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    Colombia Economy - 1991

      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 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: $43.0 billion, per capita $1,300; real growth rate 3.7% (1990 est.)

      Inflation rate (consumer prices): 32.4% (1990)

      Unemployment rate: 10.4% (urban areas 1990) (1990)

      Budget: revenues $4.39 billion; current expenditures $3.93 billion, capital expenditures $1.03 billion (1989 est.)

      Exports: $6.9 billion (f.o.b., 1990); commodities--coffee 24%, petroleum, coal, bananas, fresh cut flowers; partners--US 36%, EC 21%, Japan 5%, Netherlands 4%, Sweden 3%

      Imports: $5.0 billion (c.i.f., 1990); commodities--industrial equipment, transportation equipment, foodstuffs, chemicals, paper products; partners--US 34%, EC 16%, Brazil 4%, Venezuela 3%, Japan 3%

      External debt: $16.7 billion (1990)

      Industrial production: growth rate 5.0% (1990 est.); accounts for 25% of GDP

      Electricity: 9,435,000 kW capacity; 36,071 million kWh produced, 1,090 kWh per capita (1990)

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

      Agriculture: growth rate 4.9% (1990); 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; 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

      Economic aid: US commitments, including Ex-Im (FY70-89), $1.6 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $3.1 billion; Communist countries (1970-89), $399 million

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

      Exchange rates: Colombian pesos (Col$) per US$1--574.09 (January 1991), 502.24 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 1991 information contained here. All suggestions for corrections of any errors about Colombia Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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