Colombia

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Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline

Economic indicators

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

Main sectors of industry

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

Indicator of economic freedom

Score:: 62.3/100
Position:: moderately free
World Rank:: 72 out of 179
Regional Rank:: 15 out of 29

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

Country risk

See the country risk analysis provided by Ducroire.

Foreign trade in figures

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 partner countries

Main customers (% of exports)	2008
United States	38.0%
Venezuela	16.2%
Ecuador	4.0%
Switzerland	2.5%
Peru	2.3%
Chile	2.3%
Netherlands	2.0%
Dominican Republic	2.0%
United Kingdom	1.8%
Cayman Isds	1.8%
Brazil	1.7%
Germany	1.7%
Spain	1.7%
Mexico	1.6%
Trinidad and Tobago	1.4%
Belgium	1.2%
China	1.2%
Singapore	1.2%
Italy	1.1%
Costa Rica	1.0%
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%
Venezuela	3.0%
Japan	2.9%
France	2.3%
Argentina	2.3%
South Korea	2.3%
Ecuador	2.0%
Canada	2.0%
Peru	1.8%
Chile	1.8%
Italy	1.5%
Spain	1.4%
India	1.3%
Switzerland	1.0%
United Kingdom	0.9%
Netherlands	0.8%
See more countries	41.7%

Source: Comtrade

Main products

Main exports (% of exports)	2008
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	46.0%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	5.1%
Plastics and articles thereofPlastics and articles thereof	3.7%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	3.4%
Iron and steelIron and steel	2.9%
Live trees and other plants; bulbs, roots and the...Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage	2.9%
Meat and edible meat offalMeat and edible meat offal	2.0%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	1.9%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.7%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	1.7%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	1.6%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	1.6%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	1.5%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	1.5%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	1.2%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	1.1%
Sugars and sugar confectionerySugars and sugar confectionery	1.1%
Raw hides and skins (other than furskins) and...Raw hides and skins (other than furskins) and leather	1.0%
Pharmaceutical productsPharmaceutical products	1.0%
Articles of iron or steelArticles of iron or steel	0.9%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.9%
Copper and articles thereofCopper and articles thereof	0.8%
Miscellaneous chemical productsMiscellaneous chemical products	0.7%
Ceramic productsCeramic products	0.6%
Knitted or crocheted fabricsKnitted or crocheted fabrics	0.6%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.6%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.6%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.6%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.6%
Aluminium and articles thereofAluminium and articles thereof	0.6%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.5%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	0.5%
Rubber and articles thereofRubber and articles thereof	0.5%
Organic chemicalsOrganic chemicals	0.5%
CottonCotton	0.4%
Glass and glasswareGlass and glassware	0.4%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.4%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	0.4%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.4%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.4%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.4%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	0.3%
Ores, slag and ashOres, slag and ash	0.3%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	0.3%
Products of animal origin, not elsewhere specified...Products of animal origin, not elsewhere specified or included	0.3%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.3%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.3%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.2%
Man-made staple fibresMan-made staple fibres	0.2%
Miscellaneous manufactured articlesMiscellaneous manufactured articles	0.2%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	0.2%
Man-made filamentsMan-made filaments	0.2%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.2%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.2%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.2%
FertilizersFertilizers	0.2%
Special woven fabrics; tufted textile fabrics;...Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery	0.2%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.2%
Impregnated, coated, covered or laminated textile...Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use	0.1%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.1%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.1%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.1%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.1%
See more products	39.0%

Main imports (% of imports)	2008
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	15.1%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	10.5%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	9.2%
Organic chemicalsOrganic chemicals	5.4%
Iron and steelIron and steel	4.7%
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	4.6%
CerealsCereals	4.2%
Plastics and articles thereofPlastics and articles thereof	4.0%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	3.7%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	2.7%
Pharmaceutical productsPharmaceutical products	2.7%
Articles of iron or steelArticles of iron or steel	2.6%
FertilizersFertilizers	2.1%
Rubber and articles thereofRubber and articles thereof	1.9%
Miscellaneous chemical productsMiscellaneous chemical products	1.8%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.7%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	1.4%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	1.1%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	1.0%
Copper and articles thereofCopper and articles thereof	1.0%
CottonCotton	0.9%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	0.9%
Aluminium and articles thereofAluminium and articles thereof	0.8%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.7%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.6%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.6%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.6%
Man-made filamentsMan-made filaments	0.5%
Man-made staple fibresMan-made staple fibres	0.5%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.5%
Glass and glasswareGlass and glassware	0.5%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.4%
Arms and ammunition; parts and accessories thereofArms and ammunition; parts and accessories thereof	0.4%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.4%
Pulp of wood or of other fibrous cellulosic...Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard	0.4%
Ceramic productsCeramic products	0.4%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.4%
Ships, boats and floating structuresShips, boats and floating structures	0.4%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.4%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	0.3%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.3%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	0.3%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.3%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.3%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.3%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.3%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.3%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.3%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.3%
Sugars and sugar confectionerySugars and sugar confectionery	0.3%
Miscellaneous manufactured articlesMiscellaneous manufactured articles	0.3%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.3%
Railway or tramway locomotives, rolling-stock and...Railway or tramway locomotives, rolling-stock and parts thereof; railway or tramway track fixtures and fittings and parts thereof; mechanical (including electro-mechanical) traffic signalling equipment of all kinds	0.2%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.2%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.2%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	0.2%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.2%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.2%
Zinc and articles thereofZinc and articles thereof	0.2%
Photographic or cinematographic goodsPhotographic or cinematographic goods	0.2%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.2%
Knitted or crocheted fabricsKnitted or crocheted fabrics	0.1%
Ores, slag and ashOres, slag and ash	0.1%
Clocks and watches and parts thereofClocks and watches and parts thereof	0.1%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	0.1%
Meat and edible meat offalMeat and edible meat offal	0.1%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.1%
See more products	55.1%

Source: Comtrade

See more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of general economic information

Ministries: Ministry of Foreign Affairs (in Spanish)
Ministry of Commerce, Industry and Tourism (in Spanish)
Directorate of Taxes and Customs in Colombia (in Spanish)
Ministry of Finance and Public Credit (in Spanish)
Ministry of Mines and Energy (in Spanish)
Statistical Office: National Institute of Statistics
Central Bank: Central Bank of Colombia
Stock Exchange: Bogota Stock Exchange
Search Engines: Google Colombia
Economic portals: Portafolio Review
Review of the Bank of the Republic

Political outline

Executive Power: 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.
Legislative Power: The Colombian legislature is bicameral. The parliament called "Congress", consists of: the Senate (upper house) and the Chamber of Deputies (lower chamber). Members of both houses are elected for a period of four years by universal suffrage. The political rights of Colombians are limited.
Main political parties: 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.
Current political leaders: 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
Next election dates: Presidential election: May 2010.
Senatorial and the Chamber of Deputies Election: March 2010.

Indicator of freedom of the press

World Rank:: 127/173
Evolution:: 1 place down compared to 2007

Source: Worldwide Press Freedom Index 2007, Reporters Without Borders

Indicator of political freedom

Ranking:: Partly Free
Political freedom:: 3/7
Civil liberties:: 3/7

Map of freedom 2007
Source: Freedom House

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