Flag and Facts

Image courtesy of Media From Wix

Significance of the Flag

Venezuela's flag has three colors arranged in rows. From top to bottom, they are: yellow, blue and red. Each color symbolizes something.

Yellow:

The richness of the land

Blue:

The bravery of the country

Red:

The blood shed in the fight for independence

The flag of Venezuela was created by revolutionary leader Francisco de Miranda, who chose the colors yellow, blue and red for the flag. The flag comes from the flag of Gran Colombia and retains many of the elements in the Gran Colombia flag. In the flag, the color yellow signifies the riches of the land. The color blue signifies the braveness of the people and the color red signifies the blood that was shed when Venezuela was trying to gain independence. The flag also has eight stars, seven of which represent the seven provinces of Venezuela that united in war for independence. The eight star was added in 2006 by then president Hugo Chavez, for the purpose of conforming the flag to the design originally outlined by Simon Bolívar in 1827, representing the historic province of Guyana.

Infographic

The Economy of Venezuela

The economy of Venezuela is based on the production of petroleum, natural gas, and minerals such as iron ore, nickel, natural gas, and bauxite, which are the main ingredients in the production of aluminum products. From the 1940s to 1970, Venezuela was the world’s largest producer of petroleum products. The country heavily relied and still relies on earnings from oil to modernize its infrastructure; its slogan is “sembrando el petróleo,” which translates to “sowing the oil.” The other deposits of minerals, mainly iron ore, nickel, and bauxite, also contribute to the country’s economy, but much less than oil. Natural gas is also a major export of Venezuela. Hydroelectric power was also used to expand the economy. Venezuela has three major exports (petroleum, natural gas, and bauxite) but imports many plastic products, wheat, and soybean oil. The president of Venezuela at the time, Hugo Chavez, also mismanaged the petroleum industry, lowering profits. In 2014, world oil prices plummeted, and the Venezuelan economy was in “free fall.” The country’s GDP declined by 75%, and the COVID pandemic reached, making the country become even more desperate. Mismanagement of the oil industry again further brought down the Venezuelan economy, and a state-owned company called PDSVA assumed control over oil production. Despite its economy being in a bad situation, Venezuela still has significant oil and natural gas reserves, with large bauxite reserves being discovered in the 1970s, meaning it is rich in natural resources.