Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline
In 2007, for the second consecutive year, Colombia had a growth rate of more than 6%. The improvement in domestic security conditions contributed to re-establishing investors' confidence. Building, household consumption and especially the oil boom in Venezuela (leading importer of Colombian manufactured goods and important customer for agricultural products) contributed to this result. In 2007, unemployment dropped below 10%, but more than fifty per cent of Colombians continue to work in the informal sector. The weak dollar favored a boom in imports. The balance of payments deficit reached 4 billion euros in 2007. The IMF forecasts GDP growth of 4.8% in 2008. The current account deficit will rise to 2.5% of GDP in 2008.
| Main indicators | 2006 | 2007 | 2008 | 2009 | 2010 |
| GDP (billions USD) | 162.50 | 207.99e | 240.65 | 198.46 | 204.94 |
| GDP (constant prices, annual % change) | 6.9 | 7.5e | 2.5 | 0.0 | 1.3e |
| GDP per capita (USD) | 3,474 | 4,377e | 4,985e | 4,047 | 4,113e |
| Inflation rate (%) | 4.3 | 5.5 | 7.0 | 5.4e | 4.0 |
| Unemployment rate (% of the labor force) | - | - | 11.8 | - | - |
| Current Account (billions USD) | -2.98 | -5.87e | -6.77 | -7.70e | -6.76 |
| Current Account (in % of GDP) | -1.8 | -2.8 | -2.8 | -3.9e | -3.3e |
Source: IMF - World Economic Outlook Database ; CIA - The world factbook
Note: (e) Estimated data
Natural resources: coal, oil, natural gas, iron ore, nickel, gold.
Industry (14.4% of GDP): types: textiles and clothes, chemicals, metal products, cement, cardboard containers, plastic resins, drinks.
Agriculture (13.1% of GDP) is traditionally Colombia's main economic activity; due to its climate and its topography, agriculture is extensive and very varied and includes 75% of export revenue. Products: coffee, bananas, cut flowers, cotton, sugar cane, livestock, rice, corn. Cultivated land: 8.2% of the total area.
Government, personal and other services: 18.6% of GDP; financial services: 17.1% of GDP; commerce: 11.2% of GDP; transport and communications services: 7.9% of GDP; building and public works: 5.4% of GDP; mining and quarrying: 4.5% of GDP; electricity, gas and water: 2.9% of GDP.
The oil, mining and building sectors continue to attract maximum investment.
| Breakdown of economic activity by sector | Agriculture | Industry | Services |
| Employment by sector (in % of total employment) | 22.4 | 18.8 | 58.8 |
| Value added (in % of GDP) | 8.9 | 35.5 | 55.6 |
| Value added (annual % change) | 3.9 | 8.1 | 7.3 |
- last available data.
| Monetary indicators | 2004 | 2005 | 2006 | 2007 | 2008 |
| Colombian Peso (COP) - Average annual exchange rate for 1 USD | 2,628.61 | 2,320.83 | 2,361.14 | 2,078.29 | 1,967.71 |
Source: World Bank - World Development Indicators
Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation
See the country risk analysis provided by Ducroire.
Colombia has trade agreements with Chile, the CAN countries, MERCOSUR countries, countries of Central America and the Caribbean, the European Union through the CAN; it has also signed free trade treaties with Chile, Guatemala, Honduras, El Salvador, Canada, Mexico, Switzerland, Norway, Iceland, Liechtenstein and the United States.
Exports from Colombia represented 24.3 billion USD in 2007; they mainly concerned products such as: oil, coal, coffee, flowers, textiles and clothes, ferronickel, bananas, chemicals. Biggest export markets: the United States, Canada, Venezuela, Germany, the Netherlands. In 2007, imports represented 24.5 billion USD; they mainly concerned products such as: machinery/equipment, grain, chemicals, transport equipment, electric and electronic equipment. Principal suppliers: the United States, Canada, Germany, Japan, Panama.
| Foreign trade indicators | 2003 | 2004 | 2005 | 2006 | 2007 |
| Imports of goods (millions USD) | 13,258 | 15,878 | 20,134 | 24,859 | 31,173 |
| Exports of goods (millions USD) | 13,813 | 17,224 | 21,729 | 25,181 | 30,577 |
| Imports of services (millions USD) | 3,360 | 3,938 | 4,770 | 5,496 | 6,243 |
| Exports of services (millions USD) | 1,921 | 2,258 | 2,668 | 3,377 | 3,636 |
| Imports of goods and services (annual % change) | 5.8 | 13.0 | 17.0 | 16.2 | 13.9 |
| Exports of goods and services (annual % change) | 2.2 | 10.0 | 7.2 | 8.0 | 11.4 |
| Imports of goods and services (in % of GDP) | 22.4 | 21.2 | 21.0 | 22.0 | 21.0 |
| Exports of goods and services (in % of GDP) | 17.1 | 17.4 | 17.3 | 17.8 | 16.9 |
| Trade Balance (millions USD) | 556 | 1,346 | 1,595 | 322 | -596 |
| Trade Balance (including service) (millions USD) | -883 | -334 | -507 | -1,797 | -3,203 |
| Foreign trade (in % of GDP) | 39.5 | 38.7 | 38.3 | 39.8 | 37.9 |
Source: World Bank
| Main customers (% of exports) |
2008 |
| United States | 38.0% |
| Venezuela | 16.2% |
| Ecuador | 4.0% |
| Switzerland | 2.5% |
| Peru | 2.3% |
| See more countries | 37.1% |
| Main suppliers (% of imports) |
2008 |
| United States | 29.2% |
| China | 11.5% |
| Mexico | 7.9% |
| Brazil | 5.9% |
| Germany | 3.9% |
| See more countries | 41.7% |
Source: Comtrade
Source: Comtrade
The president is both the head of state and the head of government. He holds executive power. The president and vice president are both elected by universal suffrage for a term of four years.
The main political parties in Colombia are: PC (Conservative Party), the PDA (Alternative Democratic Pole), the PL (Liberal Party), the PSUN (Social National Unity Party), CR (Radical Change), Colombia First. Colombia has about 60 political parties with formal recognition. Most of them are not represented in the Chamber of Deputies.
Elected in 2002 and re-elected in 2006, President Alvaro Uribe Velez is still maintains a popularity rating of 70%. The military offensive that has forced the guerrilla militia to retreat from the urban centers, encourages the desertion of its members, secures roads to reduce the number of kidnappings, explains the popularity of the current president
Source: Worldwide Press Freedom Index 2007, Reporters Without Borders
Map of freedom 2007
Source: Freedom House
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Last updates: October 2009