Venezuela - Services

In 1999, services accounted for roughly 71 percent of Venezuela's GDP and in 1997, employed 64 percent of its labor force. According to estimates by the World Bank, the GDP attributable to the services sector grew by an average of 0.5 percent every year from 1980 to 1998. In 1997, the largest part of the services sector was the 15.4 percent generated by the retail , restaurants, and hotels sector. Another 12.4 percent of GDP was generated by finance, insurance, real estate, and business services. Transport, storage, and communication accounted for 8.4 percent, followed by other services (7.2 percent), construction (5.1 percent), government services (4.8 percent), and electricity and water (1.5 percent).

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