Simon Alberto CONSALVI
Bottaro; Chancery at 2445 Massachusetts Avenue NW, Washington DC 20008;
telephone (202) 797-3800; there are Venezuelan Consulates General in
Baltimore, Boston, Chicago, Houston, Miami, New Orleans, New York,
Philadelphia, San Francisco, and San Juan (Puerto Rico);

US--Ambassador Michael Martin SKOL; Embassy at Avenida Francisco
de Miranda and Avenida Principal de la Floresta, Caracas (mailing address
is P. O. Box 62291, Caracas 1060-A, or APO Miami 34037);
telephone [58] (2) 285-3111 or 2222; there is a US Consulate in Maracaibo

_#_Flag: three equal horizontal bands of yellow (top), blue, and red
with the coat of arms on the hoist side of the yellow band and an arc of
seven white five-pointed stars centered in the blue band

_*_Economy
_#_Overview: Petroleum is the cornerstone of the economy and accounted
for 21% of GDP, 60% of central government revenues, and 81% of export
earnings in 1989. President Perez introduced an economic readjustment
program when he assumed office in February 1989. Lower tariffs and
price supports, a free market exchange rate, and market-linked interest
rates have thrown the economy into confusion, causing about an 8%
decline in GDP in 1989, but the economy recovered part way in 1990.

_#_GDP: $42.4 billion, per capita $2,150; real growth rate 4.4%
(1990 est.)

_#_Inflation rate (consumer prices): 40.7% (1990)

_#_Unemployment rate: 10.4% (1990)

_#_Budget: revenues $8.4 billion; expenditures $8.6 billion,
including capital expenditures of $5.9 billion (1989)

_#_Exports: $12.1 billion (f.o.b., 1989 est.);

commodities--petroleum 81%, bauxite and aluminum, iron ore,
agricultural products, basic manufactures;

partners--US 50.7%, Europe 13.7%, Japan 4.0% (1989)

_#_Imports: $8.7 billion (f.o.b., 1989);

commodities--foodstuffs, chemicals, manufactures, machinery and
transport equipment;

partners--US 44%, FRG 8.0%, Japan 4%, Italy 7%, Canada 2% (1989)

_#_External debt: $33.2 billion (1990)

_#_Industrial production: growth rate - 11% (1989 est.); accounts for
one-fourth of GDP, including petroleum

_#_Electricity: 19,733,000 kW capacity; 54,660 million kWh produced,
2,780 kWh per capita (1990)

_#_Industries: petroleum, iron-ore mining, construction materials,
food processing, textiles, steel, aluminum, motor vehicle assembly

_#_Agriculture: accounts for 6% of GDP and 16% of labor force;
products--corn, sorghum, sugarca