Compare Venezuela (2008) - Venezuela (2007)

Compare Venezuela (2008) z Venezuela (2007)

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	Venezuela (2008)	Venezuela (2007)

Background	Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen, who promoted the oil industry and allowed for some social reforms. Democratically elected governments have held sway since 1959. Hugo CHAVEZ, president since 1999, seeks to implement his "21st Century Socialism," which purports to alleviate social ills while at the same time attacking globalization and undermining regional stability. Current concerns include: a weakening of democratic institutions, political polarization, a politicized military, drug-related violence along the Colombian border, increasing internal drug consumption, overdependence on the petroleum industry with its price fluctuations, and irresponsible mining operations that are endangering the rain forest and indigenous peoples.	Venezuela was one of three countries that emerged from the collapse of Gran Colombia in 1830 (the others being Ecuador and New Granada, which became Colombia). For most of the first half of the 20th century, Venezuela was ruled by generally benevolent military strongmen, who promoted the oil industry and allowed for some social reforms. Democratically elected governments have held sway since 1959. Hugo CHAVEZ, president since 1999, has promoted a controversial policy of "democratic socialism," which purports to alleviate social ills while at the same time attacking globalization and undermining regional stability. Current concerns include: a weakening of democratic institutions, political polarization, a politicized military, drug-related violence along the Colombian border, increasing internal drug consumption, overdependence on the petroleum industry with its price fluctuations, and irresponsible mining operations that are endangering the rain forest and indigenous peoples.
Budget	revenues: $63.27 billion expenditures: $68.22 billion (2007 est.)	revenues: $54.65 billion expenditures: $54.61 billion (2006 est.)
Capital	name: Caracas geographic coordinates: 10 30 N, 66 56 W time difference: UTC-4.5 (half an hour ahead of Washington, DC during Standard Time)	name: Caracas geographic coordinates: 10 30 N, 66 56 W time difference: UTC-4 (1 hour ahead of Washington, DC during Standard Time)
Debt - external	$45.44 billion (31 December 2007 est.)	$41.4 billion (2006 est.)
Diplomatic representation from the US	chief of mission: Ambassador Patrick DUDDY 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	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
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. 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 high oil prices, record government spending helped to boost GDP in 2006 by about 9% and in 2007 by about 8%. This spending, combined with recent minimum wage hikes and improved access to domestic credit, has created a consumption boom but has come at the cost of higher inflation-roughly 20 percent in 2007. Imports also have jumped significantly. Embolden by his December 2006 reelection, President Hugo CHAVEZ in 2007 nationalized firms in the petroleum, communications, and electricity sectors, which reduced foreign influence in the economy. Although voters in December 2007 rejected CHAVEZ's proposed constitutional changes, CHAVEZ still has significant control of the economy and has indicated he intends to continue to consolidate and centralize authority over the economy by implementing "21st Century Socialism."	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 about 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.
Exchange rates	bolivares per US dollar - 2,147 (2007), 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003)	bolivares per US dollar - 2,147 (2006), 2,089.8 (2005), 1,891.3 (2004), 1,607 (2003), 1,161 (2002)
Executive branch	chief of state: President Hugo CHAVEZ Frias (since 3 February 1999); Executive Vice President Ramon Alonzo CARRIZALEZ Rengifo (since 4 January 2008); note - the president is both the chief of state and head of government head of government: President Hugo CHAVEZ Frias (since 3 February 1999); Executive Vice President Ramon Alonzo CARRIZALEZ Rengifo (since 4 January 2008) cabinet: Council of Ministers appointed by the president elections: president elected by popular vote for a six-year term (eligible for a second term); election last held 3 December 2006 (next to be held in December 2012) note: in 1999, a National Constituent Assembly drafted a new constitution that increased the presidential term to six years; an election was subsequently held on 30 July 2000 under the terms of this constitution election results: Hugo CHAVEZ Frias reelected president; percent of vote - Hugo CHAVEZ Frias 62.9%, Manuel ROSALES 36.9%	chief of state: President Hugo CHAVEZ Frias (since 3 February 1999); Vice President Jorge RODRIGUEZ Gomez (since 3 January 2007); note - the president is both the chief of state and head of government head of government: President Hugo CHAVEZ Frias (since 3 February 1999); Vice President Jorge RODRIGUEZ Gomez (since 3 January 2007) cabinet: Council of Ministers appointed by the president elections: president elected by popular vote for a six-year term (eligible for a second term); election last held 3 December 2006 (next to be held in December 2012) note: in 1999, a National Constituent Assembly drafted a new constitution that increased the presidential term to six years; an election was subsequently held on 30 July 2000 under the terms of this constitution election results: Hugo CHAVEZ Frias reelected president; percent of vote - Hugo CHAVEZ Frias 62.9%, Manuel ROSALES 36.9%
Exports	2.203 million bbl/day (2006 est.)	2.293 million bbl/day (2004 est.)
Exports - partners	US 46.2%, Netherlands Antilles 13.5%, China 3.2% (2006)	US 46.3%, Netherlands Antilles 13.5%, China 3.2% (2006)
GDP - composition by sector	agriculture: 3.5% industry: 40% services: 56.5% (2007 est.)	agriculture: 3.7% industry: 40.5% services: 55.9% (2006 est.)
GDP - real growth rate	8.3% (2007 est.)	10.3% (2006 est.)
Imports	0 bbl/day (2006 est.)	NA bbl/day
Industrial production growth rate	5.5% (2007 est.)	7% (2006 est.)
Inflation rate (consumer prices)	20.7% (Year ending November 2007)	13.7% (2006 est.)
International organization participation	CAN, Caricom (observer), CDB, CSN, FAO, G-3, G-15, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAES, LAIA, LAS (observer), Mercosur (associate), MIGA, NAM, OAS, OPANAL, OPCW, OPEC, PCA, RG, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO	CAN, Caricom (observer), CDB, CSN, FAO, G-3, G-15, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAES, LAIA, Mercosur, MIGA, NAM, OAS, OPANAL, OPCW, OPEC, PCA, RG, UN, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO
Labor force	12.5 million (2007 est.)	12.19 million (2006 est.)
Legislative branch	unicameral National Assembly or Asamblea Nacional (167 seats; members elected by popular vote to serve five-year terms; three seats reserved for the indigenous peoples of Venezuela) elections: last held 4 December 2005 (next to be held in 2010) election results: percent of vote by party - NA; seats by party - pro-government 167 (MVR 114, PODEMOS 15, PPT 11, indigenous 2, other 25), opposition 0; total seats by party as of 1 January 2008 - pro-government 152 (PSUV 114, PPT 11, indigenous 2, other 25), PODEMOS 15	unicameral National Assembly or Asamblea Nacional (167 seats; members elected by popular vote to serve five-year terms; three seats reserved for the indigenous peoples of Venezuela) elections: last held 4 December 2005 (next to be held in 2010) election results: percent of vote by party - NA; seats by party - pro-government 167 (MVR 114, PODEMOS 15, PPT 11, indigenous 2, other 25), opposition 0
Pipelines	extra heavy crude oil 992 km; gas 5,400 km; oil 7,607 km; refined products 1,650 km; unknown (oil/water) 141 km (2007)	extra heavy crude oil 992 km; gas 5,369 km; oil 7,607 km; refined products 1,681 km; unknown (oil/water) 141 km (2006)
Political parties and leaders	A New Time or UNT [Manuel ROSALES]; Christian Democrats or COPEI [Cesar PEREZ Vivas]; Communist Party of Venezuela or PCV [Jeronimo CARRERA]; Democratic Action or AD [Henry RAMOS Allup]; Fatherland for All or PPT [Jose ALBORNOZ]; Justice First [Julio BORGES]; Movement Toward Socialism or MAS [Hector MUJICA]; United Socialist Party of Venezuela or PSUV [Hugo CHAVEZ]; Venezuela Project or PV [Henrique SALAS Romer]; We Can or PODEMOS [Ismael GARCIA]	A New Time or UNT [Manuel ROSALES]; Christian Democrats or COPEI [Cesar PEREZ Vivas]; Democratic Action or AD [Henry RAMOS Allup]; Fatherland for All or PPT [Jose ALBORNOZ]; Fifth Republic Movement or MVR [Hugo CHAVEZ]; Justice First [Julio BORGES]; Movement Toward Socialism or MAS [Hector MUJICA]; Venezuela Project or PV [Henrique SALAS Romer]; We Can or PODEMOS [Ismael GARCIA]
Telephone system	general assessment: modern and expanding domestic: domestic satellite system with 3 earth stations; recent substantial improvement in telephone service in rural areas; substantial increase in digitalization of exchanges and trunk lines; installation of a national interurban fiber-optic network capable of digital multimedia services; fixed-line teledensity, at 16 per 100 persons, is low by regional standards; mobile-cellular subscribership jumped 50 percent in 2006 international: country code - 58; submarine cable systems provide connectivity to the Caribbean, Central and South America, and US; satellite earth stations - 1 Intelsat (Atlantic Ocean) and 1 PanAmSat; participating with Colombia, Ecuador, Peru, and Bolivia in the construction of an international fiber-optic network	general assessment: modern and expanding domestic: domestic satellite system with 3 earth stations; recent substantial improvement in telephone service in rural areas; substantial increase in digitalization of exchanges and trunk lines; installation of a national interurban fiber-optic network capable of digital multimedia services international: country code - 58; 3 submarine coaxial cables; satellite earth stations - 1 Intelsat (Atlantic Ocean) and 1 PanAmSat; participating with Colombia, Ecuador, Peru, and Bolivia in the construction of an international fiber-optic network
Unemployment rate	9.1% (2007 est.)	8.9% (2006 est.)

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