Colombia Tenders

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Capital Bogota
ISO 3166 Code CO
Population 47,948,500
Area, Sq KM 1,197,411
Currency Peso
Official Language Spanish
GDP, Billion USD 3,78,415
GDP Growth Rate, % 5.0
Inflation, Avg CP, % Chng 4.50
Interest Rates, % N/A
Unemployement Rate, % 9.3
Exchange Rate, 1 USD Equals 2537.93
International dial code 57
Time Zone GMT-05:00
Internet TLD .co

Colombia is officially known as Republic of Colombia and is located in the northwestern part of South America and shares its border with Panama on its northwest, Brazil and Venezuela on its east, Peru and Ecuador to its south. It also shares its maritime limits with Nicaragua, Jamaica, Costa Rica and Dominican Republic. Colombia is a constitutional republic and is a unitary country that comprises of thirty two departments. Colombia is known to be one of the 17 mega-diverse countries in the world. It consists of six natural regions and each one has its own unique characteristics and features. Since the 1960s, Colombia has suffered from an asymmetric low intensity armed conflict. It history plays an essential role in contributing into the ethnic diversification of the country. The people of Colombia descended from the original native inhabitants and Spanish colonists. Not only that, Africans were brought into the country as slaves as well and a lot of immigrants from Europe and the Middle East moved here ultimately making the country’s culture and heritage, diverse. Geography of this country plays an equal essential role in the development of strong regional identities. The territory of Colombia passes through Amazon rainforests, Caribbean and Pacific coastlines and tropical grassland but the majority of urban centres are situated in the highlands of the Andes Mountains. Colombia is known to be the fourth largest economy in Latin America and has a macroeconomic stability along with a diversified economy and has favourable growth prospects in the near future. Even though Colombia was an agrarian country, historically, with time things have changed and by the end of 20th century only 22.7 percent of the workforce was involved in agriculture which ultimately led to the generation of only 11.5% of GDP because 58.5% were involved in services which generates 52.5% of GDP and 18.7 percent are involved in Industry generating 36% of the GDP. The market economy of Colombia flourished in the later part of 20th century and the GDP kept increasing at a rate of 4 percent between the years 1970 and 1988. The GDP reached 6.9% in 2007 which was recorded to be highest in Latin America. According to the International Monetary Fund, the GDP was estimated to be US$500 billion in the year 2012 which happens to be third in South America and third in the world. Its rich natural resources and global source of emeralds contribute largely in enhancing the economic condition of the country.

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