C, IOM, ISO, ITU, LAES, LAIA, LORCS, MINURSO, NAM,
OAS, ONUSAL, OPANAL, OPEC, PCA, RG, UN, UNCTAD, UNESCO, UNHCR, UNIDO,
UNIKOM, UNPROFOR, UPU, WCL, WFTU, WHO, WIPO, WMO, WTO
Diplomatic representation in US:
chief of mission:
Ambassador Simon Alberto CONSALVI Bottaro
chancery:
1099 30th Street NW, Washington, DC 20007
telephone:
(202) 342-2214
consulates general:
Baltimore, Boston, Chicago, Houston, Miami, New Orleans, New York,
Philadelphia, San Francisco, and San Juan (Puerto Rico)
US diplomatic representation:
chief of mission:
Ambassador Michael Martin SKOL
embassy:
Avenida Francisco de Miranda and Avenida Principal de la Floresta, Caracas
mailing address:
P. O. Box 62291, Caracas 1060-A, or APO AA 34037
telephone:
[58] (2) 285-2222
FAX:
[58] (2) 285-0336
consulate:
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

*Venezuela, Economy

Overview:
Petroleum is the backbone of the economy, accounting for 23% of GDP, 70% of
central government revenues, and 82% of export earnings in 1992. President
PEREZ introduced an economic readjustment program when he assumed office in
February 1989. Lower tariffs and the removal of price controls, a free
market exchange rate, and market-linked interest rates threw the economy
into confusion, causing an 8% decline in GDP in 1989. However, the economy
recovered part way in 1990 and grew by 10.4% in 1991 and 7.3% in 1992, led
by the non-petroleum sector.
National product:
GDP - exchange rate conversion - $57.8 billion (1992 est.)
National product real growth rate:
7.3% (1992 est.)
National product per capita:
$2,800 (1992 est.)
Inflation rate (consumer prices):
32% (1992 est.)
Unemployment rate:
8.4% (1992 est.)
Budget:
revenues $13.2 billion; expenditures $13.1 billion, including capital
expenditures of $NA (1992)
Exports:
$14.0 billion (f.o.b., 1992 est.)
commodities:
petroleum 82%, bauxite and aluminum, iron ore, agricultural products, basic
manufactures
partners:
US 50.7%, Europe 13.7%, Japan 4.0% (1989)
Imports:
$12.4 billion (f.o.b., 1992 est.)
commodities:
foodstuffs, chemicals, manufactures, machinery and transport equipment
partners:
US 44%, FRG 8.0%, Japan 4%, Italy 7%, Canada 2% (1989)
External debt: