Colombia

The Colombian economy lost momentum, growing by only 1.6% in 2001, which was lower than the rate of population growth. Thus, the preceding year's recovery ground almost to a halt, with the result that growth over the past biennium barely made up for the loss of output suffered in the 1999 recession. This lacklustre performance kept unemployment and the fiscal deficit at virtually the same levels recorded in 2000. Despite the additional revenues generated by the tax reform that took effect in 2001, the fiscal deficit reached 3.3% of GDP. The current account of the balance of payments, after two years in surplus, recorded a deficit equivalent to 2% of GDP because of the erosion of the terms of trade and a volume decrease in traditional exports. Inflation continued to trend downward, reaching 7.65%, which was below the official target

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions