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Colombia:
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Other pages in this profile of Colombia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Colombia's economy has experienced positive growth over the past five years despite a serious armed conflict. In fact, 2007 is regarded by policy makers and the private sector as one of the best economic years in recent history, after 2005. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, improved domestic security, and high commodity prices. Ongoing economic problems facing President URIBE include reforming the pension system, reducing high unemployment, and funding new exploration to offset declining oil production. The government's economic reforms and democratic security strategy, coupled with increased investment, have engendered a growing sense of confidence in the economy. However, the business sector continues to be concerned about failure of the US Congress to approve the signed FTA. |
GDP (purchasing power parity) |
Definition - World rank and map $319.5 billion (2007 est.) |
GDP (official exchange rate) |
Definition $171.6 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 7% (2007 est.) |
GDP - per capita |
Definition - World rank and map $6,700 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 11.5% industry: 36% services: 52.5% (2007 est.) |
Labor force |
Definition 20.5 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 22.7% industry: 18.7% services: 58.5% (2000 est.) |
Unemployment rate |
Definition - World rank and map 11.2% (2007 est.) |
Population below poverty line |
Definition 49.2% (2005) |
Household income or consumption by percentage share |
Definition lowest 10%: 7.9% highest 10%: 34.3% (2004) |
Distribution of family income - Gini index |
Definition - World rank and map 53.8 (2005) |
Inflation rate (consumer prices) |
Definition - World rank and map 5.5% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 22.5% of GDP (2007 est.) |
Budget |
Definition revenues: $63.69 billion expenditures: $64.96 billion; including capital expenditures of $NA (2007 est.) |
Public debt |
Definition - World rank and map 53.5% of GDP (2007 est.) |
Agriculture - products |
Definition coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp |
Industries |
Definition textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
Industrial production growth rate |
Definition - World rank and map 9.4% (2007 est.) |
Electricity - production |
Definition - World rank and map 50.47 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 38.91 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 864.5 kWh (2005) |
Electricity - exports |
Definition 1.758 billion kWh (2005) |
Electricity - imports |
Definition 16 million kWh (2005) |
Oil - production |
Definition - World rank and map 539,000 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 264,000 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 5.9 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 289,700 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 6,453 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 1.387 billion bbl (2007 est.) |
Natural gas - production |
Definition - World rank and map 6.397 billion cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 6.397 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 142 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 109.7 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$6.465 billion (2007 est.) |
Exports |
Definition - World rank and map $30.58 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers |
Exports - partners |
Definition US 30.5%, Venezuela 12.3%, Ecuador 5.6% (2006) |
Imports |
Definition - World rank and map $31.17 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity |
Imports - partners |
Definition US 27.1%, Brazil 8.4%, Mexico 8.4%, China 6.9%, Venezuela 5.3%, Japan 4.2% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $20.95 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $41.16 billion (30 June 2007) |
Stock of direct foreign investment - at home |
Definition $54.04 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $10.38 billion (2007 est.) |
Market value of publicly traded shares |
Definition $56.2 billion (2006) |
Economic aid - recipient |
Definition $511.1 million (2005) |
Currency (code) |
Definition Colombian peso (COP) |
Exchange rates |
Definition Colombian pesos per US dollar - 2,013.8 (2007), 2,358.6 (2006), 2,320.75 (2005), 2,628.61 (2004), 2,877.65 (2003) |
Fiscal year |
Definition calendar year |
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