Economic Performance in 2000

In the year 2000 the Colombian economy began an important process of economic recovery within a context of low inflation. In fact, the Gross Domestic Product’s annual growth for the year 2000 was 2.8%, after the deep recession of 1999, and the annual inflation rate, measured with the Consumer Price Index, in December of 2000, was 8.75%, 0.5 percentage points lower than the one observed in December 1999. This inflation rate is the lowest ever registered since 1970. During 2000, the balance of payments current account showed a deficit of 0.2% of GDP. On the other hand, unemployment is still the mayor problem of the Colombian economy, its rate reached in December of 2000 the value of 20%, becoming one of the highest rates of unemployment ever seen in the history of the country. Finally, the achievements in the macroeconomic program, based on a monetary discipline, a restructuring plan for the financial sector and the fiscal consolidation, set the bases for the economic improvement that is expected for the year 2001.
 

ECONOMIC PERFORMANCE IN 2000