Bolivia is a resource rich country with strong growth attributed to captive markets for natural gas exports – to Brazil and Argentina. However, the country remains one of the least developed countries in Latin America because of state-oriented policies that deter investment.
Following an economic crisis during the early 1980s, reforms in the 1990s spurred private investment, stimulated economic growth, and cut poverty rates. The period 2003-05 was characterized by political instability, racial tensions, and violent protests against plans - subsequently abandoned - to export Bolivia's newly discovered natural gas reserves to large Northern Hemisphere markets. In 2005-06, the government passed hydrocarbon laws that imposed significantly higher royalties and required foreign firms then operating under risk-sharing contracts to surrender all production to the state energy company in exchange for a predetermined service fee; the laws engendered much public debate. High commodity prices between 2010 and 2014 sustained rapid growth and large trade surpluses with GDP growing 6.8% in 2013 and 5.4% in 2014. The global decline in oil prices that began in late 2014 exerted downward pressure on the price Bolivia receives for exported gas and resulted in lower GDP growth rates - 4.9% in 2015 and 4.3% in 2016 - and losses in government revenue as well as fiscal and trade deficits.
A lack of foreign investment in the key sectors of mining and hydrocarbons, along with conflict among social groups, pose challenges for the Bolivian economy. In 2015, President Evo MORALES expanded efforts to court international investment and boost Bolivia’s energy production capacity. MORALES passed an investment law and promised not to nationalize additional industries in an effort to improve the investment climate. In early 2016, the Government of Bolivia approved the 2016-2020 National Economic and Social Development Plan aimed at maintaining growth of 5% and reducing poverty.
2.22% (2019 est.)
4.23% (2018 est.)
4.19% (2017 est.)
1.8% (2019 est.)
2.2% (2018 est.)
2.8% (2017 est.)
Fitch rating: B (2020)
Moody's rating: B2 (2020)
Standard & Poors rating: B+ (2020)
$100.445 billion (2019 est.)
$98.267 billion (2018 est.)
$94.285 billion (2017 est.)
note: data are in 2010 dollars
$40.822 billion (2019 est.)
$8,724 (2019 est.)
$8,656 (2018 est.)
$8,424 (2017 est.)
note: data are in 2010 dollars
14.2% of GDP (2019 est.)
16.1% of GDP (2018 est.)
16.1% of GDP (2017 est.)
agriculture: 13.8% (2017 est.)
industry: 37.8% (2017 est.)
services: 48.2% (2017 est.)
household consumption: 67.7% (2017 est.)
government consumption: 17% (2017 est.)
investment in fixed capital: 21.3% (2017 est.)
investment in inventories: 3.8% (2017 est.)
exports of goods and services: 21.7% (2017 est.)
imports of goods and services: -31.3% (2017 est.)
Overall score: 51.7 (2020)
Starting a Business score: 69.4 (2020)
Trading score: 71.6 (2020)
Enforcement score: 55.6 (2020)
sugar cane, soybeans, potatoes, maize, sorghum, rice, milk, plantains, poultry, bananas
mining, smelting, electricity, petroleum, food and beverages, handicrafts, clothing, jewelry
2.2% (2017 est.)
5.719 million (2016 est.)
agriculture: 29.4%
industry: 22%
services: 48.6% (2015 est.)
4% (2017 est.)
4% (2016 est.)
note: data are for urban areas; widespread underemployment
37.2% (2019 est.)
42.2 (2018 est.)
57.9 (1999)
lowest 10%: 0.9%
highest 10%: 36.1% (2014 est.)
revenues: 15.09 billion (2017 est.)
expenditures: 18.02 billion (2017 est.)
39.9% (of GDP) (2017 est.)
-7.8% (of GDP) (2017 est.)
49% of GDP (2017 est.)
44.9% of GDP (2016 est.)
note: data cover general government debt and includes debt instruments issued by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities
calendar year
-$2.375 billion (2017 est.)
-$1.932 billion (2016 est.)
$9.632 billion (2019 est.)
$9.81 billion (2018 est.)
$9.326 billion (2017 est.)
Argentina 16%, Brazil 15%, United Arab Emirates 12%, India 10%, United States 6%, South Korea 5%, Peru 5%, Colombia 5% (2019)
natural gas, gold, zinc, soybean oil and soy products, tin, silver, lead (2019)
$10.142 billion (2019 est.)
$9.99 billion (2018 est.)
$9.8 billion (2017 est.)
Brazil 22%, Chile 15%, China 13%, Peru 11%, Argentina 8%, United States 7% (2017)
cars, refined petroleum, delivery trucks, iron, buses (2019)
$10.26 billion (31 December 2017 est.)
$10.08 billion (31 December 2016 est.)
$12.81 billion (31 December 2017 est.)
$7.268 billion (31 December 2016 est.)
bolivianos (BOB) per US dollar -
6.91 (2020 est.)
6.91 (2019 est.)
6.91 (2018 est.)
6.91 (2014 est.)
6.91 (2013 est.)
NOTE: The information regarding Bolivia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Bolivia 2021 information contained here. All suggestions for corrections of any errors about Bolivia 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.