Colombia

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Introduction - Colombia:
Location - Colombia:
People - Colombia:
Government - Colombia:
Economy - Colombia:

Economy overview

Colombias economy has experienced positive growth over the past three years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform; furthermore, new exploration is needed to offset declining oil production. However, the governments economic policy, democratic security strategy, and the signing of a free trade agreement with the US have engendered a growing sense of confidence in the economy, particularly within the business sector.

Gdp purchasing power parity

$374.4 billion (2006 est.)

Gdp official exchange rate

$106.8 billion (2006 est.)

Gdp real growth rate

6.8% (2006 est.)

Gdp per capita ppp

$8,600 (2006 est.)

Gdp composition by sector

agriculture: 12%
industry: 35.2%
services: 52.7% (2006 est.)

Labor force

20.81 million (2006 est.)

Labor force by occupation

agriculture: 22.7%
industry: 18.7%
services: 58.5% (2000 est.)

Unemployment rate

11.1% (2006 est.)

Population below poverty line

49.2% (2005)

Household income or consumption by percentage share

lowest 10%: 7.9%
highest 10%: 34.3% (2004)

Distribution of family income gini index

53.8 (2005)

Inflation rate consumer prices

4.3% (2006 est.)

Investment gross fixed

22.8% of GDP (2006 est.)

Budget

revenues: $50.7 billion
expenditures: $52.29 billion; including capital expenditures of $NA (2006 est.)

Public debt

45.3% of GDP (2006 est.)

Agriculture products

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

Industries

textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds

Industrial production growth rate

5.8% (2006 est.)

Electricity production

46.93 billion kWh (2004)

Electricity consumption

42.01 billion kWh (2004)

Electricity exports

1.682 billion kWh (2004)

Electricity imports

48 million kWh (2004)

Oil production

512,400 bbl/day (2005 est.)

Oil consumption

269,000 bbl/day (2004 est.)

Oil exports

NA bbl/day

Oil imports

NA bbl/day

Oil proved reserves

1.282 billion bbl (2006 est.)

Natural gas production

6.18 billion cu m (2004 est.)

Natural gas consumption

6.18 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

114.4 billion cu m (1 January 2005 est.)

Current account balance

-$2.219 billion (2006 est.)

Exports

$24.86 billion f.o.b. (2006 est.)

Exports commodities

petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers

Exports partners

US 35.8%, Venezuela 10.4%, Ecuador 6.6% (2006)

Imports

$24.33 billion f.o.b. (2006 est.)

Imports commodities

industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports partners

US 28.2%, Mexico 8.3%, Brazil 6.5%, China 6.3%, Venezuela 5.9%, Japan 4.3% (2006)

Reserves of foreign exchange and gold

$16.5 billion (2006 est.)

Debt external

$37.21 billion (30 June 2006 est.)

Economic aid recipient

$NA

Currency code

Colombian peso (COP)

Exchange rates

Colombian pesos per US dollar - 2,358.6 (2006), 2,320.75 (2005), 2,628.61 (2004), 2,877.65 (2003), 2,504.24 (2002)

Communications - Colombia:
Transportation - Colombia:
Military - Colombia:
This page was last updated on 16 September, 2007
Source: CIA >>>


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