lyrics/music: Rafael NUNEZ/Oreste SINDICI
note: adopted 1920; the anthem was created from an inspirational poem written by President Rafael NUNEZ
Economy ::Colombia
Economy - 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.
GDP (purchasing power parity):
$431.9 billion (2010 est.) country comparison to the world: 29 $413.7 billion (2009 est.)
$410.4 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$283.1 billion (2010 est.)
GDP - real growth rate:
4.4% (2010 est.) country comparison to the world: 69 0.8% (2009 est.)
2.7% (2008 est.)
GDP - per capita (PPP):
$9,800 (2010 est.) country comparison to the world: 112 $9,500 (2009 est.)
$9,500 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 9.3%
industry: 38%
services: 52.7% (2010 est.)
Labor force:
21.27 million (2010 est.) country comparison to the world: 30
Labor force - by occupation:
agriculture: 18%
industry: 18.9%
services: 63.1% (2009 est.)
Unemployment rate:
11.2% (2010 est.) country comparison to the world: 123 12% (2009 est.)
Population below poverty line:
46.8% (2008)
Household income or consumption by percentage share:
lowest 10%: 0.8%
highest 10%: 45% (2008)
Distribution of family income - Gini index:
58.5 (2009) country comparison to the world: 8 53.8 (1996)
Investment (gross fixed):
22.8% of GDP (2010 est.) country comparison to the world: 58
Public debt:
44.8% of GDP (2010 est.) country comparison to the world: 60 45.3% of GDP (2009 est.)
Inflation rate (consumer prices):
2.6% (2010 est.) country comparison to the world: 77 4.2% (2009 est.)
Central bank discount rate:
3% (October 2010) country comparison to the world: 79 5.5% (31 December 2009)
Commercial bank prime lending rate:
12.98% (31 December 2009 est.) country comparison to the world: 31 17.18% (31 December 2008 est.)
Stock of narrow money:
$31.83 billion (31 December 2010 est) country comparison to the world: 54 $24.41 billion (31 December 2009 est)
Stock of broad money:
$104.9 billion (31 December 2010 est.) country comparison to the world: 52 $82.39 billion (31 December 2009 est.)
Stock of domestic credit:
$123 billion (31 December 2010 est.) country comparison to the world: 45 $96.66 billion (31 December 2009 est.)
Market value of publicly traded shares:
$133.3 billion (31 December 2009) country comparison to the world: 39 $87.03 billion (31 December 2008)
$102 billion (31 December 2007)
Agriculture - products:
coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp
Industries:
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Industrial production growth rate:
5.5% (2010 est.) country comparison to the world: 61
Electricity - production:
50.58 billion kWh (2007) country comparison to the world: 48
Electricity - consumption:
38.59 billion kWh (2007) country comparison to the world: 53
Electricity - exports:
876.7 million kWh (2007)
Electricity - imports:
39.4 million kWh (2007)
Oil - production:
686,600 bbl/day (2009 est.) country comparison to the world: 28
Oil - consumption:
288,000 bbl/day (2009 est.) country comparison to the world: 43
Oil - exports:
294,000 bbl/day (2008 est.) country comparison to the world: 42
Oil - imports:
16,540 bbl/day (2007 est.) country comparison to the world: 120
Oil - proved reserves:
2.1 billion bbl (1 January 2010 est.) country comparison to the world: 35
Natural gas - production:
9 billion cu m (2008 est.) country comparison to the world: 42
Natural gas - consumption:
8.1 billion cu m (2008 est.) country comparison to the world: 52
Natural gas - exports:
900 million cu m (2008 est.) country comparison to the world: 36
Natural gas - imports:
0 cu m (2008 est.) country comparison to the world: 190
Natural gas - proved reserves:
112 billion cu m (1 January 2010 est.) country comparison to the world: 51
Current account balance:
-$5.946 billion