Colombia



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Colombia Economy 2008


Economy - overview: 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): $327.7 billion (2007 est.)
GDP (official exchange rate): $171.6 billion (2007 est.)
GDP - real growth rate: 8.2% (2007 est.)
GDP - per capita (PPP): $7,400 (2007 est.)
GDP - composition by sector: agriculture: 11.5% industry: 36% services: 52.5% (2007 est.)
Labor force: 20.5 million (2007 est.)
Labor force - by occupation: agriculture: 22.7% industry: 18.7% services: 58.5% (2000 est.)
Unemployment rate: 11.2% (2007 est.)
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)
Investment (gross fixed): 22.5% of GDP (2007 est.)
Budget: revenues: $63.69 billion expenditures: $64.96 billion; including capital expenditures of $NA (2007 est.)
Public debt: 52.8% of GDP (2007 est.)
Inflation rate (consumer prices): 5.5% (2007 est.)
Central bank discount rate: 11.5% (31 December 2007)
Commercial bank prime lending rate: 15.38% (31 December 2007)
Stock of money: $21.81 billion (31 December 2007)
Stock of quasi money: $27.25 billion (31 December 2007)
Stock of domestic credit: $85.34 billion (31 December 2007)
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: 9.8% (2007 est.)
Electricity - production: 51.83 billion kWh (2006 est.)
Electricity - consumption: 39.58 billion kWh (2006 est.)
Electricity - exports: 876.7 million kWh (2007 est.)
Electricity - imports: 39.4 million kWh (2007 est.)
Oil - production: 550,000 bbl/day (2008 est.)
Oil - consumption: 265,400 bbl/day (2006 est.)
Oil - exports: 276,100 bbl/day (2005)
Oil - imports: 12,480 bbl/day (2005)
Oil - proved reserves: 1.506 billion bbl (1 January 2008 est.)
Natural gas - production: 7.22 billion cu m (2006 est.)
Natural gas - consumption: 7.22 billion cu m (2006 est.)
Natural gas - exports: 0 cu m (2007 est.)
Natural gas - imports: 0 cu m (2007 est.)
Natural gas - proved reserves: 122.9 billion cu m (1 January 2008 est.)
Current account balance: -$5.862 billion (2007 est.)
Exports: $30.58 billion f.o.b. (2007 est.)
Exports - commodities: petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers
Exports - partners: US 35.4%, Venezuela 17.4%, Ecuador 4.3% (2007)
Imports: $31.17 billion f.o.b. (2007 est.)
Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners: US 26.2%, China 10.1%, Mexico 9.3%, Brazil 7.3%, Venezuela 4.2% (2007)
Reserves of foreign exchange and gold: $20.95 billion (31 December 2007 est.)
Debt - external: $41.39 billion (30 June 2007)
Stock of direct foreign investment - at home: $56.19 billion (2007 est.)
Stock of direct foreign investment - abroad: $10.38 billion (2007 est.)
Market value of publicly traded shares: $56.2 billion (2006)
Currency (code): Colombian peso (COP)
Exchange rates: Colombian pesos (COP) per US dollar - 2,013.8 (2007), 2,358.6 (2006), 2,320.75 (2005), 2,628.61 (2004), 2,877.65 (2003)

NOTE: The economy information regarding Colombia on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 2008 information contained here. All suggestions for corrections of any errors about Colombia Economy 2008 should be addressed to the CIA.