Short facts about the economy in Colombia
| Economy -
overview: |
Colombia is poised for muted growth in
the next several years, marking continued recovery from the severe 1999
recession when GDP fell by about 4%. President PASTRANA's well-respected
economic team is working to keep the economy on track, maintaining low interest
rates, for example. In accordance with its IMF loan agreement, the
administration also is taking steps to improve the public sector's fiscal
health. However, many challenges to improved prosperity remain. Unemployment was
stuck at a record 20% in 2000, contributing to the extreme inequality in income
distribution. Two of Colombia's leading exports, oil and coffee, face an
uncertain future; new exploration is needed to offset declining oil production,
while coffee harvests and prices are depressed. 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 continued support from the international community to
boost economic and peace prospects. |
| GDP: |
purchasing power parity - $250 billion
(2000 est.) |
| GDP - real
growth rate: |
3% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $6,200 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 19%
industry: 26%
services: 55% (1999
est.) |
| Population
below poverty line: |
55%
(1999) |
| Household
income or consumption by percentage share: |
lowest 10%: 1%
highest 10%: 44%
(1999) |
| Inflation
rate (consumer prices): |
9%
(2000) |
| Labor
force: |
18.3 million (1999
est.) |
| Labor force
- by occupation: |
services 46%, agriculture 30%, industry
24% (1990) |
| Unemployment
rate: |
20% (2000
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: |
11% (2000
est.) |
| Electricity
- production: |
43.574 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 22.27%
hydro: 76.19%
nuclear:
0%
other: 1.54% (1999) |
| Electricity
- consumption: |
40.532 billion kWh
(1999) |
| Electricity
- exports: |
27 million kWh
(1999) |
| Electricity
- imports: |
35 million kWh
(1999) |
| Agriculture
- products: |
coffee, cut flowers, bananas, rice,
tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products;
shrimp |
| Exports: |
$14.5 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
petroleum, coffee, coal, apparel,
bananas, cut flowers |
| Exports -
partners: |
US 50%, EU 14%, Andean Community of
Nations 16%, Japan 2% (2000 est.) |
| Imports: |
$12.4 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
industrial equipment, transportation
equipment, consumer goods, chemicals, paper products, fuels,
electricity |
| Imports -
partners: |
US 35%, EU 16%, Andean Community of
Nations 15%, Japan 5% (2000 est.) |
| Debt -
external: |
$34 billion (2000
est.) |
| Economic aid
- recipient: |
$40.7 million
(1995) |
| Currency: |
Colombian peso
(COP) |
| Exchange
rates: |
Colombian pesos per US dollar -
2,241.43 (January 2001), 2087.90 (2000), 1,756.23 (1999), 1,426.04 (1998),
1,140.96 (1997), 1,036.69 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
