Colombian Girl

Economy
Historically an agrarian economy, Colombia urbanised rapidly in the 20th century, by the end of which just 22.7% of the workforce were employed in agriculture, generating just 11.5% of GDP; 18.7% of the workforce are employed in industry and 58.5% in services, responsible for 36% and 52.5% of GDP respectively.
Colombia's market economy grew steadily in the latter part of the 20th century, with gross domestic product (GDP) increasing at an average rate of over 4% per year between 1970 and 1998. The country suffered a recession in 1999 (the first full year of negative growth since the Great Depression), and the recovery from that recession was long and painful. However, in recent years growth has been impressive, reaching 8.2% in 2007, one of the highest rates of growth in Latin America. According to International Monetary Fund estimates, in 2012 Colombia's GDP (PPP) was US$500 billion (28th in the world and third in South America).
Government spending represents 37.9% of GDP. Almost a quarter of this goes towards servicing the country's government debt, estimated at 52.8% of GDP in 2007. Other problems facing the economy include weak domestic and foreign demand, the funding of the country's pension system, and unemployment (10.8% in November 2008). Inflation has remained relatively low in recent years, standing at 2.44% in 2012. Colombia has Free trade Zone (FTZ), such as Zona Franca del Pacifico, located in the Valle del Cauca, one of the most striking areas for foreign investment.