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EconomyEconomy - overview
Bolivia is one of the poorest and least developed countries in Latin America. 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. During 2010-11 increases in world commodity prices resulted in large trade surpluses. However, a lack of foreign investment in the key sectors of mining and hydrocarbons and higher food prices pose challenges for the Bolivian economy. Gdp (purchasing power parity) World Ranking: 92
$51.56 billion (2011 est.)
$49.06 billion (2010 est.) $47.11 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$24.6 billion (2011 est.)
Gdp - real growth rate World Ranking: 66
5.1% (2011 est.)
4.1% (2010 est.) 3.4% (2009 est.) Gdp - per capita (ppp) World Ranking: 154
$4,900 (2011 est.)
$4,700 (2010 est.) $4,600 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 10%
Industry 40% Services 50% (2011 est.) Labor force World Ranking: 81
4.689 million (2011 est.)
Labor force - by occupation
Agriculture 32%
Industry 20% Services 48% (2010 est.) Unemployment rate World Ranking: 56
5.5% (2011 est.)
5.7% (2010 est.) Note Data are for urban areas; widespread underemployment Population below poverty line
51.3%
Note Based on percent of population living on less than the international standard of $2/day (2009 est.) Household income or consumption by percentage share
Lowest 10% 1%
Highest 10% 45.4% (2007) Distribution of family income - gini index World Ranking: 8
58.2 (2009)
57.9 (1999) Investment (gross fixed) World Ranking: 58
23% of GDP (2011 est.)
Budget
Revenues $10.84 billion
Expenditures $10.65 billion (2011 est.) Taxes and other revenues World Ranking: 32
44.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 35
0.8% of GDP (2011 est.)
Public debt World Ranking: 87
36.6% of GDP (2011 est.)
38.6% of GDP (2010 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) World Ranking: 191
9.9% (2011 est.)
2.5% (2010 est.) Central bank discount rate World Ranking: 101
4% (31 December 2011 est.)
3% (31 December 2010 est.) Commercial bank prime lending rate World Ranking: 89
10.92% (31 December 2011 est.)
10.4% (31 December 2010 est.) Stock of narrow money World Ranking: 83
$8.216 billion (31 December 2011 est.) $4.511 billion (31 December 2010 est.) Stock of broad money World Ranking: 91
$16.52 billion (31 December 2011 est.) $12.53 billion (31 December 2009 est.) Stock of domestic credit World Ranking: 103
$8.781 billion (31 December 2011 est.) $7.06 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 88
$6.089 billion (31 December 2011) $3.915 billion (31 December 2010) $3.159 billion (31 December 2009) Agriculture - products
Soybeans, coffee, coca, cotton, corn, sugarcane, rice, potatoes; Brazil nuts; timber Industries
Mining, smelting, petroleum, food and beverages, tobacco, handicrafts, clothing, jewelry Industrial production growth rate World Ranking: 86
3.6% (2010 est.)
Electricity - production World Ranking: 104
6.611 billion kWh (2011 est.)
Electricity - consumption World Ranking: 105
6.301 billion kWh (2011 est.)
Electricity - exports
0 kWh (2011 est.)
Electricity - imports
0 kWh (2011 est.)
Oil - production World Ranking: 65
44,660 bbl/day (2011 est.)
Oil - consumption World Ranking: 102
44,430 bbl/day (2011 est.)
Oil - exports World Ranking: 102
5,621 bbl/day (2010 est.)
Oil - imports World Ranking: 120
17,330 bbl/day (2010 est.)
Oil - proved reserves World Ranking: 51
465 million bbl (1 January 2011 est.) Natural gas - production World Ranking: 36
14.73 billion cu m (2010 est.)
Natural gas - consumption World Ranking: 74
3.01 billion cu m (2010 est.)
Natural gas - exports World Ranking: 19
11.72 billion cu m (2010 est.)
Natural gas - imports World Ranking: 159
0 cu m (2010 est.)
Natural gas - proved reserves World Ranking: 41
281.5 billion cu m (1 January 2011 est.) Current account balance World Ranking: 44
$735.4 million (2011 est.)
$858.8 million (2010 est.) Exports World Ranking: 100
$8.397 billion (2011 est.)
$6.291 billion (2010 est.) Exports - commodities
Natural gas, soybeans and soy products, crude petroleum, zinc ore, tin Exports - partners
Brazil 41.8%, US 12.2%, South Korea 6.4%, Peru 5.7%, Argentina 5.2%, Japan 4.6% (2011) Imports World Ranking: 108
$7.613 billion (2011 est.)
$5.007 billion (2010 est.) Imports - commodities
Petroleum products, plastics, paper, aircraft and aircraft parts, prepared foods, automobiles, insecticides Imports - partners
Chile 23.6%, Brazil 23%, Argentina 10.4%, US 10.1%, Peru 6.9%, China 5.9% (2011) Reserves of foreign exchange and gold World Ranking: 71
$12.02 billion (31 December 2011 est.) $9.73 billion (31 December 2010 est.) Debt - external World Ranking: 111
$5.491 billion (31 December 2011 est.) $5.267 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 85
$7.37 billion (31 December 2011) $6.869 billion (31 December 2010) Stock of direct foreign investment - abroad World Ranking: 86
$21 million (31 December 2010)
$63.8 million (31 December 2008) Exchange rates
Bolivianos (BOB) per US dollar - 6.937 (2011 est.)7.0167 (2010 est.) 7.07 (2009) 7.253 (2008) 7.8616 (2007) Fiscal year
Calendar year
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Bolivia, named after independence fighter Simon BOLIVAR, broke away from Spanish rule in 1825; much of its subsequent history has consisted of a series of nearly 200 coups and countercoups. Democratic civilian rule was established in 1982, but leaders have faced difficult problems of deep-seated poverty, social unrest, and illegal drug production. In December 2005, Bolivians elected Movement Toward Socialism leader Evo MORALES president - by the widest margin of any leader since the restoration of civilian rule in 1982 - after he ran on a promise to change the country's traditional political class and empower the nation's poor, indigenous majority. However, since taking office, his controversial strategies have exacerbated racial and economic tensions between the Amerindian populations of the Andean west and the non-indigenous communities of the eastern lowlands. In December 2009, President MORALES easily won reelection, and his party took control of the legislative branch of the government, which will allow him to continue his process of change. In October 2011, the country held its first judicial elections to appoint judges to the four highest courts.