Day 9: The Economy

June 9th, 2012

 

Another learning day for me! Today it will be about Venezuela’s economy. Venezuela’s major industries are petroleum, construction materials, food processing, iron ore mining, steel, aluminum, and motor vehicle assembly. Natural products are corn, sorghum, sugarcane, rice, bananas, vegetables, coffee, beef, pork, milk, eggs, and fish. Venezuela also has a lot of natural resources such as petroleum, natural gas, iron ore, gold, bauxite, other minerals, hydropower, and diamonds.

Ever since the discovery of oil in the early 20th century, Venezuela has been one of the worlds major oil exporters. Other exports include bauxite and aluminum, steel, chemicals, agricultural products, and basic manufactures.

In 2010, Venezuela was listed as having the highest inflation rate in the world, averaging 29.1%.

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