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    Colombia Economy - 1990

      Overview: Economic activity has slowed gradually since 1986, but growth rates remain high by Latin American standards. Conservative economic policies have encouraged investment and kept inflation and unemployment under 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 dampen prospects for future growth.

      GDP: $35.4 billion, per capita $1,110; real growth rate 3.7% (1988)

      Inflation rate (consumer prices): 27% (1989 est.)

      Unemployment rate: 9.0% (1989 est.)

      Budget: revenues $4.39 billion; current expenditures $3.93 billion, capital expenditures $l.03 billion (1989 est.)

      Exports: $5.76 billion (f.o.b., 1989 est.); commodities--coffee 30%, petroleum 24%, coal, bananas, fresh cut flowers; partners--US 36%, EC 21%, Japan 5%, Netherlands 4%, Sweden 3%

      Imports: $5.02 billion (c.i.f., 1989 est.); commodities--industrial equipment, transportation equipment, foodstuffs, chemicals, paper products; partners--US 34%, EC 16%, Brazil 4%, Venezuela 3%, Japan 3%

      External debt: $17.5 billion (1989)

      Industrial production: growth rate 2.0% (1989 est.)

      Electricity: 9,250,000 kW capacity; 35,364 million kWh produced, 1,110 kWh per capita (1989)

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

      Agriculture: 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: major illicit producer of cannabis and coca for the international drug trade; key supplier of marijuana and cocaine to the US and other international drug markets; drug production and trafficking accounts for an estimated 4% of GDP and 28% of foreign exchange earnings

      Aid: US commitments, including Ex-Im (FY70-88), $1.6 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $2.9 billion; Communist countries (1970-88), $399 million

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

      Exchange rates: Colombian pesos (Col$) per US$1--439.68 (January 1990), 382.57 (1989), 299.17 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 1990 information contained here. All suggestions for corrections of any errors about Colombia Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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