Economic Performance in 1999

During the year of 1999 important economic achievements were reached. First of all, the annual inflation rate, measured with the Consumer Price Index, presented in December a value of 9.2%; this was 7.5 percentage points lower than the one observed in December 1998. This inflation rate, is the lowest ever registered since 1970. Second, during this year, the balance of payments current account deficit showed a moderation on its growth; it fell from a 5.3% of GDP at the end of 1998 to a 1.1% in 1999. In contrast, GDP presented the biggest fall ever seen, showing a reduction in real terms of 4.5%. At the same time, the unemployment rate reached in December the value of 18.1%, becoming one of the highest levels of unemployment ever seen in the history of the country. The macroeconomic program, elaborated in the second semester of 1999 and approved by the international community, takes into account a monetary discipline, a restructuring plan for the financial sector and the fiscal consolidation; all these set the base for the economic improvement that is expected for the year 2000. 

ECONOMIC PERFORMANCE IN 1999

p : Provisional.

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).