Venezuela Background and Facts

12/18/2007 03:12 p.m.

Flag:

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, 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.

Location: Northern South America, bordering the Caribbean Sea and the North Atlantic Ocean, between Colombia and Guyana

Map:

Area: slightly more than twice the size of California

Climate: tropical; hot, humid; more moderate in highlands

Ethnic Groups: Spanish, Italian, Portuguese, Arab, German, African, indigenous people

Religions: nominally Roman Catholic 96%, Protestant 2%, other 2%

Languages: Spanish (official), numerous indigenous dialects

Economy: 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.

Currency: bolivar (VEB)

Tags: country background and facts, venezuela

Relevant Articles:

Myanmar Background and Facts
- 12/18/2007
Flag: Background: Britain conquered Burma over a period of 62 years (1824-1886) and incorporated it into its Indian Empire. Burma was administered as a province of India until 1937 when it became a separate, self-governing colony; independence from the Commonwealth was attained in 1948. Gen. NE WIN dominated the government ... Read More

Columbia Background and Facts
- 12/18/2007
Flag: Background: Colombia was one of the three countries that emerged from the collapse of Gran Colombia in 1830 (the others are Ecuador and Venezuela). A 40-year conflict between government forces and anti-government insurgent groups and illegal paramilitary groups - both heavily funded by the drug trade - escalated during ... Read More

Russian Federation Background and Facts
- 12/18/2007
Flag: Background: Founded in the 12th century, the Principality of Muscovy, was able to emerge from over 200 years of Mongol domination (13th-15th centuries) and to gradually conquer and absorb surrounding principalities. In the early 17th century, a new Romanov Dynasty continued this policy of expansion across Siberia to the ... Read More

South Korea Background and Facts
- 12/18/2007
Flag: Background: An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the 7th century - from three predecessor Korean states - until the 20th century, Korea existed as a single independent country. In 1905, following the Russo-Japanese War, Korea ... Read More

North Korea Background and Facts
- 12/18/2007
Flag: Background: An independent kingdom for much of its long history, Korea was occupied by Japan in 1905 following the Russo-Japanese War. Five years later, Japan formally annexed the entire peninsula. Following World War II, Korea was split with the northern half coming under Soviet-sponsored Communist domination. After failing in ... Read More

Gambia Background and Facts
- 12/18/2007
Flag: Background: The Gambia gained its independence from the UK in 1965. Geographically surrounded by Senegal, it formed a short-lived federation of Senegambia between 1982 and 1989. In 1991 the two nations signed a friendship and cooperation treaty, but tensions have flared up intermittently since then. Yahya A. J. J. ... Read More

Micronesia Background and Facts
- 12/18/2007
Flag: Background: In 1979 the Federated States of Micronesia, a UN Trust Territory under US administration, adopted a constitution. In 1986 independence was attained under a Compact of Free Association with the US, which was amended and renewed in 2004. Present concerns include large-scale unemployment, overfishing, and overdependence on US ... Read More

Bahamas Background and Facts
- 12/18/2007
Flag: Background: Lucayan Indians inhabited the islands when Christopher COLUMBUS first set foot in the New World on San Salvador in 1492. British settlement of the islands began in 1647; the islands became a colony in 1783. Since attaining independence from the UK in 1973, The Bahamas have prospered through ... Read More

Zimbabwe Background and Facts
- 12/18/2007
Flag: Background: The UK annexed Southern Rhodesia from the [British] South Africa Company in 1923. A 1961 constitution was formulated that favored whites in power. In 1965 the government unilaterally declared its independence, but the UK did not recognize the act and demanded more complete voting rights for the black ... Read More

Zambia Background and Facts
- 12/18/2007
Flag: Background: The territory of Northern Rhodesia was administered by the [British] South Africa Company from 1891 until it was taken over by the UK in 1923. During the 1920s and 1930s, advances in mining spurred development and immigration. The name was changed to Zambia upon independence in 1964. In ... Read More