Bolivia Economy - 2024

Economic overview

resource-rich economy benefits during commodity booms; has bestowed juridical rights to Mother Earth, impacting extraction industries; increasing Chinese lithium mining trade relations; hard hit by COVID-19; increased fiscal spending amid poverty increases; rampant banking and finance corruption

Real GDP (purchasing power parity)

$97.266 billion (2021 est.)
$91.669 billion (2020 est.)
$100.446 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.11% (2021 est.)
-8.74% (2020 est.)
2.22% (2019 est.)

Real GDP per capita

$8,100 (2021 est.)
$7,700 (2020 est.)
$8,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$40.822 billion (2019 est.)

Inflation rate (consumer prices)

0.74% (2021 est.)
0.94% (2020 est.)
1.84% (2019 est.)

Credit ratings

Fitch rating: B (2020)

Moody's rating: B2 (2020)

Standard & Poors rating: B+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 13.8% (2017 est.)

industry: 37.8% (2017 est.)

services: 48.2% (2017 est.)

GDP - composition, by end use

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.)

Agricultural products

sugar cane, soybeans, potatoes, maize, sorghum, rice, milk, plantains, poultry, bananas

Industries

mining, smelting, electricity, petroleum, food and beverages, handicrafts, clothing, jewelry

Industrial production growth rate

9.56% (2021 est.)

Labor force

6.322 million (2021 est.)

Unemployment rate

8.51% (2021 est.)
7.9% (2020 est.)
3.82% (2019 est.)

note: data are for urban areas; widespread underemployment

Youth unemployment rate (ages 15-24)

total: 17.4% (2021 est.)

male: 16.8%

female: 18.4%

Population below poverty line

37.2% (2019 est.)

Gini Index coefficient - distribution of family income

43.6 (2020 est.)

Average household expenditures

on food: 29.1% of household expenditures (2018 est.)

on alcohol and tobacco: 2.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 0.9%

highest 10%: 36.1% (2014 est.)

Remittances

3.51% of GDP (2021 est.)
3.08% of GDP (2020 est.)
3.27% of GDP (2019 est.)

Budget

revenues: $11.796 billion (2019 est.)

expenditures: $14.75 billion (2019 est.)

Budget surplus (+) or deficit (-)

-7.8% (of GDP) (2017 est.)

Public debt

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

Taxes and other revenues

39.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$802.112 million (2021 est.)
-$269.456 million (2020 est.)
-$1.366 billion (2019 est.)

Exports

$11.439 billion (2021 est.)
$7.383 billion (2020 est.)
$10.271 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Argentina 16%, Brazil 15%, United Arab Emirates 12%, India 10%, United States 6%, South Korea 5%, Peru 5%, Colombia 5% (2019)

Exports - commodities

gold, natural gas, zinc, silver, soy products, tin (2021)

note: Bolivian cocaine production remains a significant illicit trade commodity

Imports

$10.799 billion (2021 est.) note: data are in current year dollars
$8.261 billion (2020 est.) note: data are in current year dollars
$11.957 billion (2019 est.) note: data are in current year dollars

Imports - partners

Brazil 22%, Chile 15%, China 13%, Peru 11%, Argentina 8%, United States 7% (2017)

Imports - commodities

cars, refined petroleum, delivery trucks, iron, buses (2019)

Reserves of foreign exchange and gold

$4.73 billion (31 December 2021 est.)
$5.247 billion (31 December 2020 est.)
$6.455 billion (31 December 2019 est.)

Debt - external

$12.81 billion (31 December 2017 est.)
$7.268 billion (31 December 2016 est.)

Exchange rates

bolivianos (BOB) per US dollar -

Exchange rates:
6.91 (2021 est.)
6.91 (2020 est.)
6.91 (2019 est.)
6.91 (2018 est.)
6.91 (2017 est.)