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Bolivian economy

Economy of Bolivia
Boliviancurrency.jpg
Currency Bolivian Boliviano (BOB)
Calendar year
Statistics
GDP Increase$35.699 billion (2016 est.) (nominal)
Increase$78.351 billion (PPP, 2016 est.)
GDP rank 97th (nominal) / 91st (PPP)
GDP growth
Increase4.85% (2015)
GDP per capita
Increase$3,276 (Nominal, 2016)
Increase$7,191 (PPP, 2016)
GDP by sector
agriculture: 13.6%; industry: 38.1%; services: 52.0% (2012 est.)
Decrease5.8% (2013 est.)
Population below poverty line
32.5% (2014 est.)
48.1 (2013)
Labor force
4.881 million (2014 est.)
Labor force by occupation
agriculture: 32%; industry: 20%; services: 48% (2010 est.)
Unemployment Decrease7.3% (2014 est.) note: data are for urban areas; widespread underemployment
Main industries
mining, smelting, petroleum, food and beverages, tobacco, handicrafts, clothing, jewelry
149th (2017)
External
Exports Increase$12.85 billion (2014 est.)
Export goods
natural gas, soybeans and soy products, crude petroleum, zinc ore, tin
Main export partners
 Brazil 33.5%
 Argentina 20.3%
 United States 10.1%
 Colombia 5.4% (2013 est.)
Imports Increase$10.49 billion (2014 est.)
Import goods
petroleum products, plastics, paper, aircraft and aircraft parts, prepared foods, automobiles, insecticides
Main import partners
 Brazil 17.1%
 China 13.6%
 United States 12.6%
 Argentina 10.8%
 Peru 6.5%
 Chile 6.2% (2013 est.)
 Venezuela 5.0%
FDI stock
Increase$10.56 billion (31 December 2013)
Increase$8.073 billion (31 December 2014 est.)
Public finances
Decrease35.3% of GDP (2014 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
Revenues $16.59 billion (2014 est.)
Expenses $16.76 billion (2014 est.)
Economic aid recipient: $726 million (2009 est.)
B+ (Domestic)
B+ (Foreign)
B+ (T&C Assessment)
(Standard & Poor's)
Foreign reserves
Increase$15.38 billion (31 December 2014 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Bolivia is the 95th largest economy in the world in nominal terms and the 87th economy in terms of purchasing power parity. It is classified by the World Bank to be a lower middle income country. With a Human Development Index of 0.675, it is ranked 119th (medium human development).

The Bolivian economy has had a historic pattern of a single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy and high incidence of disease has kept the labor supply in flux and prevented industries from flourishing. Rampant inflation and corruption also have thwarted development, but in recent years the fundamentals of its economy have showed unexpected improvement, leading major credit rating agencies to upgrade Bolivia's economic rating in 2010. The mining industry, especially the extraction of natural gas and zinc, currently dominates Bolivia’s export economy.

Inflation has plagued, and at times crippled, the Bolivian economy since the 1970s. At one time in 1985, Bolivia experienced an inflation rate of more than 20,000 percent. Fiscal and monetary reform reduced the inflation rate to single digits by the 1990s, and in 2004 Bolivia experienced a manageable 4.9 percent rate of inflation.

Starting with the Supreme Decree 21060 in 1987, the Government of Bolivia has implemented a far-reaching program of macroeconomic stabilization and structural reform aimed at maintaining price stability, creating conditions for sustained growth, and alleviating poverty. The most important structural changes in the Bolivian economy have involved the capitalization of numerous public sector enterprises. (Capitalization in the Bolivian context is a form of privatization where investors acquire a 50% share and management control of public enterprises by agreeing to invest directly into the enterprise over several years rather than paying cash to the government). A major reform of the customs service in recent years has significantly improved transparency in this area.


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