Economy Overview
Bolivia 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.
Agriculture Products
quinoa, 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
5.6% (2013 est.) country comparison to the world: 46
Labor Force
4.922 million (2012 est.) country comparison to the world: 78
Unemployment Rate
7.4% (2013 est.) country comparison to the world: 80 7.5% (2012 est.) note: data are for urban areas, widespread underemployment
Population Below Poverty Line
Household Income or Consumption by Percentage Share
Lowest 10%: 1.8%
Highest 10%: 46% (2012 est.)
Distribution of Family Income Gini Index
47 (2011) country comparison to the world: 29 57.9 (1999)
Budget
Revenues: $15.16 billion
Expenditures: $15.13 billion (2013 est.)
Public Debt
36% of GDP (2013 est.) country comparison to the world: 104 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
Central Bank Discount Rate
4.5% (31 December 2013 est.) country comparison to the world: 95 4% (31 december 2012 est.)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$8.429 billion (31 December 2013 est.) country comparison to the world: 86 $7.434 billion (31 December 2012 est.)
Stock of Broad Money
$20.19 billion (31 December 2013 est.) country comparison to the world: 86 $17.4 billion (31 December 2012 est.)
Stock of Domestic Credit
$12.45 billion (31 December 2013 est.) country comparison to the world: 92 $10.49 billion (31 December 2012 est.)
Market Value of Publicly Traded Shares
$9.684 billion (31 December 2013) country comparison to the world: 71 $7.689 billion (31 December 2012) $6.089 billion (31 December 2011)
Reserves of Foreign Exchange and Gold
$14.43 billion (31 December 2013 est.) country comparison to the world: 69 $13.93 billion (31 December 2012 est.)
Debt External
$5.265 billion (31 December 2013 est.) country comparison to the world: 118 $4.196 billion (31 December 2012 est.)
Stock of Direct Foreign Investment at Home
$10.56 billion (31 December 2013) country comparison to the world: 85 $8.809 billion (31 December 2012)
Stock of Direct Foreign Investment Abroad
$0 (31 december 2013) country comparison to the world: 93 $0 (31 December 2012)
Exchange Rates
bolivianos (BOB) per US dollar -6.91 (2013 est.) 6.94 (2012 est.) 7.0167 (2010 est.) 7.07 (2009) 7.253 (2008)
