PO, WMO, WToO, WTrO

Diplomatic representation in the US:
chief of mission: Ambassador Alfredo TORO Hardy
chancery: 1099 30th Street NW, Washington, DC 20007
telephone: (202) 342-2214
FAX: (202) 342-6820
consulate(s) general: Boston, Chicago, Houston, Miami, New Orleans,
New York, San Francisco, and San Juan (Puerto Rico)

Diplomatic representation from the US:
chief of mission: Ambassador John Francis MAISTO
embassy: Calle F con Calle Suapure, Colinas de Valle Arriba, Caracas
1060
mailing address: P. O. Box 62291, Caracas 1060-A; APO AA 34037
telephone: (2) 975-6411
FAX: (2) 975-6710

Flag description: 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

Economy - overview: Venezuelan officials estimate the economy
contracted 7.2% in 1999. A steep downturn in international oil prices
during the first half of the year fueled the recession, and spurred
the CHAVEZ administration to abide by OPEC-led production cuts in an
effort to raise world oil prices. The petroleum sector dominates the
economy, accounting for roughly a third of GDP, around 80% of export
earnings, and more than half of government operating revenues. Higher
oil prices during the second half 1999 took pressure off the budget
and currency; the bolivar is widely believed to be overvalued by as
much as 50%. Despite higher oil prices, the economy remains in the
doldrums, possibly due to investor uncertainty over President CHAVEZ's
reform agenda. Implementing legislation for the new constitution will
not be passed until the second half of 2000, after a new legislature
is elected. With the president's economic cabinet attempting to
reconcile a wide range of views, the country's economic reform program
has largely stalled. The government is seeking international
assistance to finance reconstruction after massive flooding and
landslides in December 1999 caused an estimated $15 billion to $20
billion in damage.

GDP: purchasing power parity - $182.8 billion (1999 est.)

GDP - real growth rate: -7.2% (1999 est.)

GDP - per capita: purchasing power parity - $8,000 (1999 est.)

GDP - composition by sector:
agriculture: 4%
industry: 63%
services: 33% (1997 est.)

Population below poverty line: 67% (1997 est.)

Household income or consumption by percentage share:
lowest 10%: 1.5%
highest