Colombia Economy

Published by OurEconomy.org on December 20, 2009 filed under Colombia Economy   ·   Comments (1)

According to the Classification of Economies that is based on the region and income criteria, Colombia can be characterized as a lower middle-income country that is under Latin America and Caribbean region. The Classification was made by the World Bank in 2006.

Colombia represents a free market economy. The development of economy is mainly dependent on natural resources and energy reserves.

The population of the country is 44.9 millions, as of 2004. The population growth rate amounts to 1.6 percent.

The population growth rate was on the same level in the years 2003 and 2004.

The medium life span rate in Colombia is estimated as 72.6 years, as of 2004.

In the same year, the infant mortality rate per one thousand births totaled 17.5.

As far as education issue is concerned, the rate of primary school enrollment in the year 2004 amounted to 111.3, secondary school enrollment 74.5, and tertiary school enrollment 26.9.

The ratio of girls in relation to boys in primary and secondary schools made up 103.9, as of 2004.

The Gross National Income of Colombia (Atlas Method) amounted to 90.9 billions in 2004. The same figure per capita in the same year equaled 2,020.0.

The Gross Domestic Product was 97.7 billions in 2004.

The GDP growth rate per year reached 4.1 percent in the year 2004.

The rate of inflation was calculated at 7.1%.

Topics: Colombia Economy