Economy (Colombia)
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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 over the past
four 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, and drug-related violence
have dampened growth, but significant economic reforms are likely to
facilitate a resurgent economy in the medium term. These reforms center on
fiscal restraint, trade liberalization, and privatization of state utilities
and commercial banks.
GDP:
exchange rate conversion - $45 billion, per capita $1,300; real growth rate
3.7% (1990 est.)
Inflation rate (consumer prices):
26.8% (1991)
Unemployment rate:
10.5% (1991)
Budget:
revenues $4.39 billion; current expenditures $3.93 billion, capital
expenditures $1.03 billion (1989 est.)
Exports:
$7.5 billion (f.o.b., 1991)
commodities:
petroleum (19%), coffee, coal, bananas, fresh cut flowers
partners:
US 40%, EC 21%, Japan 5%, Netherlands 4%, Sweden 3%
Imports:
$6.1 billion (c.i.f., 1991)
commodities:
industrial equipment, transportation equipment, foodstuffs, chemicals, paper
products
partners:
US 36%, EC 16%, Brazil 4%, Venezuela 3%, Japan 3%
External debt:
$17.0 billion (1991)
Industrial production:
growth rate 1% (1991 est.); accounts for 21% of GDP
Electricity:
9,624,000 kW capacity; 38,856 million kWh produced, 1,150 kWh per capita
(1991)
Industries:
textiles, food processing, oil, clothing and footwear, beverages, chemicals,
metal products, cement; mining - gold, coal, emeralds, iron, nickel, silver,
salt
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
Illicit drugs:
illicit producer of cannabis, coca, and opium; about 37,500 hectares of coca
under cultivation; major supplier of cocaine to the US and other
international drug markets
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