Colombia

The SANTOS administration has highlighted five "locomotives" to stimulate economic growth: extractive industries; agriculture; infrastructure; housing; and innovation. Colombia is third largest exporter of oil to the United States. President SANTOS, inaugurated in August 2010, introduced unprecedented legislation to better distribute extractive industry royalties and compensate Colombians wholost their land due to decades of violence. He also seeks to build on improvements in domestic security and on President URIBE's promarket economic policies. Foreign direct investment reached a record $10 billion in 2008, but dropped to $7.2 billion in 2009, before beginning to recover in 2010, notably in the oil sector. Pro-business reforms in the oil and gas sectors and export-led growth, fueledmainly by the Andean Trade Promotion and Drug Eradication Act, have enhanced Colombia's investment climate. 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% in2008, and 0.8% in 2009 but rebounded to around 4.4% in 2010. In late 2010, Colombia experienced its most severe flooding in decades, with damages estimated to exceed $6 billion. 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 tradeagreements with Asian and South American partners and a trade accord with Canada is expected to go into effect in 2011, while a negotiated trade agreement with the EU has yet to be approved by the EU parliament. Improved relations with Venezuela have eased worries about restrictions on bilateral trade, but the business sector remains concerned about the pending US Congressional approval of theUS-Colombia Trade Promotion Agreement.
GDP (purchasing power parity):

$435.4 billion (2010 est.)
country comparison to the world: 29
$417.4 billion (2009 est.)
$411.4 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):

$285.5 billion (2010 est.)
GDP - real growth rate:

4.3% (2010 est.)
country comparison to the world: 87
1.5% (2009 est.)
3.5% (2008 est.)GDP - per capita (PPP):

$9,800 (2010 est.)
country comparison to the world: 110
$9,600 (2009 est.)
$9,500 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:

agriculture: 9.2%
industry: 37.6%
services: 53.1% (2010 est.)
Labor force:

21.78 million (2010 est.)
country comparison to the world: 30
Labor force - by occupation:

agriculture: 18%
industry:13%
services: 68% (2010 est.)
Unemployment rate:

11.8% (2010 est.)
country comparison to the world: 125
12% (2009 est.)
Population below poverty line:

45.5% (2009)
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: 9
53.8 (1996)
Investment (grossfixed):

22.4% of GDP (2010 est.)
country comparison to the world: 83
Budget:

revenues: $73.24 billion
expenditures: $80.79 billion (2010 est.)
Taxes and other revenues:

25.7% of GDP (2011 est.)
country comparison to the world: 120
Budget surplus (+) or deficit (-):

-2.6% of GDP (2011 est.)
country comparison to the world: 88
Public debt:

45.3% of GDP (2010 est.)
countrycomparison to the world: 59
44.8% of GDP (2009 est.)
Inflation rate (consumer prices):

2.3% (2010 est.)
country comparison to the world: 78
4.2% (2009 est.)
Central bank discount rate:

5% (31 December 2010 est.)
country comparison to the world: 68
5.5% (31 December 2009 est.)
Commercial bank prime lending rate:

9.383% (31 December 2010 est.)
country comparison to the world: 75...