ECONOMIA COLOMBIANA:

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THE ECONOMY:

Colombia's economy is the fourth in Latin America according to the International Monetary Fund and fifth according to the World Bank. It has experienced an average annual growth of 5.5% since 2002. In 2007, 20.5 million Colombians served as labor force in the economy, with an average income of US $ 6,700, producing US $ 319,500 million for the Gross Domestic Product (GDP) from the country. However, inequality in the distribution of wealth keeps 49.2% of Colombians living below the national poverty line, in addition to the poor pension system, unemployment (11.2% in 2007) and underemployment

The Ministry of Finance and Public Credit (MHCP) is the one that defines, formulates and executes the country's economic policy. The Bank of the Republic of Colombia (BRC) is an independent body that controls the amount of money and exchange control of foreign currency circulating in the economy to avoid recessions and unemployment due to inflation, in addition to controlling interbank credit. Together, the MHCP and the BRC regulate the functioning of the economy at the national level with the support of the Ministry of Commerce, Industry and Tourism (MCIT). The Colombian business sector is part of the National Association of Industrialists (ANDI), which tries to keep groups of companies from the same economic sector to act in common agreement for development. The national currency is the Colombian Peso, equivalent of US $ 1 ~ COP 2013 (average 2007).

En 2007, la agricultura en Colombia aportó un 11.5% al PIB nacional y el 22.7% de la fuerza laboral se dedicó a la agricultura, ganadería y pesca. Sin embargo, el principal producto de exportación de Colombia es el petróleo, cuyas reservas estimadas en 1.506 millones de barriles,[ son desarrolladas por Ecopetrol (14 %) y sociedades anónimas. Barrancabermeja es el primer centro de la industria petrolífera de este país que en 2006 produjo 550.000 barriles de petróleo por día y abastece para el consumo del país 265.400 barriles también por día, así como por medio de la refinería instalada en su área metropolitana atiende entre el 40 y el 60 % de la demanda de derivados de este importante recurso.

In 2007, agriculture in Colombia contributed 11.5% to the national GDP and 22.7% of the labor force was devoted to agriculture, livestock and fisheries. However, Colombia's main export is oil, whose reserves estimated at 1,506 million barrels, [are developed by Ecopetrol (14%) and joint-stock companies. Barrancabermeja is the first center of the oil industry in this country that in 2006 produced 550,000 barrels of oil per day and supplies for the country's consumption 265,400 barrels per day, as well as through the refinery installed in its metropolitan area serves between the 40 and 60% of the demand for derivatives of this important resource.

Otras explotaciones importantes son las de carbón y oro, pero también la de esmeraldas cuya producción lidera a nivel mundial. Así mismo se destacan la industria textil, la alimenticia y la automotriz, y la producción de petroquímicos, biocombustibles, acero y metales.

Other important holdings are those of coal and gold, but also that of emeralds whose production leads the world. Also noteworthy are the textile, food and automotive industries, and the production of petrochemicals, biofuels, steel and metals.

Las exportaciones de Colombia en 2007 ascendieron a US$30.580 millones de los cuales la mayoría fueron enviados a Venezuela, Ecuador y en un 35 % a los Estados Unidos, su principal socio comercial del que recibe un tratamiento especial para la exportación de productos sin aranceles a ese país, mientras se decide si entra o no en efecto el TLC entre ambos países. Por otro lado, las importaciones alcanzaron una cifra de US$31.170 millones, proviniendo principalmente de los Estados Unidos, Brasil, México, China, Venezuela y Japón. En 2006 el sector de servicios representó el 52.5% del PIB de Colombia, mientras que 58.5% de 20 millones de colombianos formaron parte de la fuerza laboral en este sector. En cuanto al turismo en Colombia, según el MCIT, ese año ingresaron al país cerca de dos millones de personas, la mayoría provenientes de países América y Europa. El turismo interno por su parte tuvo un incremento del 7.44% con respecto al año 2005. Esto se debe al mejoramiento de la seguridad y el desarrollo de programas como Vive Colombia, Viaja por Ella y las guías de rutas turísticas programadas.

Colombia's exports in 2007 amounted to US $ 30,580 million, of which the majority were shipped to Venezuela, Ecuador and 35% to the United States, its main trading partner receiving special treatment for the export of products without tariffs to While it is decided whether or not the FTA between the two countries enters into effect. On the other hand, imports amounted to US $ 31.17 billion, mainly coming from the United States, Brazil, Mexico, China, Venezuela and Japan. In 2006 the services sector represented 52.5% of Colombia's GDP, while 58.5% of 20 million Colombians were part of the labor force in this sector. As for tourism in Colombia, according to the MCIT, that year, about two million people entered the country, most of them from the Americas and Europe. Domestic tourism increased by 7.44% over 2005. This is due to the improvement of security and the development of programs such as Vive Colombia, Viaja por Ella and the programmed tourist route guides.