| Economy | Colombia |
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Economy - overview:
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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 is projected to grow by between 5-6% and inflation to end 2011 at less than 4% continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's 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 9.2% official unemployment rate 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 U.S.-Colombia Free Trade Agreement (FTA) was ratified by the US Congfess in October 2011 and is expected to be implemented in mid-2012. Columbia has signed or is negotiating FTAs with a number of other countries, including Canada, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, and Israel. Foreign direct investment - notably in the oil sector - reached a record $10 billion in 2008, but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and it appears to have reached a record high $13 billion in 2011. Colombia is the third largest Latin American exporter of oil to the US. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion. In late 2010, Colombia experienced its most severe flooding in decades, with damages estimated to exceed $6 billion. The rains resumed in 2011, causing further damages to crops and infrastructure, as well as killing hundreds of Colombians and displacing millions. |
GDP (purchasing power parity):
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$467 billion (2011 est.)
$445.3 billion (2010 est.)
$427 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$10,100 (2011 est.)
$9,800 (2010 est.)
$9,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$321.5 billion (2011 est.) |
GDP - real growth rate:
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4.9% (2011 est.)
4.3% (2010 est.)
1.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 8.9%
industry: 38%
services: 53.1% (2011 est.) |
Investment (gross fixed):
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22.9% of GDP (2011 est.) |
Population below poverty line:
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45.5% (2009) |
Household income or consumption by percentage share:
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lowest 10%: 0.8%
highest 10%: 45% (2008) |
Distribution of family income - Gini index:
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58.5 (2009)
53.8 (1996) |
Inflation rate (consumer prices):
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3.4% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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4.75% (31 December 2011 est.)
5% (31 December 2010 est.) |
Commercial bank prime lending rate:
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10.8% (31 December 2011 est.)
9.383% (31 December 2010 est.) |
Stock of money:
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$25.01 billion (31 December 2009)
$21.58 billion (31 December 2008) |
Stock of money - per capita:
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560 USD per capita |
Stock of quasi money:
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$26.57 billion (31 December 2008)
$27.25 billion (31 December 2007) |
Stock of quasi money - per capita:
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595 USD per capita |
Stock of domestic credit:
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$168.4 billion (31 December 2011 est.)
$120.1 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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3,766 USD per capita |
Stock of narrow money:
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$40.52 billion (31 December 2011 est.)
$32.42 billion (31 December 2010 est.) |
Stock of broad money:
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$123.8 billion (31 December 2011 est.)
$103.7 billion (31 December 2010 est.) |
Labor force:
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22.5 million (2011 est.) |
Labor force participation rate:
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50.31 % of population |
Labor force - by occupation:
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agriculture: 18%
industry: 13%
services: 68% (2010 est.) |
Unemployment rate:
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11.2% (2011 est.)
11.8% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 23%
male: 18.2%
female: 29.9% (2008) |
Budget:
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revenues: $84.93 billion
expenditures: $96.73 billion (2011 est.) |
Budget revenues per capita:
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1,899 USD per capita |
Taxes and other revenues:
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26.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.7% of GDP (2011 est.) |
Public debt:
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45.6% of GDP (2011 est.)
44.2% of GDP (2010 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 |
Industries:
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textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
Industrial production growth rate:
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4% (2011 est.) |
Electricity - production:
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51.01 billion kWh (2008 est.) |
Electricity - production per capita:
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1,141 kWh per capita |
Electricity - consumption:
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38.82 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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868 kWh per capita |
Electricity - exports:
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1.473 billion kWh (2008 est.) |
Electricity - imports:
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1.396 billion kWh (2008 est.) |
Oil - production:
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800,100 bbl/day (2010 est.) |
Oil - production per capita:
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17,890 bbl/day per capita |
Oil - consumption:
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296,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.42 bbl/year per capita |
Oil - exports:
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400,700 bbl/day (2009 est.) |
Oil - imports:
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6,045 bbl/day (2009 est.) |
Oil - proved reserves:
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1.9 billion bbl (1 January 2011 est.) |
Natural gas - production:
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10.49 billion cu m (2009 est.) |
Natural gas - production per capita:
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235 cu m per capita |
Natural gas - consumption:
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8.69 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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195 cu m per capita |
Natural gas - exports:
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1.8 billion cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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113.3 billion cu m (1 January 2011 est.) |
Agriculture - products:
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coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp |
Current account balance:
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-$7.328 billion (2011 est.)
-$8.943 billion (2010 est.) |
Current account balance - per capita:
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-163 USD per capita |
Exports:
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$55.03 billion (2011 est.)
$40.78 billion (2010 est.) |
Exports per capita:
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1,231 USD per capita |
Exports - commodities:
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petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers |
Exports - partners:
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US 42%, EU 12.6%, China 5.2%, Ecuador 4.5% (2010 est.) |
Imports:
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$49.78 billion (2011 est.)
$38.64 billion (2010 est.) |
Imports per capita:
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1,114 USD per capita |
Imports - commodities:
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industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity |
Imports - partners:
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US 25.5%, China 13.4%, Mexico 9.4%, Brazil 5.9%, Germany 4.1% (2010 est.) |
Reserves of foreign exchange and gold:
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$35.79 billion (31 December 2011 est.)
$28.08 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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801 USD per capita |
Debt - external:
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$69.89 billion (31 December 2011 est.)
$62.11 billion (31 December 2010 est.) |
Debt - external - per capita:
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1,563 USD per capita |
Stock of direct foreign investment - at home:
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$92.42 billion (31 December 2011 est.)
$82.42 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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2,067 USD per capita |
Stock of direct foreign investment - abroad:
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$25.37 billion (31 December 2011 est.)
$22.77 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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568 USD per capita |
Market value of publicly traded shares:
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$208.5 billion (31 December 2010)
$133.3 billion (31 December 2009)
$87.03 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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4,662 USD per capita |
Currency (code):
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Colombian peso (COP) |
Exchange rates:
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Colombian pesos (COP) per US dollar -
1,812.8 (2011 est.)
1,899 (2010 est.)
2,157.6 (2009)
2,243.6 (2008)
2,013.8 (2007) |
Fiscal year:
|
calendar year |
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