VENEZUELA ENERGY IN FIGURES - Servicios IESA

In 2012
Oil Exports accounted for 96 percent
of total Venezuelan exports
FISCAL POLICY AND THE OIL SECTOR
In 2012 oil exports accounted for 96 percent of the total value of exports of Venezuela. The total oil exports
in 2012 were higher than 2011 by 5.7 percent increase. Oil exports resulted in a contribution to the nation of U.S.
$ 29,020 million (tax and nontax), falling about 47 percent from the previous year. These contributions were
U.S. $ 19,995 million in taxes, U.S. $ 8,311 million to FONDEN and U.S. $ 9,025 million were allocated to social
development programs.
VENEZUELAN OIL EXPORTS 1997-2012 (MILLIONS US$)
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
120%
100%
80%
60%
40%
20%
0%
OIL EXPORTS
% OF TOTAL EXPORTS
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Source: BCV e Informe de Gestión Anual
de PDVSA 2012.
9
According to the new Operacional
y Financiero de PDVSA sólo hubo aportes
al Fonden en los años 2007- 2011.
34
PDVSA’s social spending and contributions to
FONDEN according to official figures increased
steadily over the period 2004 - 2008, fell by 62
percent in 2009, reaching the historical peak in 2011
exceeding US$ 35 billion, to represent 17,336 during
2012, the year in which decreased by 51 percent.
Moreover, its share as a proportion of GDP, fluctuated
from 1.12 percent in 2004, 7.52 percent in 2006,
1.08 percent of total GDP in 2009 and reached
a record to be 8.57 percent of GDP in 2010,
subsequently reduced to 6 percent for 2011
and 2012.