The country is home to vast mineral resources, although it is best known for its hydrocarbons, and rightly so given that it ranks fifth in the world in oil reserves and seventh in natural gas, according to BP’s World Energy Statistics Report (June 2005). Thanks to this, Venezuela plays a key role in the world market for these commodities
From 1984 to 2004 extraction of oil and gas and refining accounted for 24% of the country’s gross domestic product (GDP). Most activities in the non-oil economy are in the services sector, which accounts for 46% of the non-oil GDP, with trade and real estate standing out above the rest. In the case of production of goods, manufacturing holds first place, contributing 15%, followed by construction with 6% and agriculture with 5%.
Venezuela is also very rich in minerals such as iron, bauxite, coal, gold and diamonds, especially in the Guayana region. The state holds a large interest in the basic industries and in the oil sector, since both are considered of strategic importance for the nation.
There is a strong fishing industry all along the sea coast, while the country’s forestry resources and farmlands are located in the area known as Los Llanos (The Plains) and in the Andean region.
Insofar as tourism is concerned, the Venezuelan coast draws people from all over the world. The country’s main points of interest are: Angel Falls, the highest waterfall in the world; Lake Maracaibo, the largest in South America; the Orinoco River, the third largest in the world; the Mérida cable car, again, the world’s longest and highest; plus 43 national parks and 21 natural monuments.
Economy
From 1984 to 2004 extraction of oil and gas and refining accounted for 24% of the country’s gross domestic product (GDP). Most activities in the non-oil economy are in the services sector, which accounts for 46% of the non-oil GDP, with trade and real estate standing out above the rest. In the case of production of goods, manufacturing holds first place, contributing 15%, followed by construction with 6% and agriculture with 5%.