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Colombia


    • Overview:
      Colombia's economy has grown steadily since 1991, when the government implemented sweeping economic reform measures. President SAMPER, who took office in August 1994, has pledged to maintain those reforms while expanding government assistance for poor Colombians, who continue to make up about 40% of the population. In an effort to bring down inflation, SAMPER has arranged a "social pact" with business and labor to curtail price hikes and trim inflation to 18%. The rapid development of oil, coal, and other nontraditional industries, along with copious inflows of capital and strengthening of prices for coffee, have helped keep growth at 5%-6%. Development of the massive Cusiana oilfield provides the means to sustain this level over the next several years. Exporters say, however, that their sales have been hampered by the appreciation of the Colombian peso, and farmers have sought government help in adjusting to greater foreign competition. Moreover, increased foreign investment and even greater domestic growth have been hindered by an inadequate energy and transportation infrastructure and by violence stemming from drug trafficking and persistent rural insurgency.

    • National product:
      GDP - purchasing power parity - $172.4 billion (1994 est.)

    • National product real growth rate:
      5.7% (1994 est.)

    • National product per capita:
      $4,850 (1994 est.)

    • Inflation rate (consumer prices):
      22.6% (1994 est.)

    • Unemployment rate:
      7.9% (1994 est.)

    • Budget:

        revenues:
        $16 billion (1995 est.)

        expenditures:
        $21 billion (1995 est.)

    • Exports:
      $8.3 billion (f.o.b., 1994 est.)

        commodities:
        petroleum, coffee, coal, bananas, fresh cut flowers

        partners:
        US 39%, EC 25.7%, Japan 2.9%, Venezuela 8.5% (1992)

    • Imports:
      $10.6 billion (c.i.f., 1994 est.)

        commodities:
        industrial equipment, transportation equipment, consumer goods, chemicals, paper products

        partners:
        US 36%, EC 18%, Brazil 4%, Venezuela 6.5%, Japan 8.7% (1992)

    • External debt:
      $12.6 billion (1994 est.)

    • Industrial production:
      growth rate 5% (1994 est.); accounts for about 20% of GDP

    • Electricity:

        capacity:
        10,220,000 kW

        production:
        33 billion kWh

        consumption per capita:
        890 kWh (1993)

    • Industries:
      textiles, food processing, oil, clothing and footwear, beverages, chemicals, metal products, cement; mining - gold, coal, emeralds, iron, nickel, silver, salt

    • Agriculture:
      growth rate 3.8% (1994 est.); accounts for about 15% 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 coca, opium poppies, and cannabis; about 45,000 hectares of coca under cultivation; the world's largest processor of coca derivatives into cocaine; supplier of cocaine to the US and other international drug markets; active eradication program against narcotics crop

    • Economic aid:

        recipient:
        US commitments, including Ex-Im (FY70-89), $1.6 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $3.3 billion; Communist countries (1970-89), $399 million

    • Currency:
      1 Colombian peso (Col$) = 100 centavos

    • Exchange rates:
      Colombian pesos (Col$) per US$1 - 846.67 (January 1995), 844.84 (1994), 863.06 (1993), 759.28 (1992), 633.05 (1991), 502.26 (1990)

    • Fiscal year:
      calendar year






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