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Bolivia Economy Profile 2014

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Economy - overviewBolivia is a resource rich country with strong growth attributed to captive markets for natural gas exports. However, the country remains one of the least developed countries in Latin America because of state-oriented policies that deter investment and growth. Following a disastrous economic crisis during the early 1980s, reforms spurred private investment, stimulated economic growth, and cut poverty rates in the 1990s. The period 2003-05 was characterized by political instability, racial tensions, and violent protests against plans - subsequently abandoned - to export Bolivia's newly discovered natural gas reserves to large Northern Hemisphere markets. In 2005, the government passed a controversial hydrocarbons law that imposed significantly higher royalties and required foreign firms then operating under risk-sharing contracts to surrender all production to the state energy company in exchange for a predetermined service fee. The global recession slowed growth, but Bolivia recorded the highest growth rate in South America during 2009. High commodity prices since 2010 sustained rapid growth and large trade surpluses. However, a lack of foreign investment in the key sectors of mining and hydrocarbons, along with conflict among social groups pose challenges for the Bolivian economy.
GDP (purchasing power parity)$59.11 billion (2013 est.)
$55.35 billion (2012 est.)
$52.63 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$30.79 billion (2013 est.)
GDP - real growth rate6.8% (2013 est.)
5.2% (2012 est.)
5.2% (2011 est.)
GDP - per capita (PPP)$5,500 (2013 est.)
$5,200 (2012 est.)
$4,900 (2011 est.)
note: data are in 2013 US dollars
Gross national saving25.7% of GDP (2013 est.)
26% of GDP (2012 est.)
24.9% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 58.9%
government consumption: 13.4%
investment in fixed capital: 18%
investment in inventories: 0.3%
exports of goods and services: 47.8%
imports of goods and services: -38.4%
(2013 est.)
GDP - composition by sectoragriculture: 9.2%
industry: 38.5%
services: 52.3% (2013 est.)
Population below poverty line45%
note: based on percent of population living on less than the international standard of $2/day (2011 est.)
Labor force4.922 million (2012 est.)
Labor force - by occupationagriculture: 32%
industry: 27.4%
services: 40.6% (2009 est.)
Unemployment rate7.4% (2013 est.)
7.5% (2012 est.)
note: data are for urban areas; widespread underemployment
Unemployment, youth ages 15-24total: 6.2%
male: 4.8%
female: 7.8% (2009)
Household income or consumption by percentage sharelowest 10%: 1.8%
highest 10%: 46% (2012 est.)
Distribution of family income - Gini index47 (2011)
57.9 (1999)
Budgetrevenues: $15.16 billion
expenditures: $15.13 billion (2013 est.)
Taxes and other revenues48.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)0.1% of GDP (2013 est.)
Public debt36% of GDP (2013 est.)
32.6% of GDP (2012 est.)
note: data cover general government debt, and includes debt instruments issued by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities
Inflation rate (consumer prices)6.5% (2013 est.)
4.5% (2012 est.)
Central bank discount rate4.5% (31 December 2013 est.)
4% (31 december 2012 est.)
Commercial bank prime lending rate11.41% (31 December 2013 est.)
10.6% (31 December 2012 est.)
Stock of narrow money$8.429 billion (31 December 2013 est.)
$7.434 billion (31 December 2012 est.)
Stock of broad money$20.19 billion (31 December 2013 est.)
$17.4 billion (31 December 2012 est.)
Stock of domestic credit$12.45 billion (31 December 2013 est.)
$10.49 billion (31 December 2012 est.)
Market value of publicly traded shares$9.684 billion (31 December 2013)
$7.689 billion (31 December 2012)
$6.089 billion (31 December 2011)
Agriculture - productsquinoa, soybeans, coffee, coca, cotton, corn, sugarcane, rice, potatoes; Brazil nuts; timber
Industriesmining, smelting, petroleum, food and beverages, tobacco, handicrafts, clothing, jewelry
Industrial production growth rate5.6% (2013 est.)
Current Account Balance$1.012 billion (2013 est.)
$2.259 billion (2012 est.)
Exports$12.16 billion (2013 est.)
$11.77 billion (2012 est.)
Exports - commoditiesnatural gas, soybeans and soy products, crude petroleum, zinc ore, tin
Exports - partnersBrazil 41.8%, US 18.4%, Argentina 7.3%, Peru 4.9% (2012)
Imports$9.282 billion (2013 est.)
$8.18 billion (2012 est.)
Imports - commoditiespetroleum products, plastics, paper, aircraft and aircraft parts, prepared foods, automobiles, insecticides
Imports - partnersChile 21.3%, Brazil 20.3%, Argentina 10.9%, US 10.1%, Peru 6.5%, Venezuela 6.2%, China 4.9% (2012)
Reserves of foreign exchange and gold$14.43 billion (31 December 2013 est.)
$13.93 billion (31 December 2012 est.)
Debt - external$5.265 billion (31 December 2013 est.)
$4.196 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$10.56 billion (31 December 2013)
$8.809 billion (31 December 2012)
Stock of direct foreign investment - abroad$0 (31 december 2013)
$0 (31 December 2012)
Exchange ratesbolivianos (BOB) per US dollar -
6.91 (2013 est.)
6.94 (2012 est.)
7.0167 (2010 est.)
7.07 (2009)
7.253 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014