Colombia Economy:
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 (purchasing power parity):
$281.1 billion (2004 est.)
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)
Labor force:
20.7 million (2004 est.)
Labor force — by occupation:
agriculture: 30%, industry: 24%, services: 46% (1990 est.)
Unemployment rate:
13.6% (2004 est.)
Population below poverty line:
55% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 1%
highest 10%: 44% (1999)
Distribution of family income — Gini index:
57.1 (1996 est.)
Inflation rate (consumer prices):
5.9% (2004 est.)
Investment (gross fixed):
15.8% of GDP (2004 est.)
Budget:
revenues: $15.33 billion
expenditures: $21.03 billion including capital expenditures of NA (2004 est.)
Public debt:
51.8% of GDP (2004 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:
4% (2004 est.)
Electricity — production:
44.87 billion kWh (2002 est.)
Electricity — consumption:
41.14 billion kWh (2002 est.)
Electricity — exports:
618 million kWh (2002 est.)
Electricity — imports:
23 million kWh (2002 est.)
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 est.)
Current account balance:
$-1.71 billion (2004 est.)
Exports:
$15.5 billion (f.o.b. 2004 est.)
Exports — commodities:
petroleum, coffee, coal, apparel, bananas, cut flowers
Exports — partners:
US 42.1%, Ecuador 6%, Venezuela 9.7% (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%, Brazil 5.8%, Mexico 6.2%, China 6.4% (2004)
Reserves of foreign exchange and gold:
$11.94 billion (2004 est.)
Debt — external:
$38.7 billion (2004 est.)
Economic aid — recipient:
NA
Currency:
Colombian peso (COP)
Exchange rates:
Colombian pesos per US$: 2,628.61 (2004 est.), 2,877.65 (2003 est.), 2,504.24 (2002 est.), 2,299.63 (2001 est.), 2,087.9 (2000 est.)
Fiscal year:
calendar year
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