Colombia Table of Contents
Gross Domestic Product (GDP): Approximately US$33.6 billion in 1987; per capita income roughly US$1,330 in 1986. GDP grew at annual rate of more than 5 percent during 1967-80 period, declined to annual rate of approximately 2 percent from 1981 to 1985, and rebounded to annual rate of nearly 5 percent in 1986 and 1987.
Services: Nearly 51 percent of GDP in 1987. Sector included trade (nearly 11 percent), transportation (nearly 8 percent), government services (8 percent), and financial services (more than 7 percent).
Industry: Over 25 percent of GDP in 1987; primarily composed of manufacturing and construction. Major manufactured goods included food, beverages, textiles, and chemicals.
Agriculture: Almost 21 percent of GDP in 1987; also accounted for nearly 68 percent of export earnings in 1986. Main export crops included coffee, bananas, cut flowers, sugarcane, and cotton.
Mining and Energy: About 3 percent of GDP in 1987. Major precious metals included gold, platinum, silver, and emeralds. Possessed Latin America's largest coal reserve deposits. Selfsufficient in oil and natural gas.
Exchange Rate: Government pursued policy of frequent marginal devaluations of peso against major traded currencies. Exchange rate averaged Col$299.1=US$1 in 1988.
Exports: Officially recorded products totaled approximately US$5.2 billion in 1987. Coffee represented almost 60 percent of all exports in 1986. Other significant exports included petroleum and derivatives, metals, and noncoffee agricultural products. Colombia also Latin America's largest exporter of illegal drugs.
Imports: Approximately US$3.9 billion in 1987. Major imports included machinery and equipment, chemicals, and transport equipment.
Balance of Payments: Merchandise trade surplus in late 1980s offset by chronic services account deficit. Although manageable, foreign debt more than doubled from 1980 to 1986 to total US$14.6 billion.
Fiscal Year: Calendar year.
Data as of December 1988