Colombia Economy

Economy - overview: Colombia's economy has been on a recovery trend during the past two years despite a serious armed conflict. The economy continues to improve thanks to austere government budgets, focused efforts to reduce public debt levels, and an export-oriented growth focus. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment. New exploration is needed to offset declining oil production. On the positive side, several international financial institutions have praised the economic reforms introduced by URIBE, which include measures designed to reduce the public-sector deficit below 2.5% of GDP. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector. Coffee prices have recovered from previous lows as the Colombian coffee industry pursues greater market shares in developed countries such as the United States.

GDP: 3.4% (FY01)

GDP - real growth rate: 3.6% (2004 est.)

GDP - per capita: purchasing power parity - $6,600 (2004 est.)

GDP - composition by sector: agriculture: 13.4% industry: 32.1% services: 54.5% (2004 est.)

Population below poverty line: 55% (2001)

Household income or consumption by percentage share: lowest 10%: 1% highest 10%: 44% (1999)

Distribution of family income - Gini index: 57.1 (1996)

Inflation rate (consumer prices):

Labor force: 20.7 million (2004 est.)

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

Unemployment rate: 13.6% (2004 est.)

Budget: revenues: $15.33 billion expenditures: $21.03 billion, including capital expenditures of NA (2004 est.)

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

Industrial production growth rate: 4% (2004 est.)

Electricity - production: 44.87 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 41.14 billion kWh (2002)

Electricity - exports: 618 million kWh (2002)

Electricity - imports: 23 million kWh (2002)

Oil - production: 531,100 bbl/day (2004 est.)

Oil - consumption: 252,000 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves: 1.7 billion bbl (2004 est.)

Natural gas - production: 5.7 billion cu m (2001 est.)

Natural gas - consumption: 5.7 billion cu m (2001 est.)

Natural gas - exports: 0 cu m (2001 est.)

Natural gas - imports: 0 cu m (2001 est.)

Natural gas - proved reserves: 132 billion cu m (2004)

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

Exports: $15.5 billion f.o.b. (2004 est.)

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

Exports - partners: US 42.1%, Venezuela 9.7%, Ecuador 6% (2004)

Imports: $15.34 billion f.o.b. (2004 est.)

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

Imports - partners: US 29.1%, Venezuela 6.5%, China 6.4%, Mexico 6.2%, Brazil 5.8% (2004)

Debt - external: $38.7 billion (2004 est.)

Economic aid - recipient: NA

Currency:

Currency code:

Exchange rates: Colombian pesos per US dollar - 2,628.61 (2004), 2,877.65 (2003), 2,504.24 (2002), 2,299.63 (2001), 2,087.9 (2000)

Fiscal year: calendar year



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