In spite of the difficulties presented by serious internal armed conflict, Colombia's market economy grew steadily in the latter part of the twentieth 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. Meanwhile the Colombian stock exchange climbed from 1,000 points at its creation in July 2001 to over 7,300 points by November 2008.
According to International Monetary Fund estimates, in 2011 Colombia's GDP (PPP) was US$471.964 billion (28th in the world and third in South America). Adjusted for purchasing power parity, GDP per capita stands at $10,249, placing Colombia 81st in the world. However, in practice this is relatively unevenly distributed among the population, and, in common with much of Latin America, Colombia scores poorly according to the Gini coefficient, with UN figures placing it among the lowest ranking countries. According to the World Bank, in 2010 the richest 20% of the population had a 60.2% share of income/consumption and the poorest 20% just 3.0%, and 15.8% of Colombians lived on less than $2 a day.
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 5.5% in 2007.
Historically an agrarian economy, Colombia urbanised rapidly in the twentieth century, by the end of which just 22.7% of the workforce were employed in agriculture,
