Page 93 - Azerbaijan State University of Economics

Iurii Korobeinikov: Dutch disease and Venezuelan economics in retrospective

Fig.9. Real prices of Venezuelan oil exports.

Source: Palma, 2011, based on the Ministry of Energy and Mining, US
Fig.10. High tech exports, % of manufacturing exports of Venezuela.

Korobeinikov, 2014, based on statistical data of World Bank
So, there are clear evidences that in the periods of high market prices on oil there were

“booms” in the resource sector of Venezuela, in other words, two symptoms from mentioned

before: 2) Booming resource sector is also detected and, 4) Declining or stagnation of the

manufacturing sector end high value-added sector.

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