Diplomatic representation from the US:
chief of mission: Ambassador William R. BROWNFIELD
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] (212) 975-9234, 975-6411
FAX: [58] (212) 975-8991
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
eight white five-pointed stars centered in the blue band
Economy Venezuela
Economy - overview:
Venezuela remains highly dependent on oil revenues, which account
for roughly 90% of export earnings, more than 50% of the federal
budget revenues, and around 30% of GDP. Tax collection-Venezuela's
primary source of non-oil revenue-is expected to surpass $23 billion
in 2006, exceeding the yearend collection goal by more than 20%. A
nationwide strike between December 2002 and February 2003 had
far-reaching economic consequences - real GDP declined by around 9%
in 2002 and 8% in 2003 - but economic output since then has
recovered strongly. Fueled by higher oil prices, record government
spending helped to boost GDP growth in 2004 and 2005 to
approximately 18% and 11%, respectively. Economic growth in 2006
reached around 9%. This spending, combined with recent minimum wage
hikes and improved access to domestic credit, has fueled a
consumption boom - car sales in 2006 increased by around 70% - but
has come at the cost of higher inflation. Despite government
attempts to withdraw liquidity from the economy, Venezuela's money
supply set a record in June 2006, approximately 70% higher than the
previous year. Imports have also jumped significantly.
GDP (purchasing power parity):
$176.4 billion (2006 est.)
GDP (official exchange rate):
$147.9 billion (2006 est.)
GDP - real growth rate:
8.8% (2006 est.)
GDP - per capita (PPP):
$6,900 (2006 est.)
GDP - composition by sector: agriculture: 3.7% industry: 41% services: 55.3% (2006 est.)
Labor force: 12.5 million (November 2006 est.)