Economy - overview
The SANTOS administration has highlighted five "locomotives" to stimulate economic growth: extractive industries; agriculture; infrastructure; housing; and innovation. Colombia is third largest exporter of oil to the United States. President SANTOS, inaugurated in August 2010, introduced unprecedented legislation to better distribute extractive industry royalties and compensate Colombians who lost their land due to decades of violence. He also seeks to build on improvements in domestic security and on President URIBE's promarket economic policies. Foreign direct investment reached a record $10 billion in 2008, but dropped to $7.2 billion in 2009, before beginning to recover in 2010, notably in the oil sector. Pro-business reforms in the oil and gas sectors and export-led growth, fueled mainly by the Andean Trade Promotion and Drug Eradication Act, have enhanced Colombia's investment climate. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion. Because of the global financial crisis and weakening demand for Colombia's exports, Colombia's economy grew only 2.7% in 2008, and 0.8% in 2009 but rebounded to around 4.4% in 2010. In late 2010, Colombia experienced its most severe flooding in decades, with damages estimated to exceed $6 billion. The government has encouraged exporters to diversify their customer base beyond the United States and Venezuela, traditionally Colombia's largest trading partners; the SANTOS administration continues to pursue free trade agreements with Asian and South American partners and a trade accord with Canada is expected to go into effect in 2011, while a negotiated trade agreement with the EU has yet to be approved by the EU parliament. Improved relations with Venezuela have eased worries about restrictions on bilateral trade, but the business sector remains concerned about the pending US Congressional approval of the US-Colombia Trade Promotion Agreement.GDP (purchasing power parity)
$435.4 billion (2010 est.)$417.4 billion (2009 est.)
$411.4 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate)
$285.5 billion (2010 est.)GDP - real growth rate
4.3% (2010 est.)1.5% (2009 est.)
3.5% (2008 est.)
GDP - per capita (PPP)
$9,800 (2010 est.)$9,600 (2009 est.)
$9,500 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector
agriculture: 9.3%industry: 38%
services: 52.7% (2010 est.)
Population below poverty line
45.5% (2009)Labor force
21.27 million (2010 est.)Labor force - by occupation
agriculture: 18%industry: 13%
services: 68% (2010 est.)
Unemployment rate
11.8% (2010 est.)12% (2009 est.)
Household income or consumption by percentage share
lowest 10%: 0.8%highest 10%: 45% (2008)
Distribution of family income - Gini index
58.5 (2009)53.8 (1996)
Investment (gross fixed)
22.8% of GDP (2010 est.)Budget
revenues: $74.2 billionexpenditures: $83.9 billion (2011 est.)
Public debt
44.8% of GDP (2010 est.)45.3% of GDP (2009 est.)
Inflation rate (consumer prices)
3.1% (2010 est.)4% (2009 est.)
Central bank discount rate
3% (31 October 2010)5.5% (31 December 2009)
Commercial bank prime lending rate
12.98% (31 December 2009 est.)17.18% (31 December 2008 est.)
Stock of money
$25.01 billion (31 December 2009)$21.58 billion (31 December 2008)
Stock of quasi money
$26.57 billion (31 December 2008)$27.25 billion (31 December 2007)
Stock of domestic credit
$123 billion (31 December 2010 est.)$96.66 billion (31 December 2009 est.)
Industries
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeraldsIndustrial production growth rate
5.5% (2010 est.)Electricity - production
50.58 billion kWh (2007)Electricity - production by source
fossil fuel: 26%hydro: 72.7%
nuclear: 0%
other: 1.3% (2001)
Electricity - consumption
38.59 billion kWh (2007)Electricity - exports
876.7 million kWh (2007)Electricity - imports
39.4 million kWh (2007)Oil - production
785,000 bbl/day (2010 est.)Oil - consumption
288,000 bbl/day (2009 est.)Oil - imports
16,540 bbl/day (2007 est.)Oil - exports
294,000 bbl/day (2008 est.)Oil - proved reserves
1.9 billion bbl (1 January 2010 est.)Natural gas - production
9 billion cu m (2008 est.)Natural gas - consumption
8.1 billion cu m (2008 est.)Natural gas - exports
900 million cu m (2008 est.)Natural gas - imports
0 cu m (2008 est.)Natural gas - proved reserves
112 billion cu m (1 January 2010 est.)Current Account Balance
$-5.946 billion (2010 est.)$-4.991 billion (2009 est.)
Agriculture - products
coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimpExports
$40.24 billion (2010 est.)$32.08 billion (2009)
Exports - commodities
petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowersExports - partners
US 42%, EU 12.6%, China 5.2%, Ecuador 4.5% (2010 est.)Imports
$36.26 billion (2010 est.)$32.49 billion (2009)
Imports - commodities
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricityImports - partners
US 25.5%, China 13.4%, Mexico 9.4%, Brazil 5.9%, Germany 4.1% (2010 est.)Reserves of foreign exchange and gold
$28.5 billion (31 December 2010 est.)$25.35 billion (31 December 2009 est.)
Debt - external
$57.74 billion (31 December 2010 est.)$52.9 billion (31 December 2009 est.)
Stock of direct foreign investment - at home
$84.62 billion (31 December 2010 est.)$75.22 billion (31 December 2009 est.)
Stock of direct foreign investment - abroad
$19.2 billion (31 December 2010 est.)$16.2 billion (31 December 2009 est.)
Market value of publicly traded shares
$217.3 billion (31 December 2010)$133.3 billion (31 December 2009)
$87.03 billion (31 December 2008)
Exchange rates
Colombian pesos (COP) per US dollar -1,869.9 (2010)
2,157.6 (2009)
2,243.6 (2008)
2,013.8 (2007)
2,358.6 (2006)
Source : http://www.indexmundi.com/colombia/economy_profile.html
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