Saturday, 13 August 2011

Economy of Colombia


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 billion
expenditures: $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, emeralds

Industrial 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; shrimp

Exports

$40.24 billion (2010 est.)
$32.08 billion (2009)

Exports - commodities

petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers

Exports - 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, electricity

Imports - 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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