Energy statistics Electricity – production by source: Fossil fuel: 35.7% (2012 est.) Hydroelectric 64.3 (2012 est.) Nuclear: 0% (2012 est.) Other: 0% (2012 est.) Electricity production: 127.6 billion kWh (2012 est.) Electricity – consumption: 85.05 billion kWh (2011 est.) Electricity – exports: 633 million kWh (2009 est.) Electricity – imports: 260 million kWh (2009 est.) Electricity – installed generating capacity: 27.5 million kW (2012 est.) Statistics Economy data The Macroeconomic Stabilization Fund (FIEM) decreased from US$2.59 billion in January 2003 to US$700 million in October, but central bank-held international reserves actually increased from US$11.31 billion in January to US$19.67 billion in October 2003. On the black market, the bolívar fell 28% in 2007 to Bs. 4,750 per US$ and declined to around VEF 5.5 (Bs 5500) per US$ in early 2009. The economy recovered and grew by 16.8% in 2004. This growth occurred across a wide range of sectors—the oil industry directly provides only a small percentage of employment in the country. International reserves grew to US$27 billion. Polling firm Datanalysis noted that real income in the poorest sectors of society grew by 33% in 2004. On 7 March 2007, the government announced that the Venezuelan bolívar would be redenominated at a ratio of 1 to 1,000 at the beginning of 2008 and renamed the bolívar fuerte ("strong bolivar") to ease accounting and transactions. This was carried out on 1 January 2008, at which time the exchange rate was 2.15 bolívar fuerte per US$. The ISO 4217 code for the bolívar fuerte is VEF. Government spending as a percentage of GDP in Venezuela in 2007 was 30%, smaller than other mixed economies such as France (49%) and Sweden (52%). According to official sources from the United Nations, the percentage of people below the national poverty line has decreased during the presidency of Hugo Chávez, from 48.1% in 2002 to 28% in 2008. With the 2007 rise in oil prices and rising government expenditures, Venezuela's economy grew by 9% in 2007. Oil prices fell starting in July 2008, resulting in a major loss of income. Hit by a global recession, the economy contracted by 2% in the second quarter of 2009, contracting a further 4.5% in the third quarter of 2009. Chavez's response has been that these standards mis-state economic fact and that the economy should be measured by socialistic standards. On 17 November, the Central Bank reported that private sector