Overview: The economy has performed well in recent years after a period of poor performance during the first half of the 1980s. By the end of 1986 economic growth had recovered to the level of the late 1970s. Colombia is the world's second-largest producer of coffee, following Brazil. Coffee accounts for about 30% of total exports, and during 1986-87 high world prices helped the economy grow at an annual rate of about 5%. An upswing in exports of petroleum and coal also contributed to growth. On the negative side the inflation rate has remained above 20% a year and the unemployment rate has yet to fall below 10%.

GDP: $33 billion, per capita $1,140; real growth rate 5.4% (1987)

Inflation rate (consumer prices): 23.3% (1987)

Unemployment rate: 11.7% (1987 est.)

Budget: revenues $3.6 billion; expenditures $3.7 billion, including capital expenditures of NA (1987)

Exports: $4.6 billion (f.o.b., 1987); @m5commodities--coffee 30%, petroleum 24%, coal, bananas, fresh cut flowers; @m5partners--US 36%, EC 21%, Japan 5%, Netherlands 4%, Sweden 3%

Imports: $4.3 billion (c.i.f., 1987); @m5commodities--industrial equipment, transportation equipment, foodstuffs, chemicals, paper products; @m5partners--US 34%, EC 16%, Brazil 4%, Venezuela 3%, Japan 3%

External debt: $17.0 billion (1987)

Industrial production: growth rate 5.9% (1987)

Electricity: 8,809,000 kW capacity; 34,700 million kWh produced, 1,110 kWh per capita (1988)

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

Agriculture: coffee, rice, corn, sugarcane, plantains, bananas, cotton, tobacco; an illegal producer of coca and cannabis for the international drug trade

Aid: NA

Currency: Colombian peso (plural--pesos); 1 Colombian peso (Col$) = 100 centavos

Exchange rates: Colombian pesos (Col$) per US$1--339.79 (January 1989), 299.20 (1988), 242.61 (1987), 194.26 (1986), 142.31 (1985)

Fiscal year: calendar year

NOTE: The information regarding Colombia on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 1989 information contained here. All suggestions for corrections of any errors about Colombia Economy 1989 should be addressed to the CIA.