Economy overview: Colombia is likely to see moderate economic growth over the next few years after a strong recession in 1999, when GDP fell by about 4%. The authoritative economic team that President PASTRANA has at his disposal is taking steps to continue the economic recovery, for example by keeping interest rates low on loans. According to the IMF loan agreement, the government promises to take additional measures to improve the financial situation of the public sector. However, many challenges remain that need to be addressed to sustain growth. Unemployment stood at 20% in 2000 and remains high, contributing to a highly unequal income distribution. The future situation of Colombia’s main export products, oil and coffee, is unclear, because new exploration is needed to compensate for the decline in oil production, and coffee yields are declining, as are coffee prices. Insufficient public safety is a major concern for investors, and the progress of peace negotiations between the government and the rebels is thus an important condition for improving the efficiency of the economy. Colombia looks forward to continued support from the international community for economic reconstruction and peace. See businesscarriers.com to know more about Colombia Economics and Business.
GDP: at purchasing power parity – $250 billion (2000 est.).
Real GDP growth rate: 3% (2000 est.).
GDP per capita: at purchasing power parity – $6,200 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 19%; industry: 26%; services: 55% (1999 est.).
Proportion of population below the poverty line: 55% (1999 est.).
Percentage distribution of family income or consumption: 10% of the poorest families account for: 1%; 10% of the wealthiest families account for: 44% (1999).
Inflation rate at consumer prices: 9% (2000).
Labor force: 18.3 million people (1999 est.).
Employment structure: service sector 46%, agriculture 30%, industry 24% (1990).
Unemployment rate: 20% (2000 est.).
Budget: revenues: $22 billion; expenditures: $24 billion including capital expenditures – NA (2000 est.).
Economic sectors: textile industry, food production, oil industry, production of clothing and footwear, beverages, chemicals, cement; mining of gold, coal, emeralds.
Growth in industrial production: 11% (2000 est.).
Electricity generation: 43.574 billion kWh (1999)
Sources of electricity generation: fossil fuels: 22.27%; hydropower: 76.19%; nuclear fuel: 0%; others: 1.54% (1999).
Electricity consumption: 40.532 billion kWh (1999)
Electricity export: 27 million kWh (1999).
Electricity import: 35 million kWh (1999).
Agricultural products: coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseeds, vegetables; forest products; shrimps.
Exports: $14.5 billion (free on board, 2000 est.)
Exports: oil, coffee, coal, gold, bananas, cut flowers.
Export partners: USA 50%, EU 14%, Andean group 16%, Japan 2% (2000 est.).
Imports: $12.4 billion (free on board, 2000 est.)
Import articles: industrial equipment, transport equipment, consumer goods, chemicals, paper products, fuels, electricity.
Import partners: USA 35%, EU 16%, Andean group 15%, Japan 5% (2000 est.).
External debt: $34 billion (2000 est.) Economic aid recipient: $40.7 million (1995)
Economic aid donor:
Currency: Colombian peso.
Currency code: COP.
Exchange rate: COP/USD -2,241.43 (January 2001), 2,087.90 (2000), 1,756.23 (1999), 1,426.04 (1998), 1,140.96 (1997), 1,036,69 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 5,433,565 (December 1997).
Mobile cell phones: 1,800,229 (December 1998).
Telephone system: modern in many respects; domestic: nationwide microwave radio relay system; national satellite system with 41 ground stations; fiber optic network connecting 50 cities; international: satellite earth stations: 6 Intelsat, 1 Inmarsat; 3 fully digital international switching centers; 8 submarine cables.
Broadcast stations: AM – 454, FM – 34, shortwave -27 (1999).
Radio receivers: 21 million (1997)
Television broadcast stations: 60 (including seven low power) (1997).
TVs: 4.59 million (1997).
Internet country code: co
Internet providers: 18 (2000).
Number of users: 600,000 (2000).
Transport Railways: Transport Railways: total: 3,304 km; standard gauge: 150 km (1.435 m gauge) (connects coal fields to the seaport of Bahia de Portete); narrow gauge: 3,154 km (0.914 m gauge) (most lines not in use) (2000).
Roads: total: 110,000 km; coated: 26,000 km; unpaved: 84,000 km (2000)
Waterways: 18,140 km are suitable for river navigation (April 1996).
Pipelines: for crude oil -3,585 km; for oil products – 1,350 km; for natural gas – 830 km; for liquefied natural gas -125 km.
Ports and harbors: Bahia de Portete, Barranquilla, Buenaventura, Cartagena, Leticia, Puerto Boli Var, San Andree, Santa Marta, Tumaco, Turbo.
Merchant navy: total: 13 ships (displacement 1,000 tons or more) with a total displacement of 53,322 gross register tons / 69,444 long tons of gross tonnage; ships of various types: dry cargo ships – 5, cargo ships – 4, container ships – 1, multifunctional heavy cargo ships – 1, oil tankers – 2 (2000 est.).
Airports: 1,091 (2000 est.).
Airports with paved runways: total: 92; over 3,047 m: 2; from 2438 to 3047 m: 8; from 1,524 to 2,437 m: 38; from 914 to 1523 m:36; less than 914 m: 8 (2000 est.).
Airports with unpaved runways: total: 999; from 2438 to 3047 m:1; from 1,524 to 2,437 m: 64; from 914 to 1,523 m: 321; less than 914 m: 613 (2000 est.).
Branches of the Armed Forces: Army, Navy (Armada Nacional, including Marine Corps and Coast Guard), Air Force, National Police.
Enlistment age: 18 years old.
Total Military Manpower: Male 15 to 49: 10,779,148 (2001 est.).
Eligible for military service: men aged 15 to 49: 7,205,211 (2001 est.).
Number of persons reaching military age each year: male: 379,295 (2001 est.).
Military spending in dollar terms: $3 billion (2000)
Military spending as part of GDP: 3.4% (2000).
International Issues International disputes: dispute over maritime border with Venezuela in the Gulf of Venezuela; territorial dispute with Nicaragua over the archipelago of San Andree and Providencia and the Cuito Suena Bank.
Illicit drugs: illicit production of coca, opium poppy and hemp; the world’s largest producer of coca (coca plantations in 1999 amounted to 122,500 ha, 20.3% more than in 1998); areas under opium poppy increased in 1999 to 7,500 ha from 6,100 ha in 1998; potential production of opium in 1999 – 75 tons, 25% more than in 1998; potential production of heroin in 1999 – 8 tons, against 6 tons in 1998; the world’s largest processor of coca derivatives into cocaine; supplier of approximately 90% of cocaine to the US and most of the cocaine to other international drug markets, and a major supplier of heroin to the US market; an active program of aerial destruction of crops is being carried out.