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.
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, which is the unicameral legislative body, consists of a variable number (currently 167, of which three seats are reserved for the indigenous community), elected for five years.

Economic situation.
The fall in oil production, which continued also in 2017-18, further worsened the deep economic crisis in the country, which has been in recession since 2014. Being highly reliant on hydrocarbon exports, the country is also dealing with elevated inflation, which has been further fostered by the state’s strict control of prices and by a dual exchange rate system, that is, a fixed rate for priority imports and a floating rate, which has fed corruption and the black market. The lack of investments caused a slump in oil prices, contributing to the huge public deficit. The fact that electrical energy production is insufficient also has a negative effect on the industrial sector.

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 70% of the national electricity requirement, but their output is entirely dependent on the amount of rainfall.
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. 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 balance of trade is positive thanks to routine exports of hydrocarbons.

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

Transport and telecommunication.
In 2007 the leading telecommunications company, which had been privatized in 1991, was re-nationalized.

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