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COLOMBIA PROFILE |
People
Population: 44.38 million.
Annual population growth: 1.4%.
Religion: Roman Catholic 90%.
Language: Spanish.
Cities: Capital--Bogota (pop. 2005 projected: 7.1 million). Other major cities include Medellin, Cali, Barranquilla and Cartagena.
Colombia is the third-most populous country in Latin America, after Brazil and Mexico. Thirty cities have a population of 100,000 or more. The nine eastern lowlands departments, constituting about 54% of Colombia's area, have less than 3% of the population and a density of less than one person per square kilometer (two persons per sq. mi.). Ethnic diversity in Colombia is a result of the intermingling of indigenous peoples, Europeans and Africans. Today, only about 1% of the people can be identified as fully indigenous on the basis of language and customs.
Economy:
GDP: USD 131 billion.
Annual growth rate: 7.7%.
Per capita GDP: USD 3,867.
Despite strong growth in recent years, millions live in poverty; a free trade deal with the US has been signed
Colombia is a free market economy with major commercial and investment ties to the United States. Transition from a highly regulated economy has been underway for more than 15 years. In 1990, the administration of President Cesar Gaviria (1990-94) initiated economic liberalization or "apertura" with tariff reductions, financial deregulation, privatization of state-owned enterprises and adoption of a more liberal foreign exchange rate. These policies eased import restrictions and opened most sectors to foreign investment, although agricultural products remained protected.
The sustained growth of the Colombian economy can be attributed to an increase in domestic security; the policy of keeping inflation under control; petroleum price increases; and an increase in exports to Venezuela, Ecuador, and the United States as a result of trade liberalization. The Andean Trade Preference Act, which was extended through December 2009, also plays a pivotal role in Colombia's economic growth. The signing of a trade promotion agreement with the U.S. in November 2006 provides further opportunity for growth once it is approved by the U.S. Congress and implemented. |
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