Review of the economy
during the second quarter of 1999
During the second quarter of 1999,
the Colombian economy continued to display strong recessionary signs. In this period,
Gross Domestic Product declined by 7.6%. The recession was also evident in the increase in
the unemployment rate, which registered a historical high of 19.8% in June. Inflation, as
measured by the CPI, fell from 20.7% to 9.0% between June 1998 and June 1999. At the end
of the quarter, the market exchange rate reached a value of $1,732.1 pesos per dollar,
leading to an annual devaluation of 27.1%. For 1999, the current account deficit is
expected to decrease substantially to near 3.2% of GDP by the end of the year.
REVIEW OF THE
ECONOMY
YEARS |
GROWTH |
UNEMPLOYMENT
RATE |
CURRENT
ACCOUNT |
INTERNATIONAL
RESERVES |
GDP
(%) |
CPI
(%) |
PPI
(%) |
(%) |
(% of GDP) |
(Months of imports of goods and services) |
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 |
4.1 |
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 |
2,1 pr |
21.6 |
14.5 |
11.3 |
-4,8 p |
7.2 |
1997 |
3,2 p |
17.7 |
17.5 |
12.0 |
-5,4 p |
6,5 p |
1998 |
0,4 p |
16.7 |
13.5 |
15.6 |
-5,7 pr |
6,0 pr |
1999 |
-7,6 p* |
9.0 |
6.1 |
19,8 p* |
-3,2 pro |
6,8 pro |
|
*: Second quarter.
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). |
