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The economy of Venezuela is based primarily on petroleum and has been in a state of total economic collapse since 2013. In 2014, total trade amounted to 48.1% of the country's GDP. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports. Venezuela manufactures and exports heavy industry products such as steel, aluminum and cement. Production is concentrated around Ciudad Guayana, near the Guri Dam, one of the largest dams in the world and the provider of about three-quarters of Venezuela's electricity. Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs. Agriculture in Venezuela accounts for approximately 4.7% of GDP, 7.3% of the labor force and at least one-fourth of Venezuela's land area. Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated at USD$14.3 trillion worth of natural resources and is not self-sufficient in most areas of agriculture.
12 Dec 2024
19 Dec 2024
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