flag Bolívia Bolívia: Contexto econômico

Economic Indicators

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Though rich in mineral resources - with the second-largest reserves of natural gas in South America - Bolivia is one of the region's poorest countries. Bolivia also lacks economic diversification, making the country's economic growth largely supported by natural gas exports. In 2022, the country registered an estimated GDP growth rate of 3.2%, mainly driven by private and public consumption amid an improving job market, higher commodity prices, and an increase in tourism flows. The economy is expected to continue to pick up in the coming years, albeit at a slower pace, with the IMF predicting a GDP growth of 1.8% for 2023 and 1.9% for 2024.

The Bolivian economy seems rather strong in appearance: a sustained growth, an inflation under control (1.7% in 2022), and large currency reserves. However, Bolivia is dependent on oil prices, and the large fall in gas export revenue has affected public accounts: the budget and current deficits are increasing. The expansionary budget also contributed to worsening government debt, which reached 82.6% in 2022. The financing of the deficit is expected to increasingly depend on multilateral donors, such as the IMF, the Andean Development Cooperation, and the World Bank. Furthermore, the current account deficit reached 1.5% in 2022, and it should increase to 2.5% in 2023 and 2.6% in 2024. In 2022, despite the significant increase in commodity prices, consumer price have remained rather contained in Bolivia, particularly due to the currency's peg to the US dollar and price controls on food and fuel. Overcoming the dependency on mineral resources, reforming justice, modernising infrastructure, the increase in the competitiveness of the labour force, combating insecurity and addressing the problem of violence against women are the country's main challenges in the long run. Furthermore, while the pandemic has significantly impacted the economy, the measures implemented to counteract the economic crisis resulting from it have been effective in boosting economic activity.

In spite of a sharp fall in poverty in the last decade, nearly 40% of Bolivians still live below the poverty line. The country is also marked by inequalities in the distribution of its wealth and a strong informal sector. However, the unemployment rate is among the lowest in the region, as it stood at an estimated 4.4% in 2022. Nevertheless, informal employment is prevalent in the country. Moreover, the Bolivian justice system has been plagued by corruption, delays, and political interference. Additionally, impunity for violent crime and human rights violations remains a serious problem.

 
Main Indicators 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD) 44.3246.8049.7252.6955.90
GDP (Constant Prices, Annual % Change) 3.51.81.82.12.2
GDP per Capita (USD) 3,7053,8584,0454,2324,424
General Government Gross Debt (in % of GDP) 80.080.881.482.182.1
Inflation Rate (%) n/a3.04.43.83.8
Current Account (billions USD) -0.18-1.27-1.62-1.80-2.00
Current Account (in % of GDP) -0.4-2.7-3.3-3.4-3.6

Source: IMF – World Economic Outlook Database - October 2021.

Note: (e) Estimated Data


 
Monetary Indicators 20162017201820192020
Boliviano (BOB) - Average Annual Exchange Rate For 1 ZAR 0.470.520.520.480.42

Source: World Bank - Latest available data.

 

Main Sectors of Industry

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 29.2 18.5 52.2
Value Added (in % of GDP) 12.9 26.4 50.6
Value Added (Annual % Change) 1.8 9.6 4.8

Source: World Bank - Latest available data.

 
Socio-Demographic Indicators 2024 (e)2025 (e)2026 (e)
Unemployment Rate (%) 5.05.15.1

Source: IMF – World Economic Outlook Database - Latest available data

 

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The Active Population in Figures

201820192020
Labour Force 5,631,0985,758,7605,431,077

Source: International Labour Organization, ILOSTAT database

 
201720182019
Total activity rate 71.04%74.04%74.21%
Men activity rate 81.16%82.65%82.65%
Women activity rate 60.81%65.34%65.70%

Source: International Labour Organization, ILOSTAT database

 

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Indicator of Economic Freedom

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Score:
42,7/100
World Rank:
172
Regional Rank:
30

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

 
 

Country Risk

See the country risk analysis provided by Coface.

 

Indicator of Political Freedom

Definition:

The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

Ranking:
Partly Free
Political Freedom:
3/7

Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House

 

Indicator of Freedom of the Press

Definition:

The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

World Rank:
110/180

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Sources of General Economic Information

Main Online Newspapers and Portals
El Diario
El Deber
Página Siete
La Razón
El Mundo
Los Tiempos
Opinión
Jornada
Useful Resources
Ministry of Economy and Pulbic Finance
Ministry of Foreign Affairs
Ministry of Productive Development and Plural Economy
Ministry of the Presidency
Ministry of Government
Central Bank of Bolivia
 
 

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Latest Update: November 2023