Venezuela remains dependent on oil revenues that currently account for around 96% of export earnings, 45% of budget revenues and 12% of GDP. Pre-election government spending helped spur GDP growth in 2012, with increased government spending and minimum wage hikes leading to an increase in consumption and increased inflation.
In 2013, Venezuela continued to negotiate problems such as housing and electricity crises and rolling shortages of both food and goods.
Venezuela maintains strict exchange controls, although the current regulations are more lenient than in the past.
Composition of GDP: