Economy of Venezuela
The country's currency is the Venezuelan Bolivar Soberano. The symbol used for this currency is Bs.S. and is abbreviated as VEF. 8.1% of the country's population is unemployed. The total number of unemployed in Venezuela is 2,622,879. Venezuela exports about US$91.78 billion and imports about US$59.32 billion each year. The country's Gini index is 39. Venezuela has a Human Development Index (HDI) of 0.764. The Global Peace Index (GPI) for Venezuela is 2,493. Venezuela has a public debt equivalent to 49% of the country's gross domestic product (GDP) as estimated in 2012. Venezuela is considered a developing country. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. The country's main industries are agricultural products, animal husbandry, raw materials, machinery and equipment, transportation equipment, building materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products.
The total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Venezuela is US$540.898 billion. Every year, consumers spend around $241,705 million. The ratio of consumer spending to GDP in Venezuela is 0% and the ratio of consumer spending to world consumer market is 0.56. Corporate income tax in Venezuela is 34%. Personal income tax ranges from 6% to 34% depending on your specific situation and income level. VAT in Venezuela is 12%. In 2013, Venezuela received US$48.1 million in foreign aid. In 2014, foreign aid amounted to 44.8 million USD.