8
telephone: (1) 315-0811
FAX: (1) 315-2197

Flag description: three horizontal bands of yellow (top,
double-width), blue, and red; similar to the flag of Ecuador, which is
longer and bears the Ecuadorian coat of arms superimposed in the
center

@Colombia:Economy

Economy - overview: Colombia is poised for moderate growth in the next
several years, marking an end to the severe 1999 recession when GDP
fell by about 5%. President PASTRANA's well-respected economic team is
taking steps to keep the recovery on track, such as lowering interest
rates and shoring up the financial system. In its loan agreement with
the IMF, the administration has pledged to take additional steps to
restore growth, reduce inflation, and improve the public sector's
fiscal health. Many challenges to sustainable growth remain, however.
Unemployment reached a record 20% in 1999 and may remain high,
contributing to the extreme inequality in income distribution.
Colombia's leading exports, oil and coffee, face an uncertain future:
new exploration is needed to offset a pending decline in oil
production, and the coffee harvest has dropped off because of aging
plantations and natural disasters. The lack of public security is a
key concern for investors, making progress in the government's peace
negotiations with insurgent groups an important driver of economic
performance. Colombia is looking for international financial
assistance to boost economic recovery and peace prospects.

GDP: purchasing power parity - $245.1 billion (1999 est.)

GDP - real growth rate: -5% (1999 est.)

GDP - per capita: purchasing power parity - $6,200 (1999 est.)

GDP - composition by sector:
agriculture: 19%
industry: 26%
services: 55% (1999 est.)

Population below poverty line: 17.7% (1992 est.)

Household income or consumption by percentage share:
lowest 10%: 1%
highest 10%: 46.9% (1995)

Inflation rate (consumer prices): 9.2% (1999)

Labor force: 16.8 million (1997 est.)

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

Unemployment rate: 20% (1999 est.)

Budget:
revenues: $22 billion
expenditures: $24 billion including capital expenditures of $NA (2000
est.)

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

Industrial production growth rate: -7% (1999 est.)

Electricity - production: 45.02 billion kWh (1998)

Electricity - production by sour