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Colombia Economy

Colombia    Economy Top of Page
Economy - overview: Colombia is poised for muted growth in the next several years, marking continued recovery from the severe 1999 recession when GDP fell by about 4%. President PASTRANA's well-respected economic team is working to keep the economy on track, maintaining low interest rates, for example. In accordance with its IMF loan agreement, the administration also is taking steps to improve the public sector's fiscal health. However, many challenges to improved prosperity remain. Unemployment was stuck at a record 20% in 2000, contributing to the extreme inequality in income distribution. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. The lack of public security is a key concern for investors, making progress in the government's peace negotiations with insurgent groups an important driver of economic performance. Colombia is looking for continued support from the international community to boost economic and peace prospects.
GDP: purchasing power parity - $250 billion (2000 est.)
GDP - real growth rate: 3% (2000 est.)
GDP - per capita: purchasing power parity - $6,200 (2000 est.)
GDP - composition by sector: agriculture:  19%

industry:  26%

services:  55% (1999 est.)
Population below poverty line: 55% (1999)
Household income or consumption by percentage share: lowest 10%:  1%

highest 10%:  44% (1999)
Inflation rate (consumer prices): 9% (2000)
Labor force: 18.3 million (1999 est.)
Labor force - by occupation: services 46%, agriculture 30%, industry 24% (1990)
Unemployment rate: 20% (2000 est.)
Budget: revenues:  $22 billion

expenditures:  $24 billion, including capital expenditures of $NA (2000 est.)
Industries: textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Industrial production growth rate: 11% (2000 est.)
Electricity - production: 43.574 billion kWh (1999)
Electricity - production by source: fossil fuel:  22.27%

hydro:  76.19%

nuclear:  0%

other:  1.54% (1999)
Electricity - consumption: 40.532 billion kWh (1999)
Electricity - exports: 27 million kWh (1999)
Electricity - imports: 35 million kWh (1999)
Agriculture - products: coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp
Exports: $14.5 billion (f.o.b., 2000 est.)
Exports - commodities: petroleum, coffee, coal, apparel, bananas, cut flowers
Exports - partners: US 50%, EU 14%, Andean Community of Nations 16%, Japan 2% (2000 est.)
Imports: $12.4 billion (f.o.b., 2000 est.)
Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners: US 35%, EU 16%, Andean Community of Nations 15%, Japan 5% (2000 est.)
Debt - external: $34 billion (2000 est.)
Economic aid - recipient: $40.7 million (1995)
Currency: Colombian peso (COP)
Currency code: COP
Exchange rates: Colombian pesos per US dollar - 2,241.43 (January 2001), 2087.90 (2000), 1,756.23 (1999), 1,426.04 (1998), 1,140.96 (1997), 1,036.69 (1996)
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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