Venezuelan dating service
Other factors of the decline were an exodus of capital from the country and a reluctance of foreign investors.
Gross Domestic Product was 50.0 trillion bolivares in 1998.
Communal, social and personal services: 31.4%, Commercial, restaurants and hotels: 23.4%, Manufacturing industry: 11.6%, Construction: 9.0%, Transport, storage and communications: 8.7%, Agriculture: 6.5%, Financial, insurance and real estate: 6.1% (2015) Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports.
When world oil prices collapsed in the 1980s, the economy contracted and inflation levels (consumer price inflation) rose, remaining between 6 and 12% from 1982 to 1986, After Pérez initiated such liberal economic policies and made Venezuelan markets more free, Venezuela's GDP went from a -8.3% decline in 1989 to growing 4.4% in 1990 and 9.2% in 1991, though wages remained low and unemployment was high among Venezuelans.
In 1958, a new government, again included Pérez Alfonso, devised a plan for the international oil cartel that would become OPEC.
In 1973, Venezuela voted to nationalize its oil industry outright, effective January 1, 1976, with Petróleos de Venezuela (PDVSA) presiding over a number of holding companies.
Venezuela's historic inflation rate beside annual oil revenues.
Sources: EIA 1, EIA 2, International Monetary Fund: Data & Statistics (1980-2008, 2015), CIA: The World Factbook (2009–2014), Business Insider (2014, 2015) Chavez also played a leading role within OPEC to reinvigorate the organization and obtain members' adherence to lower quotas designed to drive up the oil price.In 1950, Venezuela was the world's 4th largest wealthiest nation per capita However, from 1958/1959 onward, Romulo Betancourt (president from 1959 to 1964) inherited an enormous internal and external debt caused by rampant public spending during the dictatorship.