IMF Data on Venezuela since 1980s

The International Monetary Fund (IMF) has been publishing country specific economic data and also commodity prices in its World Economic Outlook Database since 1980.  Figure 1 shows crude oil prices, and the rise in prices after the 2005, only to plummet in 2009.

Figure 1

Not surprisingly, Figure 2 shows that Venezuelan oil exports and the country's GDP increased along with the oil prices.  By 1968 oil was 98% of Venezuelan imports, so it is logical to think that higher prices would increase the GDP.  The prices would also serve as an incentive to increase production and export more.


Figure 2














The higher prices also translated into a bump in government revenue and expenditure, with a corresponding decrease in 2009 when prices fell (Figure 3).  However, it is also interesting to note that revenue and expenditure seem to shadow each other.

Figure 3

Lastly, the unemployment rate has been falling pretty steadily since 2002, early in Chavez' first presidency.  This could help to explain his popularity in the country's working class.  Also, it is not clear if the unemployment rate is linked to oil prices.  FUrther research would be needed into that relationship.
 

Figure 4





Venzuelan oil exports by country