A former Spanish colony, Venezuela achieved independence in 1821, after a ten-year war of independence led by Simón Bolívar. The country has been governed by authoritarian regimes for much of the time.
In 1958 a period of democracy began, which was however interrupted by coups d’état and military rule. In 1999, Hugo Chávez became President, a former military figure with a turbulent past (including an attempted coup), he initiated populist reforms with the aim of a wider redistribution of the wealth coming from the exports of crude oil. The reforms have met with hostility from the business community, the right wing and the USA, culminating in an attempted coup in 2002 and a referendum to force him to resign in 2004. After Chávez’s death (5 March 2013), the office of Head of State was taken over by Vice President Nicolás Maduro, who compromised the institutional structure of the country by using the Constituent Assembly (elected on 30 July 2017) as a governing tool, using it to bypass Parliament, which is controlled by the opposition. After the disputed re-election of Maduro in 2018, on 23 January 2019, the President of the National Assembly Juan Guaidó (Popular Will) declared himself president on behalf of the opposition. The political crisis has added to the economic crisis of the country, where basic necessities and essential services are difficult to find.
Following the new “Bolivarian” Constitution adopted on 15 December 1999, the President of the Republic, who is also head of the government, is elected by direct suffrage for a six-year term. The National Assembly consists of 277 members elected for five years.

Population by age and gender (% - 2020)
	75+ 60-74 45-59 30-44 15-29 0-14
MALE	AGE	FEMALE

Due to the economic and political crisis, more than 5 million people have left the country.

Economic situation.
A drop in oil production and the dismal manufacturing industry in an economy strongly dependent on hydrocarbon exports have sunk the country into a deep recession that has lasted since 2014; this was exacerbated by heavy sanctions imposed by the United States and a serious political crisis in 2019, and pandemic containment measures in 2020. The growth of the country’s public debt is out of control, as is inflation, making it extremely difficult to supply essential goods. The manufacturing industry has been negatively affected by insufficient production of electrical energy, which has caused repeated interruptions to its supply.

Primary sector
Agriculture.
The main food crops (rice, potatoes, cassava, sorghum) are unable to meet the domestic demand. Coffee is widely planted on the slopes of the Andes; on the lower slopes on the Caribbean Sea where it is warm and humid, cocoa is also grown. Other important crops are sugar cane and fruit (coconuts, watermelons, citrus fruits), which fuels exports.
Forests and livestock.
The forests contain many types of wood: cedar, mahogany, saman, mulberry and apama. There are also other natural forestry resources including: balata, chicle, copaiba (resin) and dividivi (tree bark used for tanning).
Livestock mostly consists of cattle and poultry.

Secondary sector
Minerals.
The main natural resource is crude oil, the extraction of which is managed by the state-owned company PDSVA and the main reserves are found in the Maracaibo, Barinas, Anzoátegui, Monagas, Delta Amacuro (Pedernales), Falcón and Guárico fields. Natural gas production is also important (reserves in Amana, Maraven, Lechoso, Placer). The county also has other important mineral resources: iron ore (deposits in Cerro Bolívar, El Pao and San Isidro), gold (from the streams which flow into the right bank of the Orinoco), diamonds (Upper Icabarú); asphalt, asbestos, magnesite, coal (Naricual and Capiricual), bauxite and phosphates. Sea salt is also produced (Araya salt deposits, La Redonda, Las Cumaraguas and Coche).
Energy and industry.
Hydro-electric schemes (including the power plants on the River Caroní and others on the Guri and the Macagua) provide about 70% of the national electricity requirement, but their output is entirely dependent on the amount of rainfall and the obsolescence of the structures.
The most developed industrial sectors are the primary ones, particularly the petrochemical industry. The main refineries are in Amuay, Bajo Grande, Barcelona, Barinas, Cardón, El Palito, Puerto La Cruz and San Lorenzo. However, their actual production is insufficient and gasoline is rationed. At Morón there is an important plant producing nitrogen fertilizers. Iron and steel works and other metal-working plants are based at Matanzas and Ciudad Guayana. Vehicles production is carried out in Caracas, Valencia, and La Victoria. Textile plants produce cotton and artificial fibres. Tobacco and leather products are also worthy of mention. There are areas of cement production (Caracas, Pertigalete and Barquisimeto), and factories for producing glass, paper, beer and sugar.

Tertiary sector
Foreign trade.

The trend of the trade balance depends on exports of hydrocarbons.

Main exports (M US$ - 2017) 
crude oil 24 689, petroleum products 3 415, chemicals 677, iron and steel 363, aluminium 332, iron ores 332, fish and crustaceans 188

Finance & banking.
The banking system is regulated by the Central Bank of Venezuela. There is a stock exchange in Caracas.

Education and research.
Primary education is compulsory and lasts from the age of 6 to 15 years old; secondary education lasts two more years.