Market Research In Venezuela

Venezuela Profile:

  • Venezuela, officially the Bolivarian Republic of Venezuela, is a federal republic located on the northern coast of South America.
  • Venezuela has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil.
  • “Missions” dedicated to education, nutrition, health care, and sanitation were funded through petroleum revenues.
  • In the long-term, education and healthcare spending may increase economic growth and reduce income inequality, but rising costs and the staffing of new health care jobs with foreigners are slowing development.
  • Venezuela has been ranked one of the most corrupt countries on the Corruption Perceptions Index since the survey started in 1995. The 2010 ranking placed Venezuela at number 164, out of 178 ranked countries. By 2016, the rank had increased to 166 out of 178. Similarly, the World Justice Project ranked Venezuela 99th out of 99 countries surveyed in its 2014 Rule of Law Index.

Venezuela Economy:

  • Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the government’s revenue.
  • In 2016, GDP contracted 10%, inflation hit 720%, people faced widespread shortages of consumer goods, and central bank international reserves dwindled.
  • Venezuela is an underdeveloped exporter of agricultural commodities such as coffee and cocoa, oil quickly came to dominate exports and government revenues.
  • Social investment in Venezuela during the CHAVEZ administration reduced poverty from nearly 50% in 1999 to about 27% in 2011, increased school enrolment substantially decreased infant and child mortality, and improved access to potable water and sanitation through social investment.
  • Venezuelan Government’s response to the economic crisis has been to increase state control over the economy and blame the private sector for the shortage.

Venezuela Facts:

  • Population: 31.3 million
  • Capital: Caracas
  • Largest city: Caracas
  • Area: 912,050 sq km
  • Major language: Spanish (official), numerous indigenous dialects
  • Major religion: Nominally Roman Catholic 96%, Protestant 2%, other 2%
  • Life expectancy: 73 years (Male), 79.1 years (Female)
  • Monetary unit: 1 Bolivar Fuerte (Bs.F, VEF) = 100 Cents
  • Main exports: Petroleum and petroleum products, bauxite and aluminum, minerals, chemicals, agricultural products
  • GNI per Capita: $9,190

Our Market Research Services in Venezuela:

We Employ A Wide Range of Research Techniques in Venezuela:

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