Political parties and leaders: Democratic Action or AD ;
Fifth Republic Movement or MVR ; Homeland for All or PPT
; Movement Toward Socialism or MAS ; National
Convergence or Convergencia ; Radical Cause or La Causa R
; Social Christian Party or COPEI
Political pressure groups and leaders: FEDECAMARAS, a conservative business group; VECINOS groups; Venezuelan Confederation of Workers or CTV (labor organization dominated by the Democratic Action)
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 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.)