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For further information, visit the website of the Commission for Currency Administration.
Since January 2003, the GBRV has imposed price control policies on basic foodstuffs and processed food products. The Ministry of Agriculture and Lands (Spanish acronym: MAT), Ministry of Food (Spanish acronym: MINPAL), Ministry of Commerce (Spanish acronym: MINCOMERCIO), and the Ministry of Finance (Spanish acronym: MINFINANZAS) are responsible for recommending changes to the controlled-price list.
The main chains are Makro (35 stores) and San Diego (19 stores) in the hypermarket field as well as Central Madeirense (57 stores) and Excelsior Gamma (26 stores) for super and hypermarkets.
(Source: ANSA, 2019 - latest data available)
The oil industry, representing 80% of the exports, also represents 50% of fiscal returns and 25% of the total GDP. Despite stagnating production, the prices on the international market are rising in this sector. The concern is however that in the coming years we will see a deterioration of the oil infrastructures: the striking increase of the governmental taxation of oil company PDVSA's profits leaves it with few means to maintain its costly infrastructure or to continue prospecting in areas that are difficult to reach.
The manufacturing sector alone provides 20% of the GDP. This sector is impeded by the lack of private investment. Main productions are iron work and aluminium work, textile and clothing, which have been growing for several years. These are dynamic sectors driven by exports, by the improving productivity and by the restarting of interior consumption. Food preparation is hampered by the growth of imports and by the price control imposed by the government on products of vital need. Cement and automobile industries are dynamic branches and the State encourages investment in this sector.
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Latest Update: April 2022