Location: Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama
Population: 46,000,000 (2014 est.)Land Area: 1,141,748km2
Capital: Bogota
Main cities: Cali, Medellin, Barranquilla, Cartagena,
Languages: Spanish
GDP : $387.399 billion (2013 est.)
Monetary unit: Colombian Peso
Exports: $54.79 billion f.o.b. (2014 est.)
Exports - commodities: petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers
Exports - partners: US 35.7%, Venezuela 11.4%, Ecuador 5.4% (2006)
Imports: $64.03 billion f.o.b. (2014 est.)
Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners: US 26.9%, Brazil 8.6%, Mexico 8.5%, China 6%, Venezuela 5.6%, Japan 4.1% (2006)
Land use:
arable land: 2.01%
permanent crops: 1.37%
other: 96.62% (2005)
Natural resources: petroleum, natural gas, coal, iron ore, nickel, gold, copper, emeralds, hydropower
Economy Overview
Colombia has experienced accelerating growth since 2002, with expansion above 6% per year in 2006 and 2007, chiefly due to advancements in domestic security and to President URIBE's promarket economic policies. Colombia's sustained growth has helped to reduce poverty by 20% and has cut unemployment by 25% since 2002. Additionally, investor friendly reforms to Colombia's oil sector and the US-Colombia FTA negotiations have attracted record levels of foreign investment. Inequality and underemployment remain significant challenges, and Colombia's infrastructure requires significant updating in order to sustain expansion. Economic growth slipped in 2008 as a result of the global financial crisis and weakening demand for Colombia's exports. In response, URIBE's administration has cut capital controls, arranged for emergency credit lines from multilateral institutions, and publicly reassured investors that Colombia is a safe place to invest. The government has also encouraged exporters to diversify their customer base away from the United States and Venezuela, Colombia's largest trading partners. Nevertheless, the business sector continues to be concerned about the impact of a global recession on Colombia's exports, as well as the approval of the FTA, which is stalled in the US Congress.
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