Currency | Bolivian Boliviano (BOB) |
---|---|
Calendar year | |
Trade organizations | WTO, CAN, UNASUR, Mercosur |
Country group |
|
Statistics | |
Population | 12,290,945 (2024)[3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
3.1% (2020 est.)[3] | |
Population below poverty line | |
40.9 medium (2018)[8] | |
| |
Labor force | |
Labor force by occupation |
|
Unemployment |
|
Main industries | mining, smelting, petroleum, food and beverages, tobacco, handicrafts, clothing, jewelry |
External | |
Exports | $9.060 billion (2018 est.)[12] |
Export goods | natural gas, silver, zinc, lead, tin, gold, quinoa, soybeans and soy products |
Main export partners |
|
Imports | $9.996 billion (2019 est.)[12] |
Import goods | machinery, petroleum products, vehicles, iron and steel, plastics |
Main import partners | |
FDI stock | |
−$2.375 billion (2017 est.)[5] | |
Gross external debt | $12.81 billion (31 December 2017 est.)[5] |
Public finances | |
24.5% of GDP (2019 est.)[5] [note 1] | |
−7.8% (of GDP) (2017 est.)[5] | |
Revenues | 15.09 billion (2017 est.)[5] |
Expenses | 18.02 billion (2017 est.)[5] |
Economic aid | recipient: $726 million (2009 est.)[13] |
B+ (Domestic) B+ (Foreign) B+ (T&C Assessment) (Standard & Poor's)[14] | |
$10.26 billion (31 December 2017 est.)[5] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Bolivia is the 95th-largest in the world in nominal terms and the 87th-largest in purchasing power parity. Bolivia is classified by the World Bank to be a lower middle income country.[15] With a Human Development Index of 0.703, it is ranked 114th (high human development).[16] Driven largely by its natural resources, Bolivia has become a region leader in measures of economic growth, fiscal stability and foreign reserves,[17] although it remains a historically poor country. The Bolivian economy has had a historic single-commodity focus.[18] From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification.[18] Political instability and difficult topography have constrained efforts to modernize the agricultural sector.[18] Similarly, relatively low population growth coupled with low life expectancy has kept the labor supply in flux and prevented industries from flourishing.[18] Rampant inflation and corruption previously created development challenges,[18] but in the early twenty-first century the fundamentals of its economy showed unexpected improvement, leading Moody's Investors Service to upgrade Bolivia's economic rating in 2010 from B2 to B1.[19] The mining industry, especially the extraction of natural gas and zinc, currently dominates Bolivia's export economy.[18]
Between 2006 and 2019 (term of the presidency of the democratic socialist Evo Morales), GDP per capita doubled and the extreme poverty rate declined from 38% to 18%.[20] The poverty rate declined from 22.23% in 2000 to 12.38% in 2010.[21] Moreover, the Gini coefficient declined from 0.60 to 0.446.[22] According to the Bolivian Institute of Foreign Trade, Bolivia had the lowest accumulated inflation of Latin America by October 2021.[23][24][25]
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