
Colombia Economy
Colombia Economy: A summary of information about Colombia Economy, from government research data as well as independent research and other sources.
Colombia: 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