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Colombia Economy 2014
http://www.theodora.com/wfbcurrent/colombia/colombia_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face external shocks. Real GDP has grown more than 4% per year for the past three years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade. Nevertheless, Colombia depends heavily on oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.3% in 2012 is still one of Latin America's highest. The SANTOS Administration's foreign policy has focused on bolstering Colombia's commercial ties and boosting investment at home. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and implemented in 2012. Colombia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, China, Costa Rica, Panama, and Israel. Foreign direct investment - notably in the oil and gas sectors - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and reached a record high of nearly $16 billion in 2012. Colombia is the third largest Latin American exporter of oil to the United States, and the United States' largest source of imported coal. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.

GDP (purchasing power parity):
$497.3 billion (2012 est.)
country comparison to the world: 29

$478.3 billion (2011 est.)
$448.5 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$364 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2012 est.)
country comparison to the world: 84

6.6% (2011 est.)
4% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,700 (2012 est.)
country comparison to the world: 110

$10,400 (2011 est.)
$9,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
19.9% of GDP (2012 est.)
country comparison to the world: 74

20.8% of GDP (2011 est.)
19% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 61.4%
government consumption: 16.5%
investment in fixed capital: 23.6%
investment in inventories: -0.4%
exports of goods and services: 18.2%
imports of goods and services: -19.7%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.5%
industry: 37.6%
services: 55.9% (2012 est.)

Agriculture - products:
coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products

Industries:
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds

Industrial production growth rate:
3% (2012 est.)
country comparison to the world: 88
[see also: Industrial production growth rate country ranks ]

Labor force:
23.09 million (2012 est.)
country comparison to the world: 29
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 13%
services: 68% (2011 est.)

Unemployment rate:
10.4% (2012 est.)
country comparison to the world: 110

10.8% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
34.1% (2011 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 0.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 44.4% (2010 est.)

Distribution of family income - Gini index:
58.5 (2011)
country comparison to the world: 8

53.8 (1996)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $107.8 billion
[see also: Budget revenues country ranks ]
expenditures: $106.1 billion (2012 est.)

Taxes and other revenues:
29.6% of GDP (2012 est.)
country comparison to the world: 98
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.5% of GDP (2012 est.)
country comparison to the world: 37
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.5% of GDP (2012 est.)
country comparison to the world: 89

42.9% of GDP (2011 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.2% (2012 est.)
country comparison to the world: 101

3.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.75% (31 December 2011)
country comparison to the world: 72

5% (31 December 2010)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.6% (31 December 2012 est.)
country comparison to the world: 71

11.22% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$41.7 billion (31 December 2012 est.)
country comparison to the world: 51

$35.45 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$151.2 billion (31 December 2012 est.)
country comparison to the world: 48

$119.8 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$180.7 billion (31 December 2012 est.)
country comparison to the world: 42

$139 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$201.3 billion (31 December 2011)
country comparison to the world: 34

$208.5 billion (31 December 2010)
$133.3 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-12.17 billion (2012 est.)
country comparison to the world: 177

$-9.837 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$59.85 billion (2012 est.)
country comparison to the world: 55

$56.68 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel

Exports - partners:
US 36.6%, China 5.5%, Spain 4.8%, Panama 4.7%, Venezuela 4.4%, Netherlands 4.1% (2012)

Imports:
$54.64 billion (2012 est.)
country comparison to the world: 51

$50.52 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners:
US 24.2%, China 16.3%, Mexico 10.9%, Brazil 4.8% (2012)

Reserves of foreign exchange and gold:
$37 billion (31 December 2012 est.)
country comparison to the world: 47

$31.91 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$80.72 billion (31 December 2012 est.)
country comparison to the world: 52

$76.92 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$111.7 billion (31 December 2012 est.)
country comparison to the world: 37

$95.61 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$31.65 billion (31 December 2012 est.)
country comparison to the world: 41

$31.96 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Colombian pesos (COP) per US dollar -

1,798 (2012 est.)
1,848 (2011 est.)
1,898.6 (2010 est.)
2,157.6 (2009)
2,243.6 (2008)


NOTE: The information regarding Colombia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 2014 information contained here. All suggestions for corrections of any errors about Colombia Economy 2014 should be addressed to the CIA.



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