What is the Standard of Living of Colombia?

Economy - overview:Colombia's economy has experienced positive growth over the past three years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President URIBE range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform; furthermore, new exploration is needed to offset declining oil production. However, the government's economic policy, democratic security strategy, and the signing of a free trade agreement with the US have engendered a growing sense of confidence in the economy, particularly within the business sector.

GDP (purchasing power parity):$374.4 billion (2006 est.)

GDP (official exchange rate):$106.8 billion (2006 est.)

GDP - real growth rate:6.8% (2006 est.)

GDP - per capita (PPP):$8,600 (2006 est.)

GDP - composition by sector:agriculture: 12% industry: 35.2% services: 52.7% (2006 est.)

Labor force:20.81 million (2006 est.)

Labor force - by occupation:agriculture: 22.7% industry: 18.7% services: 58.5% (2000 est.)

Unemployment rate:11.1% (2006 est.)

Population below poverty line:49.2% (2005)

Household income or consumption by percentage share:lowest 10%: 7.9% highest 10%: 34.3% (2004)

Distribution of family income - Gini index:53.8 (2005)

Inflation rate (consumer prices):4.3% (2006 est.)

Investment (gross fixed):22.8% of GDP (2006 est.)

Budget:revenues: $50.7 billion expenditures: $52.29 billion; including capital expenditures of $NA (2006 est.)

Public debt:45.3% of GDP (2006 est.)

Agriculture - products:coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp

Industries:textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds

First answer by Medellintravelguide. Last edit by Medellintravelguide. Contributor trust: 2 [recommend contributor]. Question popularity: 1 [recommend question]