Economy
Overview:
Colombia's economic growth has recovered steadily since 1991 as
President GAVIRIA'S sweeping economic reform measures have taken hold.
Market reforms have included trade and investment liberalization,
labor and tax overhauls and bureaucratic streamlining, among other
things. Furthermore, conservative fiscal and monetary policies have
helped to steadily reduce inflation to 23% and unemployment to about
7% in 1993. The rapid development of oil, coal, and other
nontraditional industries has helped offset the decline in coffee
prices. A major oil find in 1993 in eastern Colombia may provide an
extra $3 billion annually to the economy by 1997. Increased foreign
investment and even greater domestic activity have been hampered,
however, by a troublesome rural insurgency, a decrepit energy and
transportation infrastructure, and drug-related violence. Agriculture
also has encountered problems in adjusting to fewer subsidies, greater
competition, and the collapse of the international coffee agreement,
which has kept world coffee prices at near-record lows in 1991–93.
Business construction was a leading sector in 1993. The substantial
trade deficit in 1993 was the result of a strong peso that inhibited
exports and a liberalized government policy that spurred imports.
National product:
GDP - purchasing power equivalent - $192 billion (1993 est.)
National product real growth rate:
5.1% (1993 est.)
National product per capita:
$5,500 (1993 est.)
Inflation rate (consumer prices):
22.6% (1993 est.)
Unemployment rate:
7.9% (1993 est.)
Budget:
revenues:
$11 billion
expenditures:
$12 billion, including capital expenditures of $2.2 billion (1993
est.)
Exports:
$6.9 billion (f.o.b., 1992 est.)
commodities:
petroleum, coffee, coal, bananas, fresh cut flowers
partners:
US 39%, EC 25.7%, Japan 2.9%, Venezuela 8.5% (1992)
Imports:
$6.7 billion (c.i.f., 1992 est.)
commodities:
industrial equipment, transportation equipment, consumer goods,
chemicals, paper products
partners:
US 36%, EC 18%, Brazil 4%, Venezuela 6.5%, Japan 8.7% (1992)
External debt:
$17 billion (1992)
Industrial production:
growth rate 2% (1993 est.); accounts for 21% of GDP
Electricity:
capacity:
10,193,000 kW
production:
36 billion kWh
consumption per capita:
1,050 kWh (1992)
Industries:
textiles, food processing, oil, clothing and footwear, beverages,
chemicals, metal products, cement; mining - gold, coal, emeralds,
iron, nickel, silver, salt
Agriculture:
growth rate 2.7% (1993 est.) accounts for 21% 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:
illicit producer of coca, opium, and cannabis; about 37,100 hectares
of coca under cultivation; the world's largest processor of coca
derivatives into cocaine in 1992; supplier of cocaine to the US and
other international drug markets
Economic aid:
recipient:
US commitments, including Ex-Im (FY70–89), $1.6 billion; Western
(non-US) countries, ODA and OOF bilateral commitments (1970–89), $3.3
billion; Communist countries (1970–89), $399 million
Currency:
1 Colombian peso (Col$) = 100 centavos
Exchange rates:
Colombian pesos (Col$) per US$1 - 921.20 (January 1994), 863.06
(1993), 759.28 (1992), 633.05 (1991), 502.26 (1990), 382.57 (1989)
Fiscal year:
calendar year
@Colombia, Communications
Railroads:
3,386 km; 3,236 km 0.914-meter gauge, single track (2,611 km in use),
150 km 1.435-meter gauge
Highways:
total:
