Economy - overview Colombia's economy suffered from weak domestic demand, austere government budgets, and a difficult security situation. A new president takes office in 2002 and will face economic challenges ranging from pension reform to reduction of unemployment. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. Problems in public security are a concern for Colombian business leaders, who are calling for progress in the government's peace negotiations with insurgent groups. Colombia is looking for continued support from the international community to boost economic and peace prospects.

GDP purchasing power parity - $255 billion (2001 est.)

GDP - real growth rate 1.5% (2001 est.)

GDP - per capita purchasing power parity - $6,300 (2001 est.)

GDP - composition by sector
agriculture: 19%
industry: 26%
services: 55% (2001 est.)

Population below poverty line 55% (2001)

Household income or consumption by percentage share
lowest 10%: 1%
highest 10%: 44% (1999)

Distribution of family income - Gini index 57.1 (1996)

Inflation rate (consumer prices) 7.6% (2001)

Labor force 18.3 million (1999 est.)

Labor force - by occupation services 46%, agriculture 30%, industry 24% (1990)

Unemployment rate 17% (2001 est.)

Budget
revenues: $24 billion
expenditures: $25.6 billion, including capital expenditures of $NA (2001 est.)

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

Industrial production growth rate 4% (2001 est.)

Electricity - production 43.342 billion kWh (2000)

Electricity - production by source
fossil fuel: 25.93%
hydro: 73.09%
other: 0.98% (2000)
nuclear: 0%

Electricity - consumption 40.348 billion kWh (2000)

Electricity - exports 37 million kWh (2000)

Electricity - imports 77 million kWh (2000)

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

Exports $12.3 billion (f.o.b., 2001 est.)

Exports - commodities petroleum, coffee, coal, apparel, bananas, cut flowers

Exports - partners US 43%, Andean Community of Nations 22%, EU 14%, (2001 est.)

Imports $12.7 billion (c.i.f., 2001 est.)

Imports - commodities industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners US 35%, EU 16%, Andean Community of Nations 15%, Japan 5% (2001 est.)

Debt - external $39 billion (2001 est.)

Economic aid - recipient $NA

Currency Colombian peso (COP)

Currency code COP

Exchange rates Colombian pesos per US dollar - 2,275.89 (January 2002), 2,299.63 (2001), 2,087.90 (2000), 1,756.23 (1999), 1,426.04 (1998), 1,140.96 (1997)

Fiscal year calendar year

NOTE: The information regarding Colombia on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 2002 information contained here. All suggestions for corrections of any errors about Colombia Economy 2002 should be addressed to the CIA.