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World > South America > Colombia > Economy (Facts)

Colombia - Economy (Facts)
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 - real growth rate: 6.8% (2006 est.)
GDP (purchasing power parity): $374.4 billion (2006 est.)
GDP (official exchange rate): $106.8 billion (2006 est.)
GDP - per capita (PPP): $8,600 (2006 est.)
GDP - composition by sector: agriculture: 12%
industry: 35.2%
services: 52.7% (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)
Inflation rate (consumer prices): 4.3% (2006 est.)
Labor force: 20.81 million (2006 est.)
Labor force - by occupation: agriculture: 22.7%
industry: 18.7%
services: 58.5% (2000 est.)
Unemployment rate: 11.1% (2006 est.)
Budget: revenues: $50.7 billion
expenditures: $52.29 billion; including capital expenditures of NA (2006 est.)
Industries: textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Industrial production growth rate: 5.8% (2006 est.)
Electricity - production: 46.93 billion kWh (2004)
Electricity - consumption: 42.01 billion kWh (2004)
Electricity - exports: 1.682 billion kWh (2004)
Electricity - imports: 48 million kWh (2004)
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: 1.282 billion bbl (2006 est.)
Natural gas - production: 6.18 billion cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp
Exports: $24.86 billion f.o.b. (2006 est.)
Exports - commodities: petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers
Exports - partners: US 35.8%, Venezuela 10.4%, Ecuador 6.6% (2006)
Imports: $24.33 billion f.o.b. (2006 est.)
Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners: US 28.2%, Mexico 8.3%, Brazil 6.5%, China 6.3%, Venezuela 5.9%, Japan 4.3% (2006)
Debt - external: $37.21 billion (30 June 2006 est.)
Economic aid - recipient: NA
Currency: Colombian Peso (COP)

Current Colombian Peso Exchange Rates
Historical Colombian Peso Exchange Rates
Chart Colombian Peso Exchange Rates
Currency code: 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


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Colombian Peso Exchange Rates
Notes and Commentary: People - Economy - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Colombian Peso Exchange Rates


Notes and Commentary
People
Economy
Historical Highlights
Foreign Relations
Relations with U.S.





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