Overview

Colombia's economy suffers from weak domestic and foreign demand, austere government budgets, and serious internal armed conflict, but seems poised for recovery. Other economic problems facing President URIBE range from reforming the pension system to reducing high unemployment. Two of Colombia's leading exports, oil and coffee, face an uncertain future; new exploration is needed to offset declining oil production, while coffee harvests and prices are depressed. On the positive side, several international financial institutions have praised the economic reforms introduced by URIBE, which includes 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.

Industries

Textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds.


Agriculture - Products

Coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp.