Venezuela, Caracas Cost of Living April 2010

Country Full Name: Bolivarian Republic of Venezuela.

Location: Venezuela is in Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana.

Country Climate: Tropical; hot, humid; more moderate in highlands.

Country Terrain: Andes Mountains and Maracaibo Lowlands in northwest; central plains (llanos); Guiana Highlands in southeast.

Major Languages: Spanish, indigenous languages.

Major Religions: Christianity.

Country Population: 28.1 million (2008 est.) 28.6 million (2009 est.).

Country Economy: The economy of Venezuela is dominated by the petroleum sector accounting for roughly a third of GDP, around 80% of exports and more than half of government revenues. Gold, diamonds and iron ore are mined as well. Venezuela contains some of the largest oil and natural gas reserves in the world. It consistently ranks among the top ten crude oil producers in the world.

Currency: Venezuelan Bolívar (VEB).

Country Inflation: 30.4% (2008 est.) 29.5% (2009 est.).

City: Caracas is the capital and largest city of Venezuela.

City Economy: Important industries in Caracas include chemicals, textiles, leather, food, iron and wood products. Caracas is a regional center for the distribution of products.
Cost of Living: Caracas has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Caracas is currently ranked 7 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

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