Diplomatic representation: Ambassador 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-designate Eric JAVITS; 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) 284-6111 or 7111; 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 17% of GDP, 52% of central government revenues, and 81% of export earnings in 1988. 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.
GDP: $52.0 billion, per capita $2,700; real growth rate - 8.1% (1989 est.)
Inflation rate (consumer prices): 80.7% (1989)
Unemployment rate: 7.0% (1988)
Budget: revenues $8.4 billion; expenditures $8.6 billion, including capital expenditures of $5.9 billion (1989)
Exports: $10.4 billion (f.o.b., 1988); commodities—petroleum 81%, bauxite and aluminum, iron ore, agricultural products, basic manufactures; partners—US 50.3%, FRG 5.3%, Japan 4.1% (1988)
Imports: $10.9 billion (f.o.b., 1988); commodities—foodstuffs, chemicals, manufactures, machinery and transport equipment; partners—US 44%, FRG 8.5%, Japan 6%, Italy 5%, Brazil 4.4% (1987)
External debt: $33.6 billion (1988)