Review of the economy
during the third quarter of 1999
Up to the third quarter of 1999,
economic activity displayed a strong contraction, showing a 4.6% GDP reduction compared to
the same period 1998 rates. This has been closely followed by an increase in the
unemployment rate, which registered a high of 20.1%; a contraction of the current account
deficit (-1.3% of GDP), and a reduction of inflation (9.3%). The real interest rate
reduction, the real exchange rate devaluation and the commitment of fiscal adjustment
obtained with the IMF agreement, contributes to the expectation of economic for the year
2000.
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 |
-4.5 |
7.0 |
1995 |
5.8 |
19.5 |
15.4 |
9.5 |
-5.1 |
6.3 |
1996 |
2,1 pr |
21.6 |
14.5 |
11.3 |
-5.0 |
7.2 |
1997 |
3,2 p |
17.7 |
17.5 |
12.0 |
-5,6 p |
6,5 p |
1998 |
0,4 p |
16.7 |
13.5 |
15.6 |
-5,3 p |
6,0 p |
1999 |
-4,6 p* |
9,3 * |
10,9 * |
20,1 p* |
-1,3 pro |
7,4 pro |
|
*: Up to the third 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(DANE) and
National Planning Department (DNP). |
