Economy of Bolivia
 |
|
| Currency | Bolivian Boliviano (BOB) |
|---|---|
| Calendar year | |
| Statistics | |
| GDP |
 $35,699 billion (2016 est.) (nominal)$78,351 billion (PPP, 2016 est.) |
| GDP rank | 97th (nominal) / 91st (PPP) |
|
GDP growth
|
4.85% (2015) |
|
GDP per capita
|
$3,276 (Nominal, 2016)$7,191 (PPP, 2016) |
|
GDP by sector
|
agriculture: 13.6%; industry: 38.1%; services: 52.0% (2012 est.) |
 5.8% (2013 est.) |
|
|
Population below poverty line
|
17.8% (2014 est.) |
| 48.1 (2013) | |
|
Labour force
|
4.881 million (2014 est.) |
|
Labour force by occupation
|
agriculture: 32%; industry: 20%; services: 48% (2010 est.) |
| Unemployment |
7.3% (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 |
$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 |
$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
|
$10.56 billion (31 December 2013) |
|
Gross external debt
|
$8.073 billion (31 December 2014 est.) |
| Public finances | |
|
35.3% 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
|
$15.38 billion (31 December 2014 est.) |
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 1985, 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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