Global InformationEconomy of Colombia information
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| Currency | Colombian peso (COP) |
|---|---|
Fiscal year | Calendar year |
Trade organizations | WTO, OECD, Pacific Alliance, CAN |
Country group |
|
| Statistics | |
| Population |  52,400,145 (2023)[3] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) | 3.5% (2020 est.)[7] |
Population below poverty line |
|
Gini coefficient |  51.7 high (2018)[10] |
Human Development Index |
|
Labor force |
|
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | Col$1,761,494 / $384 monthly[17] (2022) |
Main industries | textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds, shipbuilding, electronics industry, home appliance |
| External | |
| Exports | $39.48 billion (2017 est.)[6] |
Export goods | petroleum, coal, coffee, gold, bananas, cut flowers, coke (fuel), ferroalloys, emeralds |
Main export partners |
|
| Imports | $44.24 billion (2017 est.)[6] |
Import goods | industrial equipment, transportation equipment, electric machinery and equipment, organic chemicals, pharmaceutical products, medical and optical equipment |
Main import partners |
|
FDI stock |
|
Current account | −$10.36 billion (2017 est.)[6] |
Gross external debt | $124.6 billion (31 December 2017 est.)[6] |
| Public finances | |
Government debt |  49.4% of GDP (2017 est.)[6][note 1] |
Budget balance | −2.7% (of GDP) (2017 est.)[6] |
| Revenues | 83.35 billion (2017 est.)[6] |
| Expenses | 91.73 billion (2017 est.)[6] |
| Economic aid | $32 billion |
Credit rating |
|
Foreign reserves | $47.13 billion (31 December 2017 est.)[6] |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product[19] and the third-largest economic power in South America.[20][21] Colombia has experienced a historic economic boom over the last decade. Throughout most of the 20th century, Colombia was Latin America's 4th and 3rd largest economy when measured by nominal GDP, real GDP, GDP (PPP), and real GDP at chained PPPs. Between 2012 and 2014, it became the 3rd largest in Latin America by nominal GDP. As of 2018, the GDP (PPP) per capita has increased to over US$14,000, and real gross domestic product at chained PPPs increased from US$250 billion in 1990 to nearly US$800 billion.[4] Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014, and 27% by 2018. They decreased by an average of 1.35% per year since 1990.[8]
Petroleum is Colombia's main export, representing over 45% of Colombia's exports. Manufacturing represents nearly 12% of Colombia's exports, and grows at a rate of over 10% a year. Colombia has the fastest growing information technology industry in the world, and has the longest fibre optic network in Latin America.[22] Colombia also has one of the largest shipbuilding industries in the world outside Asia.
Modern industries like shipbuilding, electronics, automobile, tourism, construction, and mining, grew dramatically during the 2000s and 2010s. However, most of Colombia's exports are still commodity-based. Colombia is Latin America's 2nd-largest producer of domestically made electronics and appliances, following Mexico. Colombia had the fastest-growing major economy in the Western world in 2014, behind only China worldwide.[23][24]
Since the early 2010s, the Colombian government has shown interest in exporting modern Colombian pop culture to the world (which includes video games, music, films, television shows, fashion, cosmetics, and food) as a way of diversifying the economy and entirely changing the image of Colombia. This has inspired a national campaign, similar to the Korean Wave.[25] Colombia is only behind Mexico in cultural exports, and is already a regional leader in cosmetic and beauty exports.[26]
Wealth is poorly distributed and Colombia is among the most unequal societies in the world, with a Gini index of approximately 0.̟6. For example, according to the World Bank, in 2010 the richest 20% of the population owned 60.2% of the wealth and the poorest 20% only 3%, and 15.8% of Colombians lived on less than $2 a day.[27][28] In 2021, more than 54% of Colombian families are food insecure and more than 560,000 children under the age of five are chronically undernourished.[29]
The informal economy is estimated at 47% in 2020. There is no welfare state in Colombia, which has almost no unemployment or pension insurance system. As a result, only one million elderly people have pensions (and five million are without[30]) and social assistance is very low. Many people in their 70s and 80s are forced to continue working or beg. [citation needed] The country is said to be the most unequal in the Organisation for Economic Co-operation and Development (OECD).
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Population, total". data.worldbank.org. World Bank. Retrieved 17 August 2019.
- ^ a b c d e "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
- ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
- ^ a b c d e f g h i j k l m n o "Colombia". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 19 July 2019. (Archived 2019 edition.)
- ^ a b "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 30 April 2020.
- ^ a b "Poverty headcount ratio at national poverty lines (% of population)". data.worldbank.org. World Bank. Retrieved 19 July 2019.
- ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Colombia". data.worldbank.org. World Bank. Retrieved 21 March 2020.
- ^ "Poverty and inequality". Retrieved 15 December 2019.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 15 November 2022.
- ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 15 November 2022.
- ^ "Labor force, total - Colombia". data.worldbank.org. World Bank. Retrieved 30 April 2020.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Colombia". data.worldbank.org. World Bank. Retrieved 6 October 2019.
- ^ "Unemployment rate". data.oecd.org. OECD. Retrieved 18 May 2020.
- ^ "Youth unemployment rate". data.oecd.org. OECD. Retrieved 18 May 2020.
- ^ "Home".
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 9 January 2015.
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 19 July 2019.
- ^ "UAE and Colombia complete phase one of Comprehensive Economic Partnership Agreement". moec.gov.ae. Government of The United Arab Emirates, Ministry of Economy. 1 April 2022.
- ^ Esmail, Esraa; Hussein, Hazem (10 January 2023). "SCCI receives high-level business delegation from Colombia". wam.ae. Emirates News Agency.
- ^ "Azteca Installs 12,000 km of Fiber Optic Cable in Colombia". AZO Optica. 9 July 2013.
- ^ "Colombian Economy Grows 6.4 Percent, Follows China As Fastest Growing Country". Curaçao Online. 22 July 2014.
- ^ "Passing the baton". The Economist. 2 August 2014.
- ^ "Inicio". www.procolombia.co (in Spanish). 28 March 2017. Retrieved 8 July 2019.
- ^ "Colombia exporta US$748 millones en bienes culturales". El Tiempo. 17 April 2011.
- ^ "Income share held by highest 20% | Data".
- ^ "Income share held by lowest 20% | Data".
- ^ Piñeros, Zaida (2 January 2022). "Más de 560 mil menores de 5 años tienen desnutrición crónica en Colombia". W Radio (in Spanish).
- ^ Riaño, Diego Andrés Vargas (21 April 2022). "Para 2055 más de 8,3 millones de adultos mayores estarían sin pensión en Colombia". www.elcolombiano.com (in European Spanish).
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