Venezuela’s economic crisis has been the focus of much attention lately.
But for the average American, it’s not news.
The country’s economy has been in free fall for decades.
That’s partly because the country is still recovering from the devastating 2010 oil shock.
But it’s also partly because Venezuela’s government has been spending huge amounts of money on a range of programs, from subsidized health care to subsidized electricity.
Here’s everything you need read about Venezuela.
What is Venezuela’s GDP?
Venezuela’s official gross domestic product (GDP) is around $50 billion.
Its economy is the third largest in Latin America after Brazil and Argentina.
But its real GDP is much higher: It’s around $150 billion, according to the International Monetary Fund.
This figure includes the value of the oil industry and other state-owned enterprises.
(The IMF does not report real GDP, instead counting the value added in the production of goods and services.)
Venezuela’s currency is the bolivar, and it is worth about 3% of its national output.
The current exchange rate for the bolívar is $5.10.
That means that if the price of a bolívan doubles, the price for the U.S. dollar also doubles.
That, however, only happens if you buy goods and service at a higher rate than you pay in the bolijet.
What are the main economic sectors?
The economy is dominated by manufacturing, with most of the country’s output coming from the mining, quarrying, and processing sectors.
Most of the rest of Venezuela’s gross domestic products, including food, clothing, and basic goods like soap and toilet paper, come from the services sector.
That includes the state-run oil company PDVSA and the private-sector giant Petrocaribe, which together account for about a quarter of the economy.
The private sector also contributes to the economy indirectly by providing infrastructure such as water, power, and telecommunications.
How much do the government’s programs help the Venezuelan economy?
Venezuela has some of the lowest poverty rates in the region, with an average annual income of just over $11,000.
The government has given more than $300 billion in cash assistance to its people since 2010, which has given the Venezuelan government a substantial amount of wealth.
In the past, people would spend much of that money on goods and goods of the sort that the Venezuelan oil industry produces.
But now that oil prices are low, Venezuelans have to save and spend a lot of that cash on things like food and medicine.
The state has also given billions in loans to companies in the oil sector, which helps to stabilize prices.
Venezuela’s budget is also funded by oil revenues.
That helps to make up for some of its lower-than-anticipated inflation and is a huge source of funding for government spending.
How does Venezuela compare with other Latin American countries?
The country has been through a number of political upheavals in recent years.
Its former president, Hugo Chávez, was overthrown in 2002 and died in prison in 2013.
In 2015, Cháza’s successor, Nicolás Maduro, was reelected to the presidency for a fourth term, only to be ousted by protesters in 2018.
The Venezuelan government has also faced political instability, particularly during the presidential election in 2018 that Maduro lost.
He returned to power in 2019, but then faced a wave of protests, including a coup attempt in 2018, which he later defused.
Maduro has faced charges of human rights violations and other crimes, but the government has largely stayed in power.
Maduro also recently announced plans to impose a new tax on gasoline and diesel, which would cost around $100 per gallon.
The oil industry is already suffering from the lack of revenue.
Is Venezuela a currency manipulator?
Venezuela is not the only Latin American country that has tried to force foreign exchange into its economy.
But in recent decades, the government of Argentina has been one of the biggest exporters of currency manipulation, with its government manipulating the value and composition of the bolóvec, the national currency, to boost the value.
Venezuela is also a major importer of foreign exchange, with many people buying and selling it at very low prices.
It is important to note that, unlike Argentina, the Venezuelan currency is not a government-issued currency.
The bolóvado is a state-issued dollar that is used by the government to buy and sell goods and currency, as well as to pay for essential goods and other purchases.
The price of the national bolívado fluctuates a lot, but it is not very volatile, which is why it is considered a safe currency for foreign companies and citizens.
What kinds of programs do Venezuela’s politicians use to stimulate the economy?
The government gives out free textbooks to students, as do universities, and the state offers free electricity to households.
But there are also subsidies that people can take advantage of. For