Economy Colombia
Economy - overview:
Colombia's economy has been on a recovery trend during the past two
years despite a serious armed conflict. The economy continues to
improve thanks to austere government budgets, focused efforts to
reduce public debt levels, and an export-oriented growth focus.
Ongoing economic problems facing President URIBE range from
reforming the pension system to reducing high unemployment. New
exploration is needed to offset declining oil production. On the
positive side, several international financial institutions have
praised the economic reforms introduced by URIBE, which include
measures designed to reduce the public-sector deficit below 2.5% of
GDP. The government's economic policy and democratic security
strategy have engendered a growing sense of confidence in the
economy, particularly within the business sector. Coffee prices have
recovered from previous lows as the Colombian coffee industry
pursues greater market shares in developed countries such as the
United States.
GDP (purchasing power parity):
$281.1 billion (2004 est.)
GDP - real growth rate:
3.6% (2004 est.)
GDP - per capita:
purchasing power parity - $6,600 (2004 est.)
GDP - composition by sector: agriculture: 13.4% industry: 32.1% services: 54.5% (2004 est.)
Labor force:
20.7 million (2004 est.)
Labor force - by occupation:
agriculture 30%, industry 24%, services 46% (1990)
Unemployment rate:
13.6% (2004 est.)
Population below poverty line:
55% (2001)