World oil, currency and labor markets

Labor Markets: The unemployment rate has decreased to 9,1% by 2014 due the economic expansion of the country during this period. The preferences of the organizations and employer are people with experience in the area, that’s why one of the reasons that the economically active population is aged between 14 and 24 years old, reaching the 22,5%. During the period of 2009 and 2014, the industries such as Repair Motor vehicles, wholesale and retail trade and the hotels and restaurants reported the highest employments gains; with its share of total employment rising from 25.9% to 27.0% over that period. The tourism in Colombia is getting bigger because of the economic growth of the country and the improve security levels. On the other hand, the Agriculture, Hunting, Forestry and Fishing sector registered the largest decrease in employment during the mentioned period, its proportion of total employment falling from 18.6% in 2009 to 17.3%. Now, the percentage of female employment rate was 55% and the male rate was 78,1%, the difference represents the poor opportunities for women to work percentage of female population in working age. However this gap is narrowing because of the higher educational attainment and cultural shift where now, are two incomes a not just one of the man.
Cuurency: Colombian currency is the peso, the most popular change is from Colombian peso to United State dollar. The currency code is COP. The coins used are $50, $100, $200, $500 and $100. The bills used are $1000, $2000, $5000, $10000, $20000, $50000.
World oil: According to Portafolio.co, the forecast of oil barrel for 2016 was going to be $68 USD, however in February the price reaches its lowest. The world stored the surplus of the oil during this year due it’s going to take time before the United States extraction gets slow and its unlikely that Organization of the Petroleum Exporting Countries (OPEC) reaches an agreement with other producers to reduce their pump. The Energy Information Administration informed that domestic crude oil production will decline 230,000 barrels per day by 2017. With the crash of the major financial markets because of the growing expectations that global demand will slow down, the barrel of oil price get down too. Now, in Colombia the oil production is slowing down, low oil prices have oil industries in cutting plan investments in exploration and according to RCN news website the oil companies have contracts to perforate obligatory 86 wells, and in last year the companies perforated 113 wells which means a deceleration in the oil in the country.

Bibliography:

noticiasRCN. (2015). Producción de petróleo de Colombia disminuirá en el 2016. Noticiasrcn.com. Recovered on 14 of February of 2016 from Recovered on 13 of February of 2016

xe. (s.f). Colombia,peso. Xe.com. Recovered on 13 of February of 2016 http://www.xe.com/es/currency/cop-colombian-peso

reuters. (2016). Barril de petróleo se desplomó por temores de desaceleración. Portafolio.co. Recovered on 13 of February of 2016 from http://www.portafolio.co/internacional/precios-del-petroleo-10-febrero-2016

World oil, currency and labor markets

Cuurency: Colombian currency is the peso, the most popular change is from Colombian peso to United State dollar. The currency code is COP. The coins used are $50, $100, $200, $500 and $100. The bills used are $1000, $2000, $5000, $10000, $20000, $50000.

Bibliography: