Diplomatic representation from the US: chief of mission: Ambassador Curtis Warren KAMMAN embassy: Calle 22D-BIS, numbers 47-51, Apartado Aereo 3831 mailing address: APO AA 34038 telephone: (1) 315-0811 FAX: (1) 315-2197
Flag description: three horizontal bands of yellow (top, double-width), blue, and red; similar to the flag of Ecuador, which is longer and bears the Ecuadorian coat of arms superimposed in the center
@Colombia:Economy
Economy - overview: Colombia is poised for moderate growth in the next several years, marking an end to the severe 1999 recession when GDP fell by about 5%. President PASTRANA's well-respected economic team is taking steps to keep the recovery on track, such as lowering interest rates and shoring up the financial system. In its loan agreement with the IMF, the administration has pledged to take additional steps to restore growth, reduce inflation, and improve the public sector's fiscal health. Many challenges to sustainable growth remain, however. Unemployment reached a record 20% in 1999 and may remain high, contributing to the extreme inequality in income distribution. Colombia's leading exports, oil and coffee, face an uncertain future: new exploration is needed to offset a pending decline in oil production, and the coffee harvest has dropped off because of aging plantations and natural disasters. The lack of public security is a key concern for investors, making progress in the government's peace negotiations with insurgent groups an important driver of economic performance. Colombia is looking for international financial assistance to boost economic recovery and peace prospects.
GDP: purchasing power parity - $245.1 billion (1999 est.)
GDP - real growth rate: -5% (1999 est.)
GDP - per capita: purchasing power parity - $6,200 (1999 est.)
GDP - composition by sector: agriculture: 19% industry: 26% services: 55% (1999 est.)
Population below poverty line: 17.7% (1992 est.)
Household income or consumption by percentage share: lowest 10%: 1% highest 10%: 46.9% (1995)