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Economy Overview

Bolivia is a resource rich country with strong growth attributed to captive markets for natural gas exports â€“ to Brazil and Argentina. However, the country remains one of the least developed countries in Latin America because of state-oriented policies that deter investment.Â Following an economic crisis during the early 1980s, reforms in the 1990s spurred private investment, stimulated economic growth, and cut poverty rates. 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 2005-06, the government passed hydrocarbon laws 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 laws engendered much public debate. High commodity prices between 2010 and 2014 sustained rapid growth and large trade surpluses with GDP growing 6.8% in 2013 and 5.4% in 2014. The global decline in oil prices that began in late 2014 exerted downward pressure on the price Bolivia receives for exported gas and resulted in lower GDP growth rates - 4.9% in 2015 and 4.3% in 2016 - and losses in government revenue as well as fiscal and trade deficits.Â 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. In 2015, President Evo MORALES expanded efforts to court international investment and boost Boliviaâ€™s energy production capacity. MORALES passed an investment law and promised not to nationalize additional industries in an effort to improve the investment climate. In early 2016, the Government of Bolivia approved the 2016-2020 National Economic and Social Development Plan aimed at maintaining growth of 5% and reducing poverty.

Agriculture Products

sugar cane, soybeans, potatoes, maize, sorghum, rice, milk, plantains, poultry, bananas

Industries

mining, smelting, electricity, petroleum, food and beverages, handicrafts, clothing, jewelry

Industrial Production Growth Rate

2.2% (2017 est.)

Labor Force

5.719 million (2016 est.)

Labor Force by Occupation

Agriculture: 29.4%

Industry: 22%

Services: 48.6% (2015 est.)

Unemployment Rate

0: 4% (2017 est.)

1: 4% (2016 est.)

Note: data are for urban areas; widespread underemployment

Youth Unemployment Rate

Total: 16.1%

Male: 15.7%

Female: 16.6% (2020 est.)

Population Below Poverty Line

37.2% (2019 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 0.9%

Highest 10%: 36.1% (2014 est.)

Distribution of Family Income Gini Index

0: 42.2 (2018 est.)

1: 57.9 (1999)

Budget

Revenues: 15.09 billion (2017 est.)

Expenditures: 18.02 billion (2017 est.)

Budget Surplus

-7.8% (of GDP) (2017 est.)

Public Debt

0: 49% of GDP (2017 est.)

1: 44.9% of GDP (2016 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

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

0: $10.26 billion (31 December 2017 est.)

1: $10.08 billion (31 December 2016 est.)

Debt External

0: $12.81 billion (31 December 2017 est.)

1: $7.268 billion (31 December 2016 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

0: bolivianos (BOB) per US dollar -

1: 6.91 (2020 est.)

2: 6.91 (2019 est.)

3: 6.91 (2018 est.)

4: 6.91 (2014 est.)

5: 6.91 (2013 est.)

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Taxes and Other Revenues

39.9% (of GDP) (2017 est.)

Fiscal Year

calendar year

Real GDP

$92.59 billion
1
$100.45 billion
2
$98.27 billion

GDP Purchasing Power Parity

GDP Real Growth Rate

GDP Per Capital

$7,900 (2020 est.)
1
$8,700 (2019 est.)
2
$8,700 (2018 est.)
note
data are in 2017 dollars

Inflation Rate

1.8% (2019 est.)
1
2.2% (2018 est.)
2
2.8% (2017 est.)

Credit Ratings

Fitch rating
B (2020)
Moody s rating
B2 (2020)
Standard & Poors rating
B+ (2020)

Gross National Saving

GDP Composition by end Use

Household consumption
67.7% (2017 est.)
Government consumption
17% (2017 est.)
Investment in fixed capital
21.3% (2017 est.)
Investment in inventories
3.8% (2017 est.)
Exports of goods and services
21.7% (2017 est.)
Imports of goods and services
-31.3% (2017 est.)

GDP Composition by Sector of Origin

Agriculture
13.8% (2017 est.)
Industry
37.8% (2017 est.)
Services
48.2% (2017 est.)

Inflation Rate Consumer Prices

Current Account Balance

0
-$2.375 billion (2017
1
-$1.932 billion (2016

Exports

0
$7.55 billion (2020
1
$10.26 billion (2019
2
$10.35 billion (2018
Note
Data are in

Exports Commodities

Natural gas, gold, zinc, soybean oil and soy products, tin, silver, lead (2019)

Imports

$8.27 billion 2020 est. note
data are in
$11.95 billion 2019 est. note
data are in
$12.44 billion 2018 est. note
data are in

Imports Partners

Brazil
22%
Chile
15%
China
13%
Peru
11%
Argentina
8%
United
States

Imports Commodities

Cars, refined petroleum, delivery trucks, iron, buses (2019)

Bulgaria