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Colombia Economy 1996
Colombia's economy has grown steadily since 1991, when the government
implemented sweeping economic reform measures. President SAMPER, who took
office in August 1994, has pledged to maintain those reforms while expanding
government assistance for poor Colombians, who continue to make up about 40%
of the population. In an effort to bring down inflation, SAMPER has arranged
a "social pact" with business and labor to curtail price hikes and trim
inflation to 18%. The rapid development of oil, coal, and other
nontraditional industries, along with copious inflows of capital and
strengthening of prices for coffee, have helped keep growth at 5%-6%.
Development of the massive Cusiana oilfield provides the means to sustain
this level over the next several years. Exporters say, however, that their
sales have been hampered by the appreciation of the Colombian peso, and
farmers have sought government help in adjusting to greater foreign
competition. Moreover, increased foreign investment and even greater
domestic growth have been hindered by an inadequate energy and
transportation infrastructure and by violence stemming from drug trafficking
and persistent rural insurgency.
GDP - purchasing power parity - $172.4 billion (1994 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$8.3 billion (f.o.b., 1994 est.)
petroleum, coffee, coal, bananas, fresh cut flowers
US 39%, EC 25.7%, Japan 2.9%, Venezuela 8.5% (1992)
$10.6 billion (c.i.f., 1994 est.)
industrial equipment, transportation equipment, consumer goods, chemicals,
paper products
US 36%, EC 18%, Brazil 4%, Venezuela 6.5%, Japan 8.7% (1992)
$12.6 billion (1994 est.)
growth rate 5% (1994 est.); accounts for about 20% of GDP
textiles, food processing, oil, clothing and footwear, beverages, chemicals,
metal products, cement; mining - gold, coal, emeralds, iron, nickel, silver,
salt
growth rate 3.8% (1994 est.); accounts for about 15% of GDP; crops make up
two-thirds and livestock one-third of agricultural output; climate and soils
permit a wide variety of crops, such as coffee, rice, tobacco, corn,
sugarcane, cocoa beans, oilseeds, vegetables; forest products and shrimp
farming are becoming more important
illicit producer of coca, opium poppies, and cannabis; about 45,000 hectares
of coca under cultivation; the world's largest processor of coca derivatives
into cocaine; supplier of cocaine to the US and other international drug
markets; active eradication program against narcotics crop
US commitments, including Ex-Im (FY70-89), $1.6 billion; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $3.3 billion;
Communist countries (1970-89), $399 million
1 Colombian peso (Col$) = 100 centavos
Colombian pesos (Col$) per US$1 - 846.67 (January 1995), 844.84 (1994),
863.06 (1993), 759.28 (1992), 633.05 (1991), 502.26 (1990)
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