chief of mission: Ambassador William R. BROWNFIELD embassy: Calle 24 Bis No. 48-50, Bogota, D.C. mailing address: Carrera 45 No. 24B-27, Bogota, D.C. telephone: [57] (1) 315-0811 FAX: [57] (1) 315-2197
Flag description:
three horizontal bands of yellow (top, double-width), blue, and red note: similar to the flag of Ecuador, which is longer and bears the Ecuadorian coat of arms superimposed in the center
Economy
Colombia
Economy - overview:
Colombia's economy has experienced positive growth over the past five years despite a serious armed conflict. In fact, 2007 is regarded by policy makers and the private sector as one of the best economic years in recent history, after 2005. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, improved domestic security, and high commodity prices. Ongoing economic problems facing President URIBE include reforming the pension system, reducing high unemployment, and funding new exploration to offset declining oil production. The government's economic reforms and democratic security strategy, coupled with increased investment, have engendered a growing sense of confidence in the economy. However, the business sector continues to be concerned about failure of the US Congress to approve the signed FTA.
GDP (purchasing power parity):
$327.7 billion (2007 est.)
GDP (official exchange rate):
$171.6 billion (2007 est.)