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Colombia - Open Map
Introduction | Geography | People | Government | Economy | Communication | Transportation | Military

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Economy

Economy - overview: Colombia is poised for moderate growth in the next several years, marking an end to the severe 1999 recession when GDP fell by about 5%. President PASTRANA's well-respected economic team is taking steps to keep the recovery on track, such as lowering interest rates and shoring up the financial system. In its loan agreement with the IMF, the administration has pledged to take additional steps to restore growth, reduce inflation, and improve the public sector's fiscal health. Many challenges to sustainable growth remain, however. Unemployment reached a record 20% in 1999 and may remain high, contributing to the extreme inequality in income distribution. Colombia's leading exports, oil and coffee, face an uncertain future: new exploration is needed to offset a pending decline in oil production, and the coffee harvest has dropped off because of aging plantations and natural disasters. 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 international financial assistance to boost economic recovery and peace prospects.

GDP: purchasing power parity - $245.1 billion (1999 est.)

GDP - real growth rate: -5% (1999 est.)

GDP - per capita: purchasing power parity - $6,200 (1999 est.)

GDP - composition by sector:
agriculture: 19%
industry: 26%
services: 55% (1999 est.)

Population below poverty line: 17.7% (1992 est.)

Household income or consumption by percentage share:
lowest 10%: 1%
highest 10%: 46.9% (1995)

Inflation rate (consumer prices): 9.2% (1999)

Labor force: 16.8 million (1997 est.)

Labor force - by occupation: services 46%, agriculture 30%, industry 24% (1990)

Unemployment rate: 20% (1999 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: -7% (1999 est.)

Electricity - production: 45.02 billion kWh (1998)

Electricity - production by source:
fossil fuel: 30.11%
hydro: 69.25%
nuclear: 0%
other: 0.64% (1998)

Electricity - consumption: 41.963 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 94 million kWh (1998)

Agriculture - products: coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp

Exports: $11.5 billion (f.o.b., 1999 est.)

Exports - commodities: petroleum, coffee, coal, gold, bananas, cut flowers

Exports - partners: US 39%, EU 24%, Andean Community 15%, Japan 2% (1998)

Imports: $10 billion (f.o.b., 1999 est.)

Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners: US 35%, EU 20%, Andean Community 15%, Japan 7% (1998)

Debt - external: $35 billion (1998 est.)

Economic aid - recipient: $40.7 million (1995)

Currency: 1 Colombian peso (Col$) = 100 centavos

Exchange rates: Colombian pesos (Col$) per US$1 - 1,925.63 (January 2000), 1,756.23 (1999), 1,426.04 (1998), 1,140.96 (1997), 1,036.69 (1996), 912.83 (1995)

Fiscal year: calendar year



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