Communal, social and personal services: 31.4%, Commercial, restaurants and hotels: 23.4%, Manufacturing industry: 11.6%, Construction: 9.0%, Transport, storage and communications: 8.7%, Agriculture: 6.5%, Financial, insurance and real estate: 6.1% (2015) Revenue from petroleum exports accounts for more than 50% of the country's GDP and roughly 95% of total exports.Venezuela is the sixth largest member of OPEC by oil production.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.Venezuela manufactures and exports heavy industry products such as steel, aluminum , and cement.Production is concentrated around Ciudad Guayana, near the Guri Dam, one of the largest dams in the world and the provider of about three-quarters of Venezuela's electricity.Other notable manufacturing includes electronics and automobiles as well as beverages, and foodstuffs.
The country is not self-sufficient in most areas of agriculture. exports to Venezuela have included machinery, agricultural products, medical instruments, and cars. Terms even more favorable to Venezuela were negotiated in 1945 after a coup brought to power a left-leaning government that included Juan Pablo Pérez Alfonso.In spite of strained relations between the two countries, the United States has been Venezuela's most important trading partner. Venezuela is one of the top four suppliers of foreign oil to the United States. From the 1950s to the early 1980s, the Venezuelan economy, which was buoyed by high oil prices, was one of the strongest and most prosperous in South America.The continuous growth during that period attracted many immigrants.In 1958, a new government, again included Pérez Alfonso, devised a plan for the international oil cartel that would become OPEC.In 1973, Venezuela voted to nationalize its oil industry outright, effective January 1, 1976, with Petróleos de Venezuela (PDVSA) presiding over a number of holding companies.In subsequent years, Venezuela built a vast refining and marketing system in the US and Europe.