Part 881

National holiday: Independence Day, 5 July (1811)

Constitution: 23 January 1961

Legal system: based on Napoleonic code; judicial review of legislative acts in Cassation Court only; has not accepted compulsory ICJ jurisdiction

Suffrage: 18 years of age; universal

Executive branch: chief of state: President Rafael CALDERA Rodriguez (since 2 February 1994); note - the president is both the chief of state and head of government head of government: President Rafael CALDERA Rodriguez (since 2 February 1994); note - the president is both the chief of state and head of government cabinet: Council of Ministers appointed by the president elections: president elected by popular vote for a five-year term; election last held 5 December 1993 (next to be held NA December 1998) election results : Rafael CALDERA Rodriguez elected president; percent of vote - Rafael CALDERA Rodriguez (National Convergence) 30.45%, Claudio FERMIN (AD) 23.59%, Oswaldo ALVAREZ PAZ (COPEI) 22.72%, Andres VELASQUEZ (Causa R) 21.94%, other 1.3%

Legislative branch: bicameral Congress of the Republic or Congreso de la Republica consists of the Senate or Senado (53 seats, two from each state and the Federal District, and retired presidents; members are elected by popular vote to serve five-year terms) and Chamber of Deputies or Camara de Diputados (203 seats; members are elected by popular vote to serve five-year terms) elections: Senate - last held 5 December 1993 (next to be held NA December 1998); Chamber of Deputies - last held 5 December 1993 (next to be held NA December 1998) election results: Senate - percent of vote by party - NA; seats by party - AD 18, COPEI 15, Causa R 9, MAS 5, National Convergence 6; note - three former presidents (2 from AD, 1 from COPEI) hold lifetime Senate seats; Chamber of Deputies - percent of vote by party - AD 27.9%, COPEI 26.9%, MAS 12.4%, National Convergence 12.9%, Causa R 19.9%; seats by party - AD 55, COPEI 53, MAS 24, National Convergence 26, Causa R 40, other 5

Judicial branch: Supreme Court of Justice (Corte Suprema de Justicia), magistrates are elected by both chambers in joint session

Political parties and leaders: National Convergence (Convergencia), Jose Miguel UZCATEGUI, president, Juan Jose CALDERA, national coordinator; Social Christian Party (COPEI), Luis HERRERA Campins, president, and Donald RAMIREZ, secretary general; Democratic Action (AD), Pedro PARIS Montesinos, president, and Luis ALFARO Ucero, secretary general; Movement Toward Socialism (MAS), Gustavo MARQUEZ, president, and Enrique OCHOA Antich, secretary general; Radical Cause (La Causa R), Lucas MATHEUS, secretary general

Political pressure groups and leaders: FEDECAMARAS, a conservative business group; Venezuelan Confederation of Workers (CTV, labor organization dominated by the Democratic Action); VECINOS groups

International organization participation: AG, BCIE, 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, 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 Pedro Luis ECHEVERRIA 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) 977-2011 FAX: (2) 977-0843

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 25% of GDP, 70% of export earnings, and 50% of central government revenues. It is likely to become even more important as the state petroleum company plans to double its production over the next ten years. The non-petroleum sectors have been contracting, however, with GDP shrinking by 1.6% during 1996. Realizing the failure of interventionist policies, the CALDERA administration embarked on a comprehensive reform program and successfully negotiated a $1.4 billion stand-by agreement with the IMF. The state eliminated price and exchange controls, reduced the long-standing subsidy on gasoline, and revitalized its stalled privatization program. Foreign investors reacted positively and the Caracas stock exchange ended 1996 as the world's best performing stock market. The influx of foreign investment and a windfall of oil revenues resulting from higher-than-expected international oil prices raised Venezuela's reserves to over $15 billion. As a result, Venezuela used only the first tranche of the IMF credit - $400 million. The currency depreciated sharply following the exchange liberalization, and caused an inflationary burst that led to a 103% yearly rate of inflation, the highest in Venezuelan history. The bolivar has since strengthened and inflation fell near the end of the year. The macroeconomic adjustments should take hold in 1997, and the economy is expected to grow by 4% or more. Increased salary demands by public and private sector workers, however, threaten a renewal of inflationary pressures.

GDP: purchasing power parity - $197 billion (1996 est.)

GDP - real growth rate: -1.6% (1996)

GDP - per capita: purchasing power parity - $9,000 (1996 est.)

GDP - composition by sector: agriculture: 5% industry: 41% services: 54% (1993)

Inflation rate - consumer price index: 103% (1996)

Labor force: total: 8.8 million by occupation : services 64%, industry 23%, agriculture 13% (1993)

Unemployment rate: 13% (1996 est.)

Budget: revenues: $11.99 billion expenditures : $11.48 billion, including capital expenditures of $2.3 billion (1996 est.)

Industries: petroleum, iron ore mining, construction materials, food processing, textiles, steel, aluminum, motor vehicle assembly

Industrial production growth rate: 0.5% (1995 est.)

Electricity - capacity: 18.966 million kW (1995)

Electricity - production: 74.886 billion kWh (1995)

Electricity - consumption per capita: 2,887 kWh (1995 est.)