Colombian Girl

Colombia's market economy grew steadily in the latter part of the 20th century, with gross domestic product (GDP) increasing at an average rate of over 4% per year between 1970 and 1998. The country suffered a recession in 1999 (the first full year of negative growth since the Great Depression), and the recovery from that recession was long and painful. However, in recent years growth has been impressive, reaching 8.2% in 2007, one of the highest rates of growth in Latin America. According to International Monetary Fund estimates, in 2012 Colombia's GDP (PPP) was US$500 billion (28th in the world and third in South America).
Government spending represents 37.9% of GDP. Almost a quarter of this goes towards servicing the country's government debt, estimated at 52.8% of GDP in 2007. Other problems facing the economy include weak domestic and foreign demand, the funding of the country's pension system, and unemployment (10.8% in November 2008). Inflation has remained relatively low in recent years, standing at 2.44% in 2012. Colombia has Free trade Zone (FTZ), such as Zona Franca del Pacifico, located in the Valle del Cauca, one of the most striking areas for foreign investment.
Colombia is rich in natural resources, and its main exports include petroleum, coal, coffee and other agricultural products, gold, textiles, industrial chemicals, plastics and ferro-alloys. Colombia is also known as the world's leading source of emeralds, while over 70% of cut flowers imported by the United States are Colombian. Principal trading partners are the United States, the European Union, Venezuela and China. All imports, exports, and the overall balance of trade are at record levels, and the inflow of export dollars has resulted in a substantial re-valuation of the Colombian peso.
The Transandino pipeline transports oil from Orito in the Department of Putumayo to the Pacific port of Tumaco in the Department of Nariño. The Barrancabermeja refinery in addition to producing fuels such as gasoline and LPG, also produces petrochemicals and industrial products.