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  and 81% of export earnings in 1988. President Pérez introduced an economic readjustment program when he assumed office in February 1989. Lower tariffs and price supports, a free market exchange rate, and market-linked interest rates have thrown the economy into confusion, causing about an 8% decline in GDP.

GDP: $52.0 billion, per capita $2,700; real growth rate -8.1% (1989 est.)

Inflation rate (consumer prices): 80.7% (1989)

Unemployment rate: 7.0% (1988)

Budget: revenues $8.4 billion; expenditures $8.6 billion, including capital expenditures of $5.9 billion (1989)

Exports: $10.4 billion (f.o.b., 1988); commodities—petroleum 81%, bauxite and aluminum, iron ore, agricultural products, basic manufactures; partners—US 50.3%, FRG 5.3%, Japan 4.1% (1988)

Imports: $10.9 billion (f.o.b., 1988); commodities—foodstuffs, chemicals, manufactures, machinery and transport equipment; partners—US 44%, FRG 8.5%, Japan 6%, Italy 5%, Brazil 4.4% (1987)

External debt: $33.6 billion (1988)

Industrial production: growth rate 3.7%, excluding oil (1988)

Electricity: 19,110,000 kW capacity; 54,516 million kWh produced, 2,830 kWh per capita (1989)

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

Agriculture: accounts for 6% of GDP and 15% of labor force; products—corn, sorghum, sugarcane, rice, bananas, vegetables, coffee, beef, pork, milk, eggs, fish; not self-sufficient in food other than meat

Illicit drugs: illicit producer of cannabis and coca for the international drug trade on a small scale; however, large quantities of cocaine and marijuana do transit the country

Aid: US commitments, including Ex-Im (FY70-86), $488 million; Communist countries (1970-88), $10 million

Currency: bolívar (plural—bolívares); 1 bolívar (Bs) = 100 céntimes

Exchange rates: bolívares (Bs) per US$1—43.42 (January 1990), 34.6815 (1989), 14.5000 (fixed rate 1987-88), 8.0833 (1986), 7.5000 (1985)

Fiscal year: calendar year

Communications

Railroads: 542 km total; 363 km 1.435-meter standard gauge all single track, government owned; 179 km 1.435-meter gauge, privately owned

Highways: 77,785 km total; 22,780 km paved, 24,720 km gravel, 14,450 km earth roads, and 15,835 km unimproved earth

Inland waterways: 7,100 km; Río Orinoco and Lago de Maracaibo accept oceangoing vessels

Pipelines: 6,370 km crude oil; 480 km refined products; 4,010 km natural gas

Ports: Amuay Bay, Bajo Grande, El Tablazo, La Guaira, Puerto Cabello, Puerto Ordaz

Merchant marine: 70 ships (1,000 GRT or over) totaling 997,458 GRT/1,615,155 DWT; includes 1 short-sea passenger, 1 passenger cargo, 28 cargo, 2 container, 3 roll-on/roll-off cargo, 17 petroleum, oils, and lubricants (POL) tanker, 2 chemical tanker, 2 liquefied gas, 11 bulk, 1 vehicle carrier, 1 combination bulk, 1 combination ore/oil

Civil air: 58 major transport aircraft

Airports: 306 total, 278 usable; 134 with permanent-surface runways; none with runways over 3,659 m; 12 with runways 2,440-3,659 m; 92 with runways 1,220-2,439 m

Telecommunications: modern and expanding; 1,440,000 telephones; stations—181 AM, no FM, 59 TV, 26 shortwave; 3 submarine coaxial cables; satellite earth stations—1 Atlantic Ocean INTELSAT and 3 domestic

Defense Forces

Branches: Ground Forces (Army), Naval Forces (Navy, Marines, Coast Guard), Air Forces, Armed Forces of Cooperation (National Guard)

Military manpower: males 15-49, 5,073,913; 3,680,176 fit for military service; 211,269 reach military age (18) annually

Defense expenditures: 1.1% of GDP, or $570 million (1990 est.)  Vietnam



Geography

Total area: 329,560 km²; land area: 325,360 km²

Comparative area: slightly larger than New Mexico

Land boundaries: 3,818 km total; Cambodia 982 km, China 1,281 km, Laos 1,555 km

Coastline: 3,444 km (excluding islands)

Maritime claims:
 * Contiguous zone: 24 nm
 * Continental shelf: edge of continental margin or 200 nm
 * Extended economic zone: 200 nm
 * Territorial sea: 12 nm

Disputes: offshore islands and three sections of the boundary with Cambodia are in dispute; occupied Cambodia on 25 December 1978; sporadic border clashes with China; involved in a complex dispute over the Spratly Islands with China, Malaysia, Philippines, and Taiwan; maritime boundary dispute with China in the Gulf of Tonkin; Paracel Islands occupied by China but claimed by Vietnam and Taiwan

Climate: tropical in south; monsoonal in north with hot, rainy season (mid-May to mid-September) and warm, dry season (mid-October to mid-March)

Terrain: low, flat delta in south and north; central highlands; hilly, mountainous in far north and northwest

Natural resources: phosphates, coal, manganese, bauxite, chromate, offshore oil deposits, forests

Land use: 22% arable land; 2% permanent crops; 1% meadows and pastures; 40% forest and woodland; 35% other; includes 5% irrigated

Environment: occasional typhoons (May to January) with extensive flooding  331