FAX: [1] (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
Donna J. HRINAK
embassy: Calle F con Calle Suapure, Urbanizacion Colinas de Valle Arriba, Caracas 1080
mailing address: P. O. Box 62291, Caracas 1060-A; APO AA 34037
telephone: [58] (2) 975-6411
FAX: [58] (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: 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. Venezuelan officials estimate that GDP grew by 3.2% in 2000. A strong rebound in international oil prices fueled the recovery from the steep recession in 1999. Nevertheless, a weak nonoil sector and capital flight undercut the recovery. The bolivar is widely believed to be overvalued by as much as 50%. The government is still rebuilding after massive flooding and landslides in December 1999 caused an estimated $15 billion to $20 billion in damage.