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Colombia

Colombia Economy Stats

Overview:

Colombia experienced accelerating growth between 2002 and 2007, chiefly due to improvements in domestic security, rising commodity prices, and to President URIBE's promarket economic policies. Foreign direct investment reached a record $10 billion in 2008, and continues to flow in, especially in the oil sector. A series of policies enhanced Colombia's investment climate: pro-business reforms in the oil and gas sectors and export-led growth fueled mainly by the Andean Trade Promotion and Drug Eradication Act. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion. Because of the global financial crisis and weakening demand for Colombia's exports, Colombia's economy grew only 2.7% in 2008, and 0.8% in 2009 but rebounded to around 4.5% in 2010. The government has encouraged exporters to diversify their customer base beyond the United States and Venezuela, traditionally Colombia's largest trading partners; the SANTOS administration continues to pursue free trade agreements with Asian and South American partners and awaits the approval of a Canadian trade accord by Canada's and EU's parliaments. The business sector remains concerned about Venezuela's trade restrictions on Colombian exports, an appreciating domestic currency, and the pending US Congressional approval of the US-Colombia Trade Promotion Agreement.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Currency > Least valued currency unit > Exchange rate to 1 US dollar: Exchange rate of some of the least valued currencies in the world with regards to the US Dollars, as of Jan 23, 2011.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $107.80 billion 2013 31st out of 223
Budget surplus > + or deficit > - 0.5% of GDP 2012 31st out of 182
Currency > Least valued currency unit > Exchange rate to 1 US dollar 1,850 2011 7th out of 17
Debt > Government debt > Public debt, share of GDP 40.2 CIA 2014 90th out of 153
Exports $59.85 billion 2012 53th out of 189
GDP $369.79 billion 2012 30th out of 177
GDP > Composition by sector > Industry 38.1% 2012 39th out of 217
GDP > Per capita $7,384.02 per capita 2007 91st out of 183
GDP > Per capita > PPP $10,700.00 2012 84th out of 188
GDP > Purchasing power parity per capita $9,299.21 2010 85th out of 181
GDP per capita $7,751.68 2012 67th out of 177
Gross National Income $81.55 billion 2001 35th out of 158
Population below poverty line 34.1% 2011 5th out of 31
Public debt 40.5% of GDP 2012 86th out of 149
Unemployment rate 10.4% 2012 41st out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Xe Currency Converter; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Colombia Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Colombia/Economy

NationMaster

Colombia Economy Profiles (Subcategories)

Adjusted savings 3 Interest payments 3
Aid 5 International tourism 14
Balance of payments 34 Labor force 3
Bank and trade-related lending 4 Long-term debt 4
Budget 10 Market capitalization of listed companies 4
Business 5 Merchandise 4
Changes in net 4 Merchandise imports 4
Commercial service 4 Micro 4
Commercial service imports 4 National accounts 105
Companies 38 Natural gas 8
Consumption 16 Net current transfers 4
Currency 14 Net current transfers from abroad 6
Current account balance 5 Net errors and omissions 4
Current transfers 4 Net financial flows 24
Debt 75 Net income 4
Economic aid 3 Net income from abroad 6
Electricity 8 Net incurrence of liabilities 3
Entrepreneurship 12 Net trade in goods 4
Exports 3 Net trade in goods and services 4
External balance on goods and services 7 Official development assistance and official aid 4
External debt 215 Oil 10
Final 20 Portfolio investment 12
Financial sector 35 Poverty 24
Foreign aid 43 Poverty and inequality 16
Foreign direct investment 10 Private investment 3
GDP 42 Private nonguaranteed debt 4
GDP growth 3 Public and publicly guaranteed debt service 6
GDP per capita 4 Public and publicly guaranteed (PPG) debt 3
GNI 12 Purchasing power parity 11
Gold 4 Reserves 6
Goods 4 Royalty and license fees 8
Goods imports 4 Savings 44
Government 10 Service 4
Government debt 8 Service imports 4
Government spending 5 Services 10
Gross capital formation 10 Spending 73
Gross domestic savings 6 Stock of direct foreign investment 6
Gross fixed capital formation 7 Stocks traded 5
Gross national expenditure 9 Tax 68
Gross savings 6 Total 9
Gross value added at factor cost 9 Total debt service 6
High-technology 4 Tourism 21
Household final 23 Tourism expenditures 5
IBRD loans and IDA credits 4 Tourism receipts 5
Income 24 Tourist arrivals by region of origin 8
Income distribution 4 Trade 1582
Income payments 4 Trademark applications 3
Income receipts 4 Transnational corporations 4
Inequality 8 Use of IMF credit 4
Inflation 9 Welfare 5
Innovation 32
  • Colombia ranked first for tax > GDP per capita > constant LCU amongst Christian countries in 2012.
  • Colombia ranked #8 for GDP amongst Hot countries in 2012.
  • Colombia ranked #4 for GDP > composition by sector > industry amongst Catholic countries in 2012.
  • Colombia ranked first for currency > official exchange rate > LCU per US$, period average amongst Religious countries in 2012.
  • Colombia ranked 11 places from the bottom for GDP per capita amongst Emerging markets in 2012.
  • Colombia ranked first for tax > GDP > current LCU amongst Latin America and Caribbean in 2012.

0

There is huge unrest due to drug trade which the FARC has been fighting over 20 years against the oppression by foreign troops. Now the US military has occupied Colombia and will start using Predator drones and Blackwater mercenaries to terrorize the population as they have done in Iraq and Afghanistan

Posted on 29 Aug 2009

Billy+Hewitt

Billy+Hewitt

0

The FREE TRADE promoted by the Clinton and Bush mafias with Colombia has resulted in 49.2% of the population below the poverty level. Now the military occupation of Colombia by the American military has lost Colombia $7 BILLION in trade with Venezuela and the loss of the oil subsidy President Chavez generously provided causing the population percentage below poverty line to increase and the cost of transportation to increase. Even if the American military adopts gestapo torture tactics it will not stop the resistance of the Colombian population to the American oppression and military expansion. The resistance movement will grow 10 fold and war and death will become the norm. The Clinton and Bush legacy of poverty will grip the Colombian country. The ponzi scheme of FREE TRADE by exporting American jobs to FTAA countries continues to mean poverty and misery for those FTAA countries. The purpose of exporting American jobs to FTAA countries was simply a union busting tactic by the American corporations that has placed America into bankruptcy and FTAA countries into poverty.

Posted on 28 Aug 2009

Billy Hewitt

Billy Hewitt