International organization participation: CAN, Caricom
(observer), CCC, CDB, ECLAC, FAO, G- 3, G-11, G-15, G-19, G-24,
G-77, IADB, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IFAD, IFC, IFRCS,
IHO, ILO, IMF, IMO, Intelsat, Interpol, IOC, IOM, ISO, ITU, LAES,
LAIA, MINURSO, NAM, OAS, OPANAL, OPCW, OPEC, PCA, RG, UN, UNCTAD,
UNESCO, UNHCR, UNIDO, UNIKOM, UNU, UPU, WCL, WFTU, WHO, WIPO, WMO,
WToO, WTrO
Diplomatic representation in the US:
chief of mission: Ambassador (vacant)
chancery: 1099 30th Street NW, Washington, DC 20007
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
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
Economy
Economy—overview: 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. As a result, the steep downturn in international oil prices has had a severe impact on the economy; fiscal cuts spurred by the loss of revenues, high interest rates, and the sharp downturn in export earnings drove the economy into recession in 1998. The recession continued into 1999 with oil prices forecast to stay relatively low, but rising. Although the government has pursued moderate austerity measures to address the downturn in revenues, Venezuela's ongoing reform program has largely stalled. Pressure on the bolivar—overvalued by as much as 40%—was also significant through much of 1998, increasing the probability of an adjustment of the currency in 1999. Newly elected President Hugo CHAVEZ will be hard pressed to address Venezuela's many economic ills. He has promised to strike a balance between reforms designed to address the structural deformities of the economy and addressing declining living standards. CHAVEZ has sought to play down the populism that marked his political campaign for the presidency in an effort to allay investor concerns. The wide range of viewpoints represented on CHAVEZ's economic team is likely to make rapid implementation of a coherent policy difficult.
GDP: purchasing power parity—$194.5 billion (1998 est.)
GDP—real growth rate: -0.9% (1998 est.)
GDP—per capita: purchasing power parity?$8,500 (1998 est.)
GDP—composition by sector: agriculture: 4% industry: 63% services: 33% (1997 est.)