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1994-05-02
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<text>
<title>
Colombia: Economy
</title>
<article><hdr>The World Factbook 1993: Colombia
Economy</hdr><body>
<p>Overview: Economic development has slowed gradually since
1986, but growth rates remain high by Latin American standards.
Conservative economic policies have kept inflation and
unemployment near 30% and 10%, respectively. The rapid
development of oil, coal, and other nontraditional industries in
recent years has helped to offset the decline in coffee prices -
Colombia's major export. The collapse of the International
Coffee Agreement in the summer of 1989, a troublesome rural
insurgency, energy rationing, and drug-related violence have
dampened growth. The level of violence, in Bogota in particular,
surged to higher levels in the first quarter of 1993, further
delaying the economic resurgence expected from government
reforms. These reforms center on fiscal restraint, trade and
investment liberalization, financial and labor reform, and
privatization of state utilities and commercial banks.
</p>
<p>National product: GDP - exchange rate conversion - $51 billion
(1992 est.)
</p>
<p>National product real growth rate: 3.3% (1992 est.)
</p>
<p>National product per capita: $1,500 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 25% (1992)
</p>
<p>Unemployment rate: 10% (1992)
</p>
<p>Budget: revenues $5.0 billion; current expenditures $5.1
billion, capital expenditures $964 million (1991 est.)
</p>
<list>
<l>Exports: $7.4 billion (f.o.b., 1992 est.)</l>
<l> commodities: petroleum, coffee, coal, bananas, fresh cut
flowers</l>
<l> partners: US 44%, EC 21%, Japan 5%, Netherlands 4%, Sweden
3% (1991)</l>
<l>Imports: $5.5 billion (c.i.f., 1992 est.)</l>
<l> commodities: industrial equipment, transportation equipment,
consumer goods, chemicals, paper products</l>
<l> partners: US 36%, EC 16%, Brazil 4%, Venezuela 3%, Japan 3%
(1991)</l>
</list>
<p>External debt: $17 billion (1992)
</p>
<p>Industrial production: growth rate -0.5% (1991); accounts for
20% of GDP
</p>
<p>Electricity: 10,193,000 kW capacity; 36,000 million kWh
produced, 1,050 kWh per capita (1992)
</p>
<p>Industries: textiles, food processing, oil, clothing and
footwear, beverages, chemicals, metal products, cement; mining -
gold, coal, emeralds, iron, nickel, silver, salt
</p>
<p>Agriculture: growth rate 3% (1991 est.) accounts for 22% of
GDP; crops make up two-thirds and livestock one-third of
agricultural output; climate and soils permit a wide variety of
crops, such as coffee, rice, tobacco, corn, sugarcane, cocoa
beans, oilseeds, vegetables; forest products and shrimp farming
are becoming more important
</p>
<p>Illicit drugs: illicit producer of cannabis, coca, and opium;
about 37,500 hectares of coca under cultivation; the world's
largest processor of coca derivatives into cocaine; supplier of
cocaine to the US and other international drug markets
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-89), $1.6
billion; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $3.3 billion, Communist countries
(1970-89), $399 million
</p>
<p>Currency: 1 Colombian peso (Col$)=100 centavos
</p>
<p>Exchange rates: Colombian pesos (Col$) per US$1 - 820.08
(January 1993), 759.28 (1992), 633.05 (1991), 502.26 (1990),
382.57 (1989), 299.17 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>