of
arms superimposed in the center

*Colombia, Economy

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.
National product:
GDP - exchange rate conversion - $51 billion (1992 est.)
National product real growth rate:
3.3% (1992 est.)
National product per capita:
$1,500 (1992 est.)
Inflation rate (consumer prices):
25% (1992)
Unemployment rate:
10% (1992)
Budget:
revenues $5.0 billion; current expenditures $5.1 billion, capital
expenditures $964 million (1991 est.)
Exports:
$7.4 billion (f.o.b., 1992 est.)
commodities:
petroleum, coffee, coal, bananas, fresh cut flowers
partners:
US 44%, EC 21%, Japan 5%, Netherlands 4%, Sweden 3% (1991)
Imports:
$5.5 billion (c.i.f., 1992 est.)
commodities:
industrial equipment, transportation equipment, consumer goods, chemicals,
paper products
partners:
US 36%, EC 16%, Brazil 4%, Venezuela 3%, Japan 3% (1991)
External debt:
$17 billion (1992)
Industrial production:
growth rate -0.5% (1991); accounts for 20% of GDP
Electricity:
10,193,000 kW capacity; 36,000 million kWh produced, 1,050 kWh per capita
(1992)
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