Population: 26,023,528 (July 2007 est.)
Regime History: The Republic of Venezuela was inaugurated in 1830, and much of the 19th century saw dictatorial rule, which was followed by caudillo rule in the first half of the 20th century. After the death of Juan Vicente Gómez in 1935, pro-democracy movements finally forced the military to withdraw from direct involvement in national politics in 1958. From 1958 to 1998, Venezuela had one of the most stable political party systems in Latin America. However, an economy overly dependent on oil revenues was shattered by the collapse of oil prices in the 1980s, which led to massive government debts and a fall in the living standards in Venezuelans. President Carlos Andres Perez initiated economic austerity measures to combat the economic problems, which engendered anger against the President. An unsuccessful coup was led in 1992 by Hugo Chávez, elevating his standing in the eyes of Venezuelans. In 1998, Hugo Chávez was elected as a reaction against the established political parties and the corruption and inequalities their policies created. Since coming to power, Chávez has attracted some controversy through his reforms of the Constitution, the implementation of his "21st Century Socialism," and his assumption, approved by the elected National Assembly, of powers to rule by decree.
Economy: Venezuela remains highly dependent on oil revenues, which account for roughly 90% of export earnings, more than 50% of the federal budget revenues, and around 30% of GDP. Tax collection - Venezuela's primary source of non-oil revenue - is expected to surpass $23 billion in 2006, exceeding the yearend collection goal by more than 20%. A nationwide strike between December 2002 and February 2003 had far-reaching economic consequences - real GDP declined by around 9% in 2002 and 8% in 2003 - but economic output since then has recovered strongly. Fueled by higher oil prices, record government spending helped to boost GDP growth in 2004 and 2005 to approximately 18% and 11%, respectively. Economic growth in 2006 reached about 9%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has fueled a consumption boom but has come at the cost of higher inflation.
GDP per capita: purchasing power parity - $7,200 (2006 est.)
Population below poverty line: 37.9% (end 2005 est.)
Unemployment rate: 8.9% (October 2006 est.)
Ethnic Groups: Spanish, Italian, Portuguese, Arab, German, African, indigenous people. None are attributed with any specific percentage.