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Colombia:
Economy

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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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