<P> The economy of Venezuela is largely based on the petroleum sector and manufacturing . In 2014 , total trade amounted to 48.1 % of the country 's GDP . Exports accounted for 16.7 % of GDP and petroleum products accounted for about 95 % of those exports . Venezuela is the sixth largest member of OPEC by oil production . Since the 1920s , Venezuela has been a rentier state , offering oil as its main export . From the 1950s to the early 1980s , the Venezuelan economy experienced a steady growth that attracted many immigrants , with the nation enjoying the highest standard of living in Latin America . During the collapse of oil prices in the 1980s , the economy contracted the monetary sign , commenced a progressive devaluation and inflation skyrocketed to reach peaks of 84 % in 1989 and 99 % in 1996 , three years prior to Hugo Chávez taking office . The nation , however , has experienced hyperinflation since 2015 far exceeding the oil price collapse of the 1990s . </P>
<P> The economy of Venezuela is largely based on the petroleum sector and manufacturing . In 2014 , total trade amounted to 48.1 % of the country 's GDP . Exports accounted for 16.7 % of GDP and petroleum products accounted for about 95 % of those exports . Venezuela is the sixth largest member of OPEC by oil production . Since the 1920s , Venezuela has been a rentier state , offering oil as its main export . From the 1950s to the early 1980s , the Venezuelan economy experienced a steady growth that attracted many immigrants , with the nation enjoying the highest standard of living in Latin America . During the collapse of oil prices in the 1980s , the economy contracted the monetary sign , commenced a progressive devaluation and inflation skyrocketed to reach peaks of 84 % in 1989 and 99 % in 1996 , three years prior to Hugo Chávez taking office . The nation , however , has experienced hyperinflation since 2015 far exceeding the oil price collapse of the 1990s . </P>
what commodity is much of venezuelas economy based
what commodity is much of venezuelas economy based
petroleum
petroleum