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                     Key Economic Indicators
        (Millions of U.S. dollars unless otherwise noted)

                                     1992      1993      1994 1/

Income, Production and Employment:

Real GDP (1985 prices) 2/          72,999    72,297    68,393
Real GDP Growth (pct.)                6.8      -1.0      -5.4
GDP (at current prices) 2/         60,414    58,973    57,158
By Sector:
  Agriculture                       3,223     3,146     2,857
  Energy/Water                     11,969    11,684    11,800
  Manufacturing                     8,786     8,576     7,916
  Construction                      3,939     3,845     3,480
  Rents                             3,807     3,716     3,456
  Financial Services                1,540     1,503     1,398
  Other Services                   23,203    22,650    22,668
  Government/Health/Education       3,947     3,853     3,583
  Net Exports of Goods & Services  -1,169       273     1,522
Real Per Capita GDP (1985 base)     3,587     3,473     3,212
Labor Force (000s)                  7,538     7,546     7,622
Unemployment Rate (pct.)              7.1       6.3      12.0

Money and Prices:  (annual percentage growth)

Money Supply (M2)                    18.4      25.7      62.7
Base Interest Rate 3/                42.1      61.5      56.5
Personal Saving Rate 3/              11.9       8.5       6.1
Retail Inflation                     31.9      45.9      75.0
Wholesale Inflation                  26.0      47.3     109.0
Consumer Price Index (1984=100)   1,071.6   1,563.5   2,736.1
Exchange Rate (USD/Bs) 4/
  Official                          68.40     91.15     153.4
  Parallel                          68.40     91.15     161.9

Balance of Payments and Trade:

Total Exports (FOB) 5/             13,955    14,222    15,100
  Exports to U.S. (CV)              7,564     7,782     8,000
Total Imports (FOB) 5/             12,266    11,013     7,400
  Imports from U.S. (FAS)           5,178     4,395     3,800
Aid from U.S.                           0         0         0
Aid from Other Countries              N/A       N/A       N/A
External Public Debt               27,083    27,297    26,700
Debt Service Payments (paid)        2,695     2,989     3,200
Gold and Foreign Exch. Reserves    13,001    12,656    11,000
Trade Balance 5/                    1,689     3,209     7,700
  Trade Balance with U.S.           2,386     3,387     4,200

N/A--Not available.

1/ U.S. Embassy estimates based on information available in
October 1994.
2/ GDP at factor cost.
3/ Figures are actual, average annual interest rates, not rates
of change.
4/ Annual averages.  Venezuela adopted a fixed single exchange
rate of 170 bolivars to the dollar on July 11, 1994.  A
parallel exchange market is currently illegal.
5/ Merchandise trade.

1.  General Policy Framework

    Venezuela's long-term potential as a market for U.S.
business remains positive, although 1995 will be difficult. 
The country has a moderately well-established economic
infrastructure and an impressive potential for economic growth
in petroleum, natural gas, hydroelectric power, iron ore, coal,
bauxite, and gold.  Venezuela is a major oil producer/exporter
and a founding member of OPEC.  The petroleum sector dominates
the economy, but the government is encouraging the development
of nontraditional basic export industries, such as
petrochemicals, aluminum, steel, cement, forestry, manufactured
consumer products, and mining.

    The bulk of accumulated foreign investment in Venezuela is
from the United States.  The United States remains Venezuela's
chief trading partner, absorbing 55 percent of its exports and
supplying 51 percent of its imports in 1993.  In December 1994 
ratified the G-3 Free Trade Agreement between Venezuela,
Colombia and Mexico.  Venezuela has also ratified the Uruguay
Round agreements and became a founding member of the World
Trade Organization (WTO) on January 1, 1995. 

    After three years of solid economic growth, Venezuela's
economy went into recession in 1993 with real GDP falling by 1
percent.  This contributed to a major financial sector collapse
in early 1994, followed by an even more severe contraction of
the economy.  GDP is expected to drop by more than 5 percent in

    The government recorded a fiscal deficit of about 3.6
percent of GDP for the consolidated public sector in 1993.  Tax
revenues from the petroleum sector as a share of GDP have
declined substantially in recent years as international
petroleum prices in real terms have fallen and non-oil revenues
have increased.  As a result, oil revenues are expected to
provide less than 50 percent of total revenues in 1994.  As a
result of the federal government bailout of the banking sector,
the government's fiscal deficit could climb to 15 percent for

    Financing of the deficit has been accomplished primarily
through the issuance of treasury bills ranging in maturity up
to two years, but heavily weighted toward the short-term. 
Substantial financial support to the commercial banking sector
in 1994 has principally been supplied through borrowing from
the Central Bank.  The government has forecast a modest rebound
in output and a budget surplus for 1995.  Economic and fiscal
performance will depend on several factors, including ongoing
application of price and exchange controls, continuing problems
in the financial sector, proceeds from the privatization
process, and international petroleum prices. 

    The Central Bank operated a tight monetary supply in 1993. 
In real terms, M2 lost 18.84 percent.  However, in 1994
government assistance to the financial sector overwhelmed
attempts to restrict liquidity.  From the end of 1993 through
August 1994, although M2 decreased 8 percent in real terms, it
expanded by 33 percent in nominal terms.  During 1993 and 1994,
the government has relied primarily on 91- and 181-day zero
coupon bonds to soak up excess liquidity.  Inflation has been
on the rise the last several years, climbing from 32 percent in
1992 to 46 percent in 1993.  Prices for items in the CPI basket
increased by about 50 percent for the first eight months of
1994.  For the year, inflation is expected to reach 60 percent.

    The Caracas Stock Exchange has fluctuated in recent years. 
The broad market index decreased 32 percent in 1992, but
climbed 10 points in 1993.  Foreign investment in the stock
market dropped in 1994 with the imposition of exchange controls
in July, but the market index hit a new high in September 1994,
bid up by local investors without dollar instrument investment

2.  Exchange Rate Policy

    From November 1992 to April 1994, Venezuela's Central Bank
implemented a crawling peg exchange rate regime of daily
minidevaluations.  In May, an auction system was introduced to
stem capital flight prompted by a lack of confidence in the
economy following a massive bailout of troubled banks and
resignation of the Central Bank President.  Central Bank
reserves, which stood at $12.7 billion at the end of 1993,
dropped to $9.0 billion by the end of June 1994.  On July 11,
1994 a fixed exchange rate system was established with a single
rate of 170 bolivars to the dollar, compared to an exchange
rate of 115 at the beginning of April.  

    In addition to a fixed exchange rate, access to foreign
currency is strictly controlled under the new regime.  All
requests for foreign currency must be submitted to the
Technical Exchange Management Office (OTAC).  An Exchange
Control Board sets general policy.  Importers, exporters,
private debt holders, and foreign investors must register with
OTAC prior to submitting an application for currency. 
Procedures under the new exchange control regime are still
evolving.  Currency transactions conducted outside the official
system are illegal and legislation is pending that would impose
heavy penalties for violations.  The Venezuelan government has
characterized the new controls as temporary, but after six
months of controls has not yet set a date for their elimination.

3.  Structural Policies

    In 1994, the Venezuelan government adopted a mix of
heterodox measures to respond to the economic recession and
collapse of the financial sector.  The government suspended
constitutional economic guarantees, using this mechanism as the
basic framework to implement foreign exchange and price
controls on a variety of goods (primarily essential goods 
such as foods) and services (parking, funeral services, laundry
and drycleaning, and cinemas).  The stringent government
regulations for obtaining foreign exchange have disrupted lines
of credit for the private and public sector.  No progress has
been made on raising the domestic price of gasoline, which is
below the marginal cost of production; on reforming the
severence pay system; or in trimming public sector
participation in the economy through privatization of state

    A major income tax reform designed to improve government
tax collection and increase revenues in the nonpetroleum sector
was implemented in mid-1994.  The maximum rate for individuals
and corporations increased from 30 to 34 percent.  Venezuelan
tax law does not differentiate between foreign-owned and
Venezuelan-owned companies, with the exception of the petroleum
sector.  Hydrocarbon revenues of the state petroleum company,
PDVSA, are subject to a tax rate of 67.7 percent.  However,
joint-ventures between PDVSA and private companies in the
production and processing of off-shore natural gas and
extra-heavy crudes and bitumens are taxed at the lower
34-percent rate.  Venezuela imposes a one percent assets tax,
assessed on the gross value of assets (with no deduction for
liabilities) after adjustments for depreciation and inflation. 
It is deductible for income tax purposes.  An investment tax
credit of 10 percent is available for the purchase of capital
goods to be used in manufacturing processes.

    The government also has implemented a temporary,
controversial 0.75 percent financial debit tax on financial
transactions that covers credit card charges, withdrawal of
funds and other debits to checking accounts, saving accounts,
trust funds, and other money market funds; it may be continued
beyond the end of 1994.  A value added tax, which was applied
at the wholesale level in late 1993, was converted to a
"wholesale" tax in August 1994 and applied to all goods and
services, including imports.  The wholesale tax rate is to be
defined each year within a range of 5 to 20 percent.  The rate
through the end of 1994 is 10 percent.  An additional luxury
tax of 10 or 20 percent for certain items was also established
in mid-1994.  

    The Venezuelan tariff schedule has been substantially
liberalized, and quantitative restrictions have been almost
completely removed (prohibitions remain on used vehicles, used
tires and used clothing).  With its accession to the General
Agreement on Tariffs and Trade (GATT) on September 1, 1990,
Venezuela agreed to bind its tariff rate to a 40-percent
ceiling.  Venezuela's present maximum tariff rate is 20
percent, with the exception of a 35-percent tariff rate applied
to passenger vehicles as part of the Andean Pact Common
Automotive Policy.  The country's average import tariff on a
trade-weighted basis is around 10 percent.  Sensitive
agricultural products (milk, meat, rice, wheat, feedgrains,
oilseeds, and sugar) are subject to a price band system which
imposes a variable surcharge in addition to the duty when the
futures market for these commodities drops below trigger
prices.  In addition, the Venezuelan tariff legislation permits
the duty to be temporarily increased by 60 percent (e.g., from
20 percent to 32 percent) should the Economic Cabinet determine
that import of these products pose a particular threat.

4.  Debt Management Policies

    As of December 1993, Venezuela's public sector external
debt totaled $27.3 billion, which included $6.7 billion in
nonrestructured external debt (including commercial bank debt
and military promissory notes).  Medium-term private sector
debt totaled an estimated $5.3 billion.  External debt
represents about 54 percent of GDP.  In 1993, Venezuela's debt
service payments totaled about $2.7 billion, or 19 percent of
total exports.  Debt service payments for 1994 are estimated to
reach $3.2 billion, or 21 percent of total exports.

    Relations with commercial creditors have deteriorated
because the high inflation rate has increased the cost of
servicing external debt obligations.  In addition, stringent
foreign exchange controls have slowed debt payments to official
and commercial creditors.  Due to higher US interest rates and
downgrading of Venezuelan debt, the cost of borrowing has also

    In December 1990, the government rescheduled $19.8 billion
in commercial bank debt within the context of the Brady Plan. 
Current government policy does not include an adjustment
program with the IMF; The World Bank and Inter-American
Development Bank are providing multi-year sectoral loans to
assist with economic restructuring and infrastructure programs.

5.  Significant Barriers to U.S. Exports

    Import Licenses:  Venezuela no longer has an import
licensing regime.  Sanitary and phytosanitary certificates from
the Ministries of Health (Nota 3) and Agriculture (Nota 6),
however, are required for most agricultural and pharmaceutical
imports.  The nota 6 requirement is used aggressively by the
Ministry of Agriculture, in effect banning U.S. poultry and
pork imports.

    Service Barriers:  Foreign equity participation in
enterprises engaged in television, radio, Spanish language
press, and professional services subject to licensing
legislation, is limited to 19.9 percent.  As of January 1,
1994, banks from countries that provide reciprocal access to
Venezuelan institutions may establish branches and 100 percent
foreign-owned subsidiaries or acquire 100 percent equity in
existing banks.  Foreign companies now receive national
treatment in the insurance sector.  The sector was opened to
foreign investment through reforms to the Insurance and
Reinsurance Law, which were gazetted on December 23, 1994 in
the Extraordinary Gazette Number 4.822.

    Standards, Testing, Labeling and Certification:  The
Venezuelan Commission of Industrial Standards (COVENIN)
requires certification from COVENIN-approved laboratories for
imports of over 300 agricultural and industrial products.  U.S.
exporters have experienced difficulties in complying with the
documentary requirements for issuance of COVENIN certificates.  

    The Consumer Law, which went into effect in May 1992,
contains provisions regulating labeling.  All goods placed on
sale must bear a label indicating price to the public and
expiration date (where appropriate).  In the event of future
price increases, goods in stock with previous price labels must
be sold at no more than the prior price.

    Investment Barriers:  Pursuant to Executive Decree 2095,
published February 13, 1992, foreign equity participation is
unlimited in all sectors of the economy, except those
specifically restricted.  Prior government approval is not
required for investment in those sectors covered by the
decree.  Investors must simply register with the Superintendent
of Foreign Investment within 60 days following the investment. 
Decree 2095 also guarantees the right of foreign investors to
repatriate profits and permits shares of foreign companies to
be publicly sold.  The repatriation of capital has been
complicated by the imposition of foereign exchange controls in
June 1994.  However, the Venezuelan govenment is attempting to
resolve these difficulties through the publication of a series
of specific relolutions by the Foreign Exchange Board.

    In addition to the sectorial restrictions noted above under
"Service Barriers," foreign investment is restricted in the
petroleum sector.  The exploration, exploitation, refining,
transportation, storage, and foreign and domestic sales of
hydrocarbons are reserved to the Venezuelan government or to
its entities.  When in the public interest, the government may
enter into agreements with private companies, as long as the
agreements guarantee state control of the operation, are of
limited duration, and have the prior authorization of the
legislature meeting in joint session.

    The Andean Pact Common Automotive Policy, which entered
into force on January 1, 1994, obligates auto assemblers in
Venezuela to satisfy a minimum percentage foreign exchange
contribution, to offset foreign exchange spent on imports, and
a minimum precentage regional content.  An addendum to the
policy, which will take effect on January 1, 1995, eliminates
the Venezuelan foreign exchange balancing requirement and
modifies the formula for calculating regional content.

    The Organic Labor Law, passed on May 1, 1991, limits
foreign employment in companies with ten or more employees, to
10 percent of the payroll.  Remuneration for foreign workers
must not exceed 20 percent of total wages paid.  Foreigners are
prohibited from offering any of the professional services
subject to licensing legislation (e.g. attorneys, architecture
and engineering, medical professions, veterinary practice,
economists, business administration/management, and accounting)
unless they revalidate their title at a Venezuelan university.

    Government Procurement Practices:  The Law of Tenders,
published on August 10, 1990 and subsequently modified though
Decree 1906 on October 30, 1991, provides for three methods of
procurement, depending mainly on the value of the goods and
services being procured.  For general or selective tenders
which are within a reasonable range, this law permits, but does
not require, preference to be given in awarding contracts to
offers based on the extent to which they include national
content, labor, investment, technology transfer, etc.  PDVSA is
required to purchase national materials and supplies; foreign
purchases are permitted only if domestic firms cannot meet
quantity, quality, or delivery requirements.  Imported
materials supplied by local representatives of foreign
manufacturers are classified as "domestic purchases."  Foreign
firms that supply PDVSA must register with PDVSA's unified
suppliers register or with the unified contractors registry. 
Venezuela is not a signatory of the GATT Government Procurement

    Customs Procedures:  Customs clearance procedures are time
consuming, and delays can occur if documents are not in order. 
Venezuela is not a signatory of the GATT Customs Valuation Code.

6.  Export Subsidies Policies

    Venezuela has reduced the number and type of export
incentives, but has retained a duty drawback system which
enables exporters to receive a rebate on duties paid on
imported inputs.  The current system was established under
Finance Ministry resolution 2603, dated June 10, 1994.  Under
the program, exporters must submit to Venezuelan customs
information on the quantity of exports, imported and national
inputs, and waste.  The duty drawback is calculated by means of
a formula which takes into account the exporter's production
efficiency.  Maximum rebates, which are expressed as a
percentage of the export free-on-board (FOB) price, have been
established by productive sector.  Rebates are given in the
form of Certificados de Reintegro Tributario (CERTs), which are
denominated in local currency.  CERTs are negotiable and
transferrable, and can be used to cancel duty payments.  The
Wholesale and Luxury Tax Law, enacted August 1, 1994, also
provides for a rebate of the wholesale tax paid on imports used
in producing goods for export.  The rebate is in the form of a
tax credit, which is negotiable on the secondary market.

    A joint resolution of the Foreign and Finance Ministries,
published June 13, 1991, lists those agricultural products for
which an export bonus is available.  The program provides a
credit against an exporters tax liability of one percent for
certain agricultural items whose national value added is from
30 to 98 percent.  For products whose value added is from 99 to
100 percent, exporters are eligible for a credit of 10 percent
of the FOB value.

7.  Protection of U.S. Intellectual Property

    Venezuela does not yet provide an adequate and effective
level of protection of intellectual property rights. 
Traditionally, Venezuela's intellectual property rights (IPR)
regime has tended to protect national industries and firms. 
Nonetheless, recent changes have taken place which may benefit
U.S. and other foreign firms by improving IPR protection. 
Specifically, on October 1, 1993, a new copyright law entered
into force which strengthens copyright protection and increases
sanctions for violation of the law.  Andean Pact Decisions 344
and 345, which became effective January 1, 1994, have improved
protection for patent and trademarks, and plant varieties,

    Venezuela is a member of the World Industrial Property
Organization (WIPO) and is a signatory to the Bern Convention
for the Protection of Literary and Artistic Works, the Geneva
Phonograms Convention, and the Universal Copyright Convention. 
The Chamber of Deputies approved legislation for Venezuela's
accession to the Paris Convention for the Protection of
Industrial Property on December 8, 1994, following Senate
approval of the measure on October 31.  President Caldera is
expected to sign the law before the end of the year.  Venezuala
is not yet a signatory to the Patent Cooperation Treaty and the
Brussels Convention Relating to the Distribution of
Program-Carrying Signals Transmitted by Satellite.  Venezuela
signed the Uruguay Round TRIPS Agreement and plans to implement
it, along with the World Trade Organization, from January 1,
1995.  The U.S. Trade Representative has placed Venezeula on
the Special 301 "Watch List" as a result of its annual
assessment under Section 301 of the 1988 Omnibus Trade and
Competitiveness Act, most recently, in April 1994. 

    Patents:  Although Decision 344 extended the patent term to
20 years; narrowed compulsory licensing arrangements; and
lifted the ban on patentability of pharmaceutical products
(except for those included on the World Health Organization
list of essential medicines), deficiencies remain.  Among
these, the Decision did not grant transitional or pipeline
protection for technologies previously excluded from patent
eligibility (particularly pharmaceuticals and agricultural
chemicals), working requirements were retained (although
importation can be used to satisfy the requirement), and
parallel imports are allowed.  Few patents have been enforced
under past and current law.

    Trademarks:  Decision 344 strengthened protection for
well-known trademarks, prohibits the coexistence of similar
marks, and provides for cancellation of trademark registrations
for "nonuse" within the Andean Pact for three years or on the
basis of "bad faith."  However, problems remain with the
registration process.  Application procedures enable local
pirates to continue producing and selling counterfeit products
during lengthy opposition proceedings, often lasting for
years.  Trademark piracy is common in the clothing, toy, and
sporting goods areas and enforcement remains poor. 

    Copyrights:  Venezuela's Copyright Law is modern and
comprehensive (Andean Pact Decision 351, which was adopted in
December 1993, complements the Venezuelan law).  Venezuela's
law extended copyright protection to all creative works,
including computer software.  The law is currently in force and
is being used aggressively by private concerns to combat
piracy.  However, the Venezuelan government has yet to pass
regulations establishing a National Copyright Office, as
mandated under the law.  The National Copyright Office is to
play a key role in enforcement efforts.  Computer software and
videotape piracy is still rampant and unauthorized interception
and retransmission of U.S. satellite signals and services is
widespread.  A local association of computer program companies
estimates that 72 out of every 100 programs used in the country
is pirated.  According to the International Intellectual
Property Alliance (IIPA), some of the largest pirate videotape
manufacturing laboratories in South America are located in 
Venezuela.  Pirate copies are sold on the domestic market as
well as exported to a number of countries in the region,
including the United States.

    New Technologies:  Computer software, satellite signals and
cable television are covered under Venezuela's Copyright Law
and Decision 351.  Decision 344 excludes from patent protection
diagnostic procedures, animals, genetic material obtained from
humans, and many natural products.  However, Decision 344
includes provisions for the protection of industrial secrets. 

    The IIPA estimated that U.S. trade losses due to inadequate
copyright protection in Venezuela were approximately $123
million in 1993.  Piracy of computer programs accounted for the
largest losses ($51 million), followed by motion pictures ($40
million), books ($20 million), and records and music ($12
million).  Comprehensive estimates for losses due to patent and
trademark infringement were not available.  However, at least
one company has estimated its losses due to trademark piracy in
Venezuela at $170 million between 1987 and 1993.

8.  Worker Rights

    a. The Right of Association

    Both Venezuela's Constitution and its labor law recognize
and encourage the right of unions to exist.  The comprehensive
labor law enacted in 1990 extends to all public sector and
private sector employees (except members of the armed forces)
the right to form and join unions of their choosing.  There are
no restrictions on this right in practice and no special rules
or laws governing labor relations in export processing zones. 
One major union confederation, the Venezuelan Confederation of
Workers (CTV), and three small ones, as well as a number of
independent unions, operate freely in Venezuela.  About 25
percent of the national labor force is unionized.

    b.  The Right to Organize and Bargain Collectively

    Collective bargaining is protected and encouraged by the
1990 labor law and is freely practiced throughout Venezuela. 
According to the law, employers "must negotiate" a collective
contract with the union that represents the majority of their
workers.  It contains a provision stating wages may be raised
by administrative decree, provided Congress approves the
decree.  The law prohibits employers from interfering with the
formation of unions or with their activities and from
stipulating as a condition of employment that new workers must
abstain from union activity or must join a specified union.

    c.  Prohibition of Forced or Compulsory Labor

    There is no forced or compulsory labor in Venezuela.  The
1990 labor law states that no one may "obligate others to work
against their will."

    d.  Minimum Age for Employment of Children

    The 1990 labor law allows children between the ages of 12
and 14 to work if given special permission by the National 
Institute for Minors or the Labor Ministry.  Children between
the ages of 14 and 16 can work if given permission by their
legal guardians.  Minors may not work in mines, smelters, in
occupations "that risk life or health" or in occupations that
could damage intellectual or moral development, or in "public
spectacles."  For those under 16, the work day may not exceed
six hours or the work week, 30 hours.  Minors under 18 can work
only during the hours between 6 a.m. and 7 p.m.

    e.  Acceptable Conditions of Work

    Venezuela has a national urban minimum wage rate ($90
monthly) and a national rural minimum wage rate ($60 monthly). 
(To this should be added mandatory fringe benefits that vary
with the workers' individual circumstances but, in general,
would increase wages by about one-third.)  Only domestic
workers and concierges are legally excluded from coverage under
the minimum wage decrees.  The 1990 labor law reduced the
standard work week to a maximum of 44 hours.  Overtime may not
exceed two hours daily, ten hours weekly, or 100 hours annually
and may not be paid at a rate less than time-and-a-half. 
Sundays are declared to be holidays, and those who must work on
Sundays are entitled to a full day of rest during the following
week.  The 1990 labor law stated that employers are obligated
to pay specified amounts (up to a maximum of 25 times the
minimum monthly salary) to workers for accidents or
occupational sicknesses regardless of who is responsible for
negligence.  It also declared work places must maintain
"sufficient protection for health and life against sicknesses
and accidents," and it imposed fines from one-quarter to two
times the minimum salary for first infractions.

    f.  Rights in Sectors with U.S. Investment

    Labor rights and conditions of work in sectors in which
there is U.S. investment are provided the same protection as
other workers.  In many cases, the wages and working conditions
for those in U.S.-affiliated industries appear to be better
than average.

  Extent of U.S. Investment in Selected Industries.--U.S. Direct
Investment Position Abroad on an Historical Cost Basis--1993

                    (Millions of U.S. dollars)
              Category                          Amount          

Petroleum                                               198
Total Manufacturing                                   1,371
  Food & Kindred Products                   221
  Chemicals and Allied Products             255
  Metals, Primary & Fabricated              (1)
  Machinery, except Electrical              (1)
  Electric & Electronic Equipment            35
  Transportation Equipment                  438
  Other Manufacturing                       316
Wholesale Trade                                         223
Banking                                                 (1)
Finance/Insurance/Real Estate                           156
Services                                                (1)
Other Industries                                        281
TOTAL ALL INDUSTRIES                                  2,295    

(1) Suppressed to avoid disclosing data of individual companies

Source: U.S. Department of Commerce, Bureau of Economic

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