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- Economy_of_Colombia abstract "Colombia is an upper middle-income economy, and Latin America's fourth largest. Petroleum is Colombia's main export, making over 50% of Colombia's exports. Manufacturing makes up nearly 12% of Colombia's exports, and grows at a rate of over 10% a year. Colombia has the fastest growing information technology industry in the world and has longest fibre optic network in Latin America. Colombia also has one of the largest shipbuilding industries in the world.Colombia over the last decade has experienced a historic economic boom despite past issues. In 1990, Colombia was Latin America's 5th Largest economy and had a GDP per capita of only $1,500, by 2013, it was the 4th largest, and the world's 31st largest. As of 2014, the GDP (PPP) per capita has increased to over $13,000 and GDP (PPP) increased from $120 Billion USD in 1990 to nearly $700 Billion USD. Poverty levels were as high as 65% in 1990, but decreased to under 15%. Modern Industries like Shipbuilding, Electronics, Automobile, Tourism, Construction, and Mining, grew dramatically during the 2000s and 2010s, however, most of Colombia's exports are still commodity-based. Colombia is Latin America's 2nd largest producer of domestically-made electronics and appliances only behind Mexico. It is estimated that by 2023, Colombia will be the 10th 20-50 nation after Turkey and Mexico. Colombia has the fastest growing major economy in the western world, and is only behind China worldwide.In 1990, the administration of President César Gaviria Trujillo (1990–94) initiated economic liberalism policies or "apertura economica" and this has continued since then, with tariff reductions, financial deregulation, privatization of state-owned enterprises, and adoption of a more liberal foreign exchange rate. Almost all sectors became open to foreign investment although agricultural products remained protected.The original idea of his then Minister of Finance, Rudolf Homes, was that the country should import agricultural products in which it was not competitive, like maize, wheat, cotton and soybeans and export the ones in which it had an advantage, like fruits and flowers. In ten years, the sector lost 7,000 km² to imports, represented mostly in heavily subsidized agricultural products from the United States, as a result of this policy, with a critical impact on employment in rural areas. Still, this policy makes food cheaper for the average Colombian than it would be if agricultural trade were more restricted.Until 1997, Colombia had enjoyed a fairly stable economy. The first five years of liberalization were characterized by high economic growth rates of between 4% and 5%. The Ernesto Samper administration (1994–98) emphasized social welfare policies which targeted Colombia's lower income population. However, these reforms led to higher government spending which increased the fiscal deficit and public sector debt, the financing of which required higher interest rates. An over-valued peso inherited from the previous administration was maintained.The economy slowed, and by 1998 GDP growth was only 0.6%. In 1999, the country fell into its first recession since the Great Depression. The economy shrank by 4.5% with unemployment at over 20%. While unemployment remained at 20% in 2000, GDP growth recovered to 3.1%.The administration of President Andrés Pastrana Arango, when it took office on 7 August 1998, faced an economy in crisis, with the difficult internal security situation and global economic turbulence additionally inhibiting confidence. As evidence of a serious recession became clear in 1999, the government took a number of steps. It engaged in a series of controlled devaluations of the peso, followed by a decision to let it float. Colombia also entered into an agreement with the International Monetary Fund which provided a $2.7 billion guarantee (extended funds facility), while committing the government to budget discipline and structural reforms.By early 2000 there had been the beginning of an economic recovery, with the export sector leading the way, as it enjoyed the benefit of the more competitive exchange rate, as well as strong prices for petroleum, Colombia's leading export product. Prices of coffee, the other principal export product, have been more variable.Economic growth reached 3.1% during 2000 and inflation was 9.0% although unemployment has yet to significantly improve. Colombia's international reserves have remained stable at around $8.35 billion, and Colombia has successfully remained in international capital markets. Colombia's total foreign debt at the end of 1999 was $34.5 billion with $14.7 billion in private sector and $19.8 billion in public sector debt. Major international credit rating organizations have dropped Colombian sovereign debt below investment grade, primarily as a result of large fiscal deficits, which current policies are seeking to close.Several international financial institutions have praised the economic reforms introduced by former president Álvaro Uribe (elected 7 August 2002), which include measures designed to reduce the public-sector deficit below 2.5% of GDP in 2004. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector, and GDP growth in 2003 was among the highest in Latin America, at over 4%. By 2007, GDP grew over 8%.The government is supporting the development of ethanol production. By 2012, the tourism industry is small but growing rapidly.".
- Economy_of_Colombia thumbnail Center_Bogotaxx.jpg?width=300.
- Economy_of_Colombia wikiPageExternalLink FTB-032.html.
- Economy_of_Colombia wikiPageExternalLink colombia-economy.
- Economy_of_Colombia wikiPageExternalLink www.ustreas.gov.
- Economy_of_Colombia wikiPageID "5839".
- Economy_of_Colombia wikiPageRevisionID "644501074".
- Economy_of_Colombia aid "3.2E10".
- Economy_of_Colombia cianame "co".
- Economy_of_Colombia country "Colombia".
- Economy_of_Colombia credit "A-".
- Economy_of_Colombia credit "BBB".
- Economy_of_Colombia credit "BBB+".
- Economy_of_Colombia currency Colombian_peso.
- Economy_of_Colombia debt "39.6".
- Economy_of_Colombia edbr "34".
- Economy_of_Colombia expenses "1.06E11".
- Economy_of_Colombia exportGoods "petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers, computers, televisions, smartphones, steel, home appliance, chemicals".
- Economy_of_Colombia exportPartners "39.4".
- Economy_of_Colombia exportPartners "4.3".
- Economy_of_Colombia exportPartners "4.9".
- Economy_of_Colombia exportPartners "5.1".
- Economy_of_Colombia exports "5.996E10".
- Economy_of_Colombia fdi "1.281E11".
- Economy_of_Colombia gdp "4.27E11".
- Economy_of_Colombia gdp "6.83E11".
- Economy_of_Colombia gini "58.5".
- Economy_of_Colombia grossExternalDebt "8.583E10".
- Economy_of_Colombia growth "5.0".
- Economy_of_Colombia hasPhotoCollection Economy_of_Colombia.
- Economy_of_Colombia imageSize "300".
- Economy_of_Colombia importGoods "industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity".
- Economy_of_Colombia importPartners "10.3".
- Economy_of_Colombia importPartners "11.5".
- Economy_of_Colombia importPartners "30.2".
- Economy_of_Colombia importPartners "5.2".
- Economy_of_Colombia imports "5.549E10".
- Economy_of_Colombia industries "textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds, shipbuilding, electronics industry, home appliance".
- Economy_of_Colombia inflation "3.66".
- Economy_of_Colombia labor "24000000".
- Economy_of_Colombia occupations "agriculture: 6.6%; industry: 37.8%; services: 55.6%".
- Economy_of_Colombia organs "CAN and SACN".
- Economy_of_Colombia perCapita "14164.0".
- Economy_of_Colombia perCapita "8859.0".
- Economy_of_Colombia population "47900000".
- Economy_of_Colombia poverty "12.4".
- Economy_of_Colombia reserves "US$54 billion".
- Economy_of_Colombia revenue "1.074E11".
- Economy_of_Colombia sectors "agriculture: 9.3%; industry: 38%; services: 52.7%".
- Economy_of_Colombia unemployment "7.7".
- Economy_of_Colombia year "Calendar year".
- Economy_of_Colombia subject Category:Economy_of_Colombia.
- Economy_of_Colombia subject Category:World_Trade_Organization_member_economies.
- Economy_of_Colombia type Thing.
- Economy_of_Colombia comment "Colombia is an upper middle-income economy, and Latin America's fourth largest. Petroleum is Colombia's main export, making over 50% of Colombia's exports. Manufacturing makes up nearly 12% of Colombia's exports, and grows at a rate of over 10% a year. Colombia has the fastest growing information technology industry in the world and has longest fibre optic network in Latin America.".
- Economy_of_Colombia label "Economia da Colômbia".
- Economy_of_Colombia label "Economia de Colòmbia".
- Economy_of_Colombia label "Economia della Colombia".
- Economy_of_Colombia label "Economy of Colombia".
- Economy_of_Colombia label "Economía de Colombia".
- Economy_of_Colombia label "Économie de la Colombie".
- Economy_of_Colombia label "Экономика Колумбии".
- Economy_of_Colombia seeAlso Industry_of_Colombia.
- Economy_of_Colombia sameAs Economía_de_Colombia.
- Economy_of_Colombia sameAs Économie_de_la_Colombie.
- Economy_of_Colombia sameAs Economia_della_Colombia.
- Economy_of_Colombia sameAs Economia_da_Colômbia.
- Economy_of_Colombia sameAs m.011901cf.
- Economy_of_Colombia sameAs Q1806271.
- Economy_of_Colombia sameAs Q1806271.
- Economy_of_Colombia wasDerivedFrom Economy_of_Colombia?oldid=644501074.
- Economy_of_Colombia depiction Center_Bogotaxx.jpg.
- Economy_of_Colombia isPrimaryTopicOf Economy_of_Colombia.