Colombia's Economy. Detailed description of the modern economy of Colombia briefly

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Colombia's Economy. Detailed description of the modern economy of Colombia briefly

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4% per year for the past four years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade, which helped to attract record levels of investment in 2013 and 2014, mostly in the hydrocarbons sector. Colombia depends heavily on energy and mining exports, making it vulnerable to a drop in commodity prices. Colombia is the world's fourth largest coal exporter and Latin America's fourth largest oil producer. Economic development is stymied by inadequate infrastructure, inequality, poverty, narco-trafficking and an uncertain security situation. Moreover, the unemployment rate of 9.2% in 2014 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. Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into force on May 2012. Colombia is also a founding member of the Pacific Alliance - a regional grouping formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. In 2013, Colombia began its ascension process to the OECD. In 2014, Colombia passed a tax reform bill to offset the lost revenue from the global drop in oil prices. The SANTOS administration is also using tax reform to help finance implementation of a peace deal, in the event FARC and the government reach an agreement in 2015. Colombian officials estimate a peace deal may bolster economic growth by almost 2%.

GDP (purchasing power parity):

$642.7 billion (2014 est.)

$612.1 billion (2013 est.)

$584.7 billion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 32

GDP (official exchange rate):

$400.1 billion (2014 est.)

GDP - real growth rate:

5% (2014 est.)

4.7% (2013 est.)

4% (2012 est.)

country comparison to the world: 54

GDP - per capita (PPP):

$13,500 (2014 est.)

$13,000 (2013 est.)

$12,600 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 111

Gross national saving:

21.1% of GDP (2014 est.)

21.4% of GDP (2013 est.)

20.8% of GDP (2012 est.)

country comparison to the world: 73

GDP - composition, by end use:

household consumption: 59.8%

government consumption: 17%

investment in fixed capital: 25.5%

investment in inventories: 0.1%

exports of goods and services: 18.5%

imports of goods and services: -20.8%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 6.1%

industry: 37.3%

services: 56.6% (2014 est.)

Agriculture - products:

coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products

Industries:

textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds

Industrial production growth rate:

4.2% (2014 est.)

country comparison to the world: 66

Labor force:

23.67 million (2014 est.)

country comparison to the world: 28

Labor force - by occupation:

agriculture: 17%

industry: 21%

services: 62% (2011 est.)

Unemployment rate:

9.2% (2014 est.)

9.7% (2013 est.)

country comparison to the world: 105

Population below poverty line:

32.7% (2012 est.)

Household income or consumption by percentage share:

lowest 10%: 1.1%

highest 10%: 42% (2010 est.)

Distribution of family income - Gini index:

53.5 (2012)

56.9 (1996)

country comparison to the world: 12

Budget:

revenues: $114.1 billion

expenditures: $120.2 billion (2014 est.)

Taxes and other revenues:

28.5% of GDP (2014 est.)

country comparison to the world: 99

Budget surplus (+) or deficit (-):

-1.5% of GDP (2014 est.)

country comparison to the world: 67

Public debt:

41.9% of GDP (2014 est.)

43.3% of GDP (2013 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

country comparison to the world: 90

Fiscal year:

calendar year

Inflation rate (consumer prices):

2.9% (2014 est.)

2% (2013 est.)

Central bank discount rate:

4.75% (31 December 2011)

5% (31 December 2010)

country comparison to the world: 79

Commercial bank prime lending rate:

10.9% (31 December 2014 est.)

11% (31 December 2013 est.)

country comparison to the world: 76

Stock of narrow money:

$47.31 billion (31 December 2014 est.)

$44.55 billion (31 December 2013 est.)

country comparison to the world: 51

Stock of broad money:

$177.5 billion (31 December 2014 est.)

$161.7 billion (31 December 2013 est.)

country comparison to the world: 44

Stock of domestic credit:

$177.9 billion (31 December 2014 est.)

$166.4 billion (31 December 2013 est.)

country comparison to the world: 45

Market value of publicly traded shares:

$262.1 billion (31 December 2012 est.)

$201.3 billion (31 December 2011)

$208.5 billion (31 December 2010 est.)

country comparison to the world: 32

Current account balance:

-$16.08 billion (2014 est.)

-$12.28 billion (2013 est.)

country comparison to the world: 181

Exports:

$55 billion (2014 est.)

$58.03 billion (2013 est.)

country comparison to the world: 57

Exports - commodities:

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

Exports - partners:

US 31%, China 9%, Panama 6%, India 5%, Spain 5% (2013)

Imports:

$56.75 billion (2014 est.)

$55.03 billion (2013 est.)

country comparison to the world: 51

Imports - commodities:

industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners:

US 28%, China 18%, Mexico 9%, Brazil 4% (2013)

Reserves of foreign exchange and gold:

$47.74 billion (31 December 2014 est.)

$43.16 billion (31 December 2013 est.)

country comparison to the world: 41

Debt - external:

$84 billion (31 December 2014 est.)

$80.63 billion (31 December 2013 est.)

country comparison to the world: 51

Stock of direct foreign investment - at home:

$144.8 billion (31 December 2014 est.)

$127.9 billion (31 December 2013 est.)

country comparison to the world: 34

Stock of direct foreign investment - abroad:

$44 billion (31 December 2014 est.)

$39 billion (31 December 2013 est.)

country comparison to the world: 40

Exchange rates:

Colombian pesos (COP) per US dollar -

1,992 (2014 est.)

1,868.9 (2013 est.)

1,798 (2012 est.)

1,848 (2011 est.)

1,898.6 (2010 est.)