General Information

Growing exporter driven by the development of hydrocarbons (56%), as well as the chemical industry at 27%.
(Source: Central Statistical Office)

Gross Domestic Product (GDP) % of regional GDP GDP per head

USD 22,599

millions

USD 0.4%

 

USD 16,142

 

Economic Statistics (years 2015 - forecast 2020)

National Accounts 2015 2016 2017 2018 f.2019 f.2020
             
GDP growth (%) 1.5% -6.0% -2.3% 1.2% 1.8% 1.5%
Nominal GDP (USD millions) 24,402 22,304 22,079 22,599 23,507 24,340
GDP per Head (USD) 17,430 15,931 15,771 16,142 16,791 17,386
Inflation (%) 1.5% 3.1% 1.4% 1.6% 2.0% 2.0%
Fiscal Balance (% GDP) -1.7% -5.3% -8.5% -4.1% -3.7% -3.8%
General Govt. gross debt (% GDP) 49.6% 58.8% 64.0% 66.7% 67.8% 69.2%
   

Trade Statistics

 

Foreign Trade - Composition        
           
Exports     Imports    
           
By countries     By countries  
US 34.8%   US   23.8%
Argentina 9.0%   Russia   15.3%
Taiwan 4.3%   Colombia   11.1%
Chile 3.6%   Gabon    10.5%
           
By products     By products  
Fuels and mining prod. 70.7%   Manufactures 51.3%
Manufactures 26.5%   Fuels and mining prod. 37.2%
Agricultural products 2.7%   Agricultural products 11.3%
   
Balance of Payments (USD millions) 2015 2016 2017 2018 f.2019 f.2020
             
Exports of Goods 11,414 8,226 9,913 12,325 12,928 12,413
Exports growth (%) -23.7% -27.9% 20.5% 24.3% 4.9% -4.0%
Imports of Goods 7,530 6,858 6,108 6,987 7,356 7,224
Imports growth (%) -4.9% -8.9% -10.9% 14.4% 5.3% -1.8%
Foreign Trade (% GDP) 78% 68% 73% 85% 86% 81%
             
Current Account Balance 1,853 -670 1,980 2,130 2,264 2,056
% GDP 7.6% -3.0% 9.0% 9.4% 9.6% 8.4%
Foreign Direct Investment 177 -24 -422 850 850 750
% GDP 0.7% -0.1% -1.9% 3.8% 3.6% 3.1%
   

 

Disclaimer

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