The Venezuelan economy is predominantly based on the oil and manufacturing industries. Venezuela is the fifth largest member of OPEC in oil production.
From 1950 to 1980 the Venezuelan economy experienced a moment of strong expansion also with regard to immigration. However, during the oil crisis, the country’s economy experienced strong moments of contraction.
A study by the International Monetary Fund (2010), classifies the Venezuelan economy as "old-fashioned and modest".
According to data provided by the Central Bank of Venezuela it emerged that in the first quarter of 2011 the country’s economy increased by 4%.
| Official Name: | República Bolivariana de Venezuela |
| Form of government: | Presidential Republic |
| President: | Hugo Chavez |
| Currency: | Bolívar fuerte (VEF) |
