Review of the economy
during the first quarter of 1999
In the first quarter of 1999, the
Colombian economy continued displaying recessionary symptoms. In this period, Gross
Domestic Product grew at a rate of –4.8%. Symptoms of a sharp economic slowdown are
confirmed by an unemployment rate of 19.5% in March, the highest level recorded since this
statistic is officially calculated. However, inflation as measured by growth in the
Consumer Price Index fell from 16.7% to 13.5% between December of 1998 and March of 1999.
The exchange rate at the end of March was $1,533.51 pesos per dollar, implying an annual
devaluation of 12.9%. It is expected that the current account deficit of the balance of
payments will fall from -5.7% of GDP at the end of 1998 to -3.9% by December of 1999.
REVIEW OF THE
ECONOMY
YEARS |
GROWTH |
UNEMPLOYMENT RATE
(%) |
CURRENT ACCOUNT
(% of GDP) |
INTERNATIONAL RESERVES
(Months of imports of goods and services) |
GDP(%) |
CPI(%) |
PPI(%) |
1990 |
4.3 |
32.4 |
29.9 |
10.6 |
1.3 |
5.9 |
1991 |
2.0 |
26.8 |
23.1 |
9.4 |
5.5 |
8.9 |
1992 |
4.0 |
25.1 |
17.8 |
9.8 |
1.8 |
8.8 |
1993 |
5.4 |
22.6 |
13.2 |
7.8 |
-4.0 |
6.9 |
1994* |
5.8 |
22.6 |
20.7 |
8.0 |
-4,4 p |
7.0 |
1995 |
5.8 |
19.5 |
15.4 |
9.5 |
-5,0 p |
6.3 |
1996 |
2,1pr |
21.6 |
14.5 |
11.3 |
-4,8 p |
7.2 |
1997 |
2,8 p |
17.7 |
17.5 |
12.0 |
-5,4
p |
6,5 p |
1998 |
0,6 p |
16.7 |
13.5 |
15.6 |
-5,7
pr |
6,0 pr |
1999
first quarter |
-4,8 e |
13.5 |
9.4 |
19,5 p |
-3,9
pro |
6,0 pro |
|
e : Estimated by
National Planning Department (NPD).
p : Provisional.
pr: Preliminary.
pro: Projected.
* Since 1994, the statistics correspond to the new Balance of Payment
measure, according with the Balance of Payment Methodology of the International Monetary
Fund Balance of Payment Manual 5th Edition.
Source : National Administrative Department of Statistics(NADS) and
National Planning Department (NPD). |
