Diplomatic representation in US:
chief of mission: Ambassador Pedro Luis ECHEVERRIA
chancery: 1099 30th Street NW, Washington, DC 20007
telephone: [1] (202) 342-2214
consulate(s) general: Boston, Chicago, Houston, Miami, New Orleans,
New York, San Francisco, and San Juan (Puerto Rico)
US diplomatic representation:
chief of mission: Ambassador Jeffrey DAVIDOW
embassy: Avenida Francisco de Miranda and Avenida Principal de la
Floresta, Caracas
mailing address: P. O. Box 62291, Caracas 1060-A; APO AA 34037
telephone: [58] (2) 285-2222, 3111
FAX: [58] (2) 285-0366
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: Despite efforts to broaden the base of the economy, petroleum continues to play a dominant role. In 1994, as GDP declined 3.3%, the oil sector - which accounts for 24% of the total - enjoyed a 6% expansion, provided 45% of the budget revenues, and generated 70% of the export earnings. President CALDERA, who assumed office in February 1994, has used an interventionist, reactive approach to managing the economy, instituting price and foreign exchange controls in mid-year to slow inflation and stop the loss of foreign exchange reserves. The government claims it will remove these controls once inflationary pressures abate, but the $8 billion bailout of the banking sector in 1994 has made it difficult for the government to make good on its promise. Economic controls, coupled with political uncertainty driven by recurrent coup rumors, continue to deter foreign and domestic investment; private forecasters see the recession persisting for a third year in 1995.
National product: GDP - purchasing power parity - $178.3 billion (1994 est.)
National product real growth rate: -3.3% (1994 est.)
National product per capita: $8,670 (1994 est.)
Inflation rate (consumer prices): 71% (1994 est.)
Unemployment rate: 9% (1994 est.)