Vanuatu

Vanuatu : economy statistics and industry reports

  • Updated on : 27 August 2012  Source : The World Factbook

Imports

$46.44 billion (2011 est.)
$38.61 billion (2010 est.)

Exports

$92.61 billion (2011 est.)
$65.75 billion (2010 est.)

Inflation rate (consumer prices)

26.1% (2011 est.)
28.2% (2010 est.)

Unemployment rate

8.2% (2011 est.)
8.5% (2010 est.)

GDP - per capita (PPP)

$12,700 (2011 est.)
$12,500 (2010 est.)
$12,900 (2009 est.)
note: data are in 2011 US dollars

National product real growth rate

-2.8% (2010 est.)
-3.3% (2009 est.)
4.8% (2008 est.)

Internet users

8.918 million (2009)

Telephones - mobile cellular

27.88 million (2009)

Population growth rate

1.468% (2012 est.)

Population

28,047,938 (July 2012 est.)

Historical background

Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia).

For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen, who promoted the oil industry and allowed for some social reforms.

Democratically elected governments have held sway since 1959.

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Vanuatu

Economic overview

Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 55% of the federal budget revenues, and around 30% of GDP.

A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output recovered strongly through 2008.

Fueled by high oil prices, record government spending helped to boost GDP by about 10% in 2006, 8% in 2007, and nearly 5% in 2008, before a sharp drop in oil prices caused a contraction in 2009-10.

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