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Colombia:
Economy

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Colombia Page


Economy - overview
 Colombia's economy has experienced positive growth over the past three years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform; furthermore, new exploration is needed to offset declining oil production. However, the government's economic policy, democratic security strategy, and the signing of a free trade agreement with the US have engendered a growing sense of confidence in the economy, particularly within the business sector.
GDP (purchasing power parity)
 $374.4 billion (2006 est.)
GDP (official exchange rate)
 $106.8 billion (2006 est.)
GDP - real growth rate
 6.8% (2006 est.)
GDP - per capita
 $8,600 (2006 est.)
GDP - composition by sector
 agriculture: 12%
industry: 35.6%
services: 52.4% (2006 est.)
Labor force
 20.34 million (2006 est.)
Labor force - by occupation
 agriculture: 22.7%
industry: 18.7%
services: 58.5% (2000 est.)
Unemployment rate
 11.1% (2006 est.)
Population below poverty line
 49.2% (2005)
Household income or consumption by percentage share
 lowest 10%: 7.9%
highest 10%: 34.3% (2004)
Distribution of family income - Gini index
 53.8 (2005)
Inflation rate (consumer prices)
 4.3% (2006 est.)
Investment (gross fixed)
 22.9% of GDP (2006 est.)
Budget
 revenues: $49.09 billion
expenditures: $49.75 billion; including capital expenditures of $NA (2006 est.)
Public debt
 56.8% of GDP (2006 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
Electricity - production
 50.47 billion kWh (2005)
Electricity - consumption
 38.91 billion kWh (2005)
Electricity - exports
 1.758 billion kWh (2005)
Electricity - imports
 16 million kWh (2005)
Oil - production
 512,400 bbl/day (2005 est.)
Oil - consumption
 269,000 bbl/day (2004 est.)
Oil - exports
 NA bbl/day
Oil - imports
 NA bbl/day
Oil - proved reserves
 1.512 billion bbl (1 January 2006)
Natural Gas - production
 6.397 billion cu m (2005 est.)
Natural Gas - consumption
 6.397 billion cu m (2005 est.)
Natural Gas - exports
 0 cu m (2005 est.)
Natural Gas - imports
 0 cu m (2005)
Natural Gas - proved reserves
 109.7 billion cu m (1 January 2006 est.)
Current account balance
 $-3.06 billion (2006 est.)
Exports
 $25.18 billion f.o.b. (2006 est.)
Exports - commodities
 petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers
Exports - partners
 US 35.7%, Venezuela 11.4%, Ecuador 5.4% (2006)
Imports
 $24.86 billion f.o.b. (2006 est.)
Imports - commodities
 industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners
 US 26.9%, Brazil 8.6%, Mexico 8.5%, China 6%, Venezuela 5.6%, Japan 4.1% (2006)
Reserves of foreign exchange and gold
 $15.44 billion (2006 est.)
Debt - external
 $38.47 billion (2006 est.)
Economic aid - recipient
 $NA (2005)
Currency (code)
 Colombian peso (COP)
Exchange rates
 Colombian pesos per US dollar - 2,358.6 (2006), 2,320.75 (2005), 2,628.61 (2004), 2,877.65 (2003), 2,504.24 (2002)
Fiscal year
 calendar year


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