Growth has been quite regular since Alvaro Uribe's election to the Colombian presidency in 2002. GDP growth rate was 4% in 2004 and 2005. The IMF forecasts also a 4% growth in 2005. Colombia holds a certain number of assets: abundant natural resources (agriculture, hydrocarbons and mines), skilled labour force and advanced economic reforms. However, the violent political climate and permanent insecurity, added to a high external debt limiting the government's room for manoeuvre, are two major weaknesses which are worsening Colombia's economy. The high rate of violence is putting a brake on foreign investments.
The agriculture sector is mainly dominated by coffee growing, providing 7% of Colombia's GDP and employing 600,000 people. Colombia is also the 2nd world largest exporter of cut flowers. Despite many actions carried out by the government, coca and poppy growing remains important: Colombia is the first largest cocaine producer. The manufacturing sector is mainly focused on food-processing. The banking sector is still fragile.
Colombia mainly exports coffee and petroleum, consequently, the country is dependent on international oil prices. Equipment goods and food processing can offer important business opportunities. Colombia's top export partners are the United States, Venezuela and Ecuador.
The top three import partners are the United-States, Brazil and China. Colombia mainly imports machines, electrical and electronic equipment and chemical products.
