed to provide a legal framework and to encourage competition and new investment in the sector.{{citation needed|date=August 2015}} After a two-year delay, the government is proceeding with plans to privatize the various state-owned [[electricity]] systems under a different scheme than previously envisioned.{{citation needed|date=August 2015}}

=== Manufacturing ===
{{expand section|date=September 2010}}
Manufacturing contributed 12% of GDP in 2014.<ref>{{Cite web|url=https://data.worldbank.org/indicator/NV.IND.MANF.ZS?locations=VE|title=Manufacturing, value added (% of GDP) {{!}} Data|last=The World Bank Group|date=2019|website=data.worldbank.org|access-date=2019-04-06}}</ref> The manufacturing sector is experiencing severe difficulties, amidst lack of investment and accusations of mismanagement.<ref>{{cite news|url=http://english.eluniversal.com/economia/121105/venezuelas-aluminum-industry-operates-at-29-of-capacity|archive-url=https://archive.today/20130122012546/http://english.eluniversal.com/economia/121105/venezuelas-aluminum-industry-operates-at-29-of-capacity|url-status=dead|archive-date=22 January 2013|access-date=15 November 2012|title=Venezuela's aluminum industry operates at 29% of capacity}}</ref><ref>{{cite news|url=http://www.eluniversal.com/economia/120229/venezuelas-aluminum-and-steel-production-below-1997-numbers|access-date=15 November 2012|title=Venezuela's aluminum and steel production below 1997 numbers}}</ref> Venezuela manufactures and exports [[steel]], [[aluminum]], transport equipment, [[textile]]s, [[apparel]], [[beverage]]s and [[foodstuff]]s. It produces [[cement]], [[tires]], [[paper]], [[fertilizer]] and assembles cars both for domestic and [[export]] [[Market (economics)|markets]].

In 2014, General Motors Venezolana stopped automotive production after 65 years of service due to a lack of supplies<ref>{{cite news|title=En imágenes: Así fue el último día de General Motors en Venezuela|url=http://www.venezuelaaldia.com/2014/05/en-imagenes-asi-fue-el-ultimo-dia-de-general-motors-en-venezuela/|access-date=19 May 2014|newspaper=Venezuela Al Dia|date=16 May 2014}}</ref><ref>{{cite news|title=Dolorosa imagen de nuestra industria automotriz: El cierre de General Motors Venezolana|url=http://www.lapatilla.com/site/2014/05/16/dolorosa-imagen-de-nuestra-industria-automotriz-el-cierre-de-general-motors-venezolana/|access-date=19 May 2014|newspaper=La Patilla}}</ref> while the Central Bank of Venezuela announced that the shortage rate of new automobiles was at 100%.<ref>{{cite news|last=Deniz|first=Roberto|title=Banco Central reporta que la escasez de vehículos llega al 100%|url=http://www.eluniversal.com/economia/140504/banco-central-reporta-que-la-escasez-de-vehiculos-llega-al-100|access-date=5 May 2014|newspaper=El Universal|date=4 May 2014}}</ref> By the first half of 2016, only 10 vehicles were manufactured per day in Venezuela with production dropping 86%.<ref>{{cite news|last1=Woody|first1=Christopher|title=Venezuela's looming economic catastrophe, in one graphic|url=https://www.businessinsider.com/venezuela-heading-toward-hyperinflation-2016-7|access-date=21 July 2016|agency=[[Business Insider]]|date=20 July 2016|archive-date=22 July 2016|archive-url=https://web.archive.org/web/20160722120957/http://www.businessinsider.com.au/venezuela-heading-toward-hyperinflation-2016-7|url-status=live}}</ref>

In 2017, estimates showed that Venezuela's industrial production fell about 2%.<ref name="CIAWFVE"/>

=== Agriculture ===
{{main|Agriculture in Venezuela}}
[[Agriculture in Venezuela]] accounts for approximately 3% of GDP, 10% of the labor force, and at least a quarter of Venezuela's land area. Venezuela exports [[rice]], [[Maize|corn]], [[fish]], tropical [[fruit]], [[coffee]], [[beef]] and [[pork]]. The country is not self-sufficient in most areas of [[agriculture]]. Venezuela imports about two-thirds of its food needs. In 2002, American firms exported $347 million worth of agricultural products, including [[wheat]], [[maize|corn]], [[soybean]]s, [[soybean meal]], [[cotton]], [[animal fat]]s, [[vegetable oil]]s and other items to make Venezuela one of the top two American markets in South America. The United States supplies more than one-third of Venezuela's food imports. Recent government policies have led to problems with food shortages. During times of high oil revenues domestic agriculture was neglected in favor of imported products, but when oil revenues fell and the currency experienced hyperinflation, the cost of acquiring those imported goods became prohibitive for most Venezuelans.<ref name="economist.com"/>

Venezuela produced in 2019:<ref>[http://www.fao.org/faostat/en/#data/QC/ Venezuela production in 2019, by FAO]</ref>

* 4.3 million tons of [[sugarcane]];
* 1.9 million tons of [[maize]];
* 1.4 million tons of [[banana]];
* 760 thousand tons of [[rice]];
* 485 thousand tons of [[pineapple]];
* 477 thousand tons of [[potato]];
* 435 thousand tons of [[palm oil]];
* 421 thousand tons of [[cassava]];
* 382 thousand tons of [[Orange (fruit)|orange]];
* 225 thousand tons of [[watermelon]];
* 199 thousand tons of [[papaya]];
* 194 thousand tons of [[melon]];
* 182 thousand tons of [[tomatoes]];
* 155 thousand tons of [[tangerine]];
* 153 thousand tons of [[coconut]];
* 135 thousand tons of [[avocado]];
* 102 thousand tons of [[mango]] (including [[mangosteen]] and [[guava]]);
* 56 thousand tons of [[coffee]];

In addition to smaller productions of other agricultural products. Due to internal economic and political problems, sugar cane production dropped from 7.3 million tons in 2012 to 3.6 million in 2016. Corn production dropped from 2.3 million tons in 2014 to 1.2 million in 2017. Rice fell from 1.15 million tons in 2014 to 498 thousand tons in 2016.<ref>[http://www.fao.org/faostat/en/#data/QC/ Venezuela production, by FAO]</ref>

=== Livestock ===

In livestock, Venezuela produced, in 2019: 470 thousand tons of [[beef]], 454 thousand tons of [[chicken meat]], 129 thousand tons of [[pork]], 1.7 billion liters of [[cow's milk]], among others. The production of chicken meat decreased progressively, from year to year, from 1.1 million tons in 2011 to 448 thousand tons in 2017. The production of pork fell from 219 thousand tons in 2011 to 124 thousand tons in 2018. The production of cow's milk dropped from 2.4 billion liters in 2011 to 1.7 billion in 2019.<ref>[http://www.fao.org/faostat/en/#data/QL/ Livestock production in Venezuela, by FAO]</ref>