Economy Of Colombia - Colombia Information

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Economy Of Colombia
Colombia Information - Country Guides

Economy overview	Colombia's economy suffers from weak domestic and foreign demand, austere government budgets, and serious internal armed conflict, but seems poised for recovery. Other economic problems facing President URIBE range from reforming the pension system to reducing high unemployment. 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. On the positive side, several international financial institutions have praised the economic reforms introduced by URIBE, which includes measures designed to reduce the public-sector deficit below 2.5% of GDP in 2004. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector, and GDP growth in 2003 was among the highest in Latin America.
GDP	purchasing power parity - $263.2 billion (2004 est.)
GDP - real growth rate	3.7% (2004 est.)
GDP - per capita	purchasing power parity - $6,300 (2004 est.)
GDP - composition by sector	agriculture: 13.7% industry: 32.1% services: 54.2% (2004 est.)
Investment gross fixed	15.9% of GDP (2004 est.)
Population below poverty line	55% (2001)
Household income or consumption by percentage share	lowest 10%: 1% highest 10%: 44% (1999)
Distribution of family income - Gini index	57.1 (1996)
Inflation rate consumer prices	7.1% (2004 est.)
Labor force	20.34 million (2004 est.)
Labor force by occupation	agriculture 30%, industry 24%, services 46% (1990)
Unemployment rate	14.2% (2004 est.)
Budget	revenues: $24 billion expenditures: $25.6 billion, including capital expenditures of $na (2004 est.)
Public debt	51.9% of GDP (2004 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
Industrial production growth rate	3.5% (2004 est.)
Electricity production	42.99 billion kWh (2001)
Electricity production by source	fossil fuel: 26% hydro: 72.7% other: 1.3% (2001) nuclear: 0%
Electricity consumption	39.81 billion kWh (2001)
Electricity exports	210 million kWh (2001)
Electricity imports	40 million kWh (2001)
Oil production	614,400 bbl/day (2004 est.)
Oil consumption	252,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	1.8 billion bbl (2004)
Natural gas production	5.7 billion cu m (2001 est.)
Natural gas consumption	5.7 billion cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	132 billion cu m (2004)
Current account balance	$-1.417 billion (2004 est.)
Exports	$12.96 billion f.o.b. (2004 est.)
Exports commodities	petroleum, coffee, coal, apparel, bananas, cut flowers
Exports partners	US 47.1%, Ecuador 6%, Venezuela 5.3% (2003)
Imports	$13.06 billion f.o.b. (2003 est.)
Imports commodities	industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports partners	US 29.6%, Brazil 5.5%, Mexico 5.4%, Venezuela 5.2%, China 5%, Japan 4.6%, Germany 4.4% (2003)
Reserves of foreign exchange gold	$10.92 billion (2004 est.)
Debt external	$38.26 billion (2004 est.)
Economic aid recipient	NA
Currency	Colombian peso (COP)
Currency code	COP
Exchange rates	Colombian pesos per US dollar - 2,877.65 (2003), 2,504.24 (2002), 2,299.63 (2001), 2,087.9 (2000), 1,756.23 (1999)
Fiscal year	calendar year

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Economy Of ColombiaColombia Information - Country Guides

Economy Of Colombia
Colombia Information - Country Guides