Venezuela

The soaring price of petroleum boosted Venezuela's gross national income by a substantial 20% or so, thanks to a nearly 50% improvement in the real terms of trade. Economic activity accelerated during the year, and a 3.2% rise in gross domestic product (GDP) helped recoup part of the more than 6% decline suffered in 1999, bringing the high unemployment rate down slightly. The recovery was based primarily on growth in the oil sector, and to a lesser extent on an expansionary fiscal policy sustained by higher revenue from oil sales. As the external situation eased, the balance-of-payments current account posted a hefty surplus and the crawling peg exchange-rate policy helped to contain pressure on domestic prices. The inflation rate dropped for the fourth year in a row, to 13.4%.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions