The Venezuelan government has expropriated 174 companies in 2010 alone, according to a new report from COINDUSTRIA. At least 129 are related to the oil and energy sector. 15 food companies and supermarkets have been expropriated as well since January. The rate of private property expropriations has now risen 923.5% since 2007.

COINDUSTRIA is a trade association representing the Venezuelan industrial sector. In total, it represents over half a million Venezuelans.

“The Government compensates the companies that have an embassy to claim their rights, while the Venezuelans have no one to defend them,” said Coindustria President Carlos Larrazabal.

Economist Asdrubal Oliveros of Ecoanalitica estimates that the government is spending 11% of its GDP on nationalization alone.