Cacti in Bolivia

Bolivia Economic Data & Projections

Bolivia's Macroeconomic Analysis:

Nominal GDP of USD 45.1 billion in 2023.

Nominal GDP of USD 44.1 billion in 2022.

GDP per capita of USD 3,686 compared to the global average of USD 10,589.

GDP per capita of USD 3,715 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% over the last decade.

Average real GDP growth of 3.5% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 61% of overall GDP, manufacturing 11%, other industrial activity 15%, and agriculture 13%. Looking at GDP by expenditure, private consumption accounted for 67% of GDP in 2021, government consumption 19%, fixed investment 17%, and net exports -3%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 4% of total merchandise exports, mineral fuels 21%, food 19%, ores and metals 31% and agricultural raw materials 1%, with other categories accounting for 24% of the total. In the same period, manufactured products made up 67% of total merchandise imports, mineral fuels 24%, food 8%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for -1% of the total. Total exports were worth USD 14 billion in 2022, while total imports were USD 12 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 3.5% in the decade to 2022. To read more about GDP growth in Bolivia, go to our dedicated page.

Fiscal policy

Bolivia's fiscal deficit averaged 6.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 5.0% in the decade to 2022. For more information on Bolivia's unemployment click here.

Inflation

Inflation averaged 3.1% in the decade to 2022. Go to our Bolivia inflation page for extra insight.

Monetary Policy

Bolivia's monetary policy rate ended 2022 at 7.76%, down from 11.13% a decade earlier. See our Bolivia monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the boliviano strengthened by 1.4% vs the U.S. dollar. For more info on the boliviano, click here.

Economic situation in Bolivia

Annual GDP growth rose to 3.8% in Q2 (Q1: +1.3% yoy), as a faster rise in private spending and a softer drop in exports outweighed deteriorations in public expenditure and fixed investment. In Q3, the economy likely lost steam on wildfires and protests. Looking at available data, inflation jumped on goods shortages and a weak black-market boliviano, likely denting domestic demand. Moreover, goods exports fell more sharply in July–August than in Q2, with gold and hydrocarbons exports dropping close to 80% and 20%, respectively. In Q4, the panorama has soured further. Protestors blocked roads again in October to demand that former President Morales be allowed to run in the 2025 elections, resulting in at least USD 1.7 billion in economic losses and aggravating goods and fuel shortages. To tackle the latter, authorities recently said that they would temporarily liberalize the fuel market.

Bolivia Economic Forecasts

Projections out to 2034.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 11 expert analysts.

Want to get insight on the economic outlook for Bolivia in the coming years? FocusEconomics collects projections out to 2034 on 44 economic indicators for Bolivia from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Bolivia economy. To download a sample report on the Bolivia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Bolivia Economic Indicators

2019 2020 2021 2022 2023
Population (million) 11.5 11.6 11.8 12.0 12.1
GDP (USD bn) 40.8 36.7 40.4 44.1 45.1
GDP per capita (USD) 3,560 3,153 3,428 3,686 3,715
GDP (BOB bn) 283 253 279 304 312
Economic Growth (Nominal GDP, ann. var. %) 1.5 -10.4 10.3 8.9 2.6
Economic Growth (GDP, ann. var. %) 2.2 -8.7 6.1 3.6 3.1
Private Consumption (ann. var. %) 3.7 -7.9 5.3 3.4 3.2
Government Consumption (ann. var. %) 3.8 -2.8 5.4 3.7 2.4
Fixed Investment (ann. var. %) -3.5 -25.9 11.9 5.6 5.7
Exports (G&S, ann. var. %) -1.8 -18.8 15.4 15.1 -8.8
Imports (G&S, ann. var. %) 1.5 -25.0 15.7 8.8 -2.5
Fiscal Balance (% of GDP) -7.2 -12.7 -9.3 -7.1 -
Public Debt (% of GDP) 58.6 78.0 81.4 80.1 -
Money (ann. var. of M2 %) -7.5 14.1 6.6 4.0 10.6
Inflation (CPI, ann. var. %, eop) 1.5 0.7 0.9 3.1 2.1
Inflation (CPI, ann. var. %, aop) 1.8 0.9 0.7 1.7 2.6
Prime Lending Rate (%, eop) 8.40 7.59 8.02 7.76 -
Exchange Rate (BOB per USD, eop) 6.91 6.89 6.91 6.93 6.91
Exchange Rate (BOB per USD, aop) 6.92 6.90 6.90 6.90 6.92
Current Account Balance (USD bn) -1.4 0.0 1.6 0.9 -1.1
Current Account Balance (% of GDP) -3.3 0.0 3.9 2.1 -2.6
Merchandise Trade Balance (USD bn) -1.0 0.1 2.0 1.7 -0.7
Merchandise Exports (USD bn) 8.8 7.0 11.1 13.5 10.8
Merchandise Imports (USD bn) 9.8 7.0 9.1 11.9 11.5
Merchandise Exports (ann. var. %) -1.3 -20.6 58.9 21.5 -20.3
Merchandise Imports (ann. var. %) -1.8 -29.2 31.1 30.1 -3.2
Foreign Direct Investment (USD bn) -0.2 -1.1 0.6 0.0 0.3
International Reserves (USD bn) 6.5 5.3 4.8 3.8 1.7
International Reserves (months of imports) 7.9 9.1 6.3 3.8 1.8
External Debt (USD bn) 14.3 15.4 16.0 15.9 16.3
External Debt (% of GDP) 35.0 42.1 39.6 36.1 36.2
Free Sample Report

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