ColombiaEconomy—overview: Columbia is recovering from a short recession that began in late 1996 - resulting from tight monetary policy to drive down inflation declining business confidence related to President SAMPER's political difficulties and a slowdown in exports stemming from an appreciation of the peso and a recession in neighboring Venezuela. Although 1997's 3.1% GDP growth rate represented an improvement over 1996 it ranked among the lowest in Latin America and was substantially lower than the average annual growth rate exceeding 4% that Colombia posted for several decades prior to SAMPER's election. Colombia's next president will inherit a variety of economic problems. Most notably the unemployment rate is at its highest level this decade risks for the export sector and foreign investors are rising as a result of increasing guerrilla violence and a volatile exchange rate and the fiscal deficit has more than tripled since 1994. GDP: purchasing power parity—$231.1 billion (1997 est.) GDP—real growth rate: 3.1% (1997 est.) GDP—per capita: purchasing power parity—$6 200 (1997 est.) GDP—composition by sector: agriculture: 19% industry: 26% services: 55% (1996) Inflation rate—consumer price index: 17.7% (1997 est.) Labor force: total: 16.8 million (1997 est.) by occupation: services 46% agriculture 30% industry 24% (1990) Unemployment rate: 12.2% (1997 est.) Budget: revenues: $26 billion (1996 est.) expenditures: $30 billion including capital expenditures of $NA (1996 est.) Industries: textiles food processing oil clothing and footwear beverages chemicals cement; gold coal emeralds Industrial production growth rate: -1.2% (1996) Electricity—capacity: 10.781 million kW (1995) Electricity—production: 47 billion kWh (1995) Electricity—consumption per capita: 1 307 kWh (1995) Agriculture—products: coffee cut flowers bananas rice tobacco corn sugarcane cocoa beans oilseed vegetables; forest products; shrimp farming Exports: total value: $11.4 billion (f.o.b. 1997 est.) commodities: petroleum coffee coal bananas fresh cut flowers partners: US 39% EC 25.7% Japan 2.9% Venezuela 8.5% (1992) Imports: total value: $13.5 billion (c.i.f. 1997 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) Debt—external: $17.1 billion (1997 est.) Economic aid: recipient: ODA $30 million (1993) Currency: 1 Colombian peso (Col$) = 100 centavos Exchange rates: Colombian pesos (Col$) per US$1—1345.0 (February 1998) 1 140.96 (1997) 1 036.69 (1996) 912.83 (1995) 844.84 (1994) 863.06 (1993) Fiscal year: calendar year
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