Economy - overview:
Colombia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America’s fourth largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities (goods that have little value-added from processing or labor inputs).
Colombia’s economy slowed in 2017 because of falling world market prices for oil and lower domestic oil production due to insurgent attacks on pipeline infrastructure. Although real GDP growth averaged 4.7% during the past decade, it fell to an estimated 1.8% in 2017. Declining oil prices also have contributed to reduced government revenues. In 2016, oil revenue dropped below 4% of the federal budget and likely remained below 4% in 2017. A Western credit rating agency in December 2017 downgraded Colombia’s sovereign credit rating to BBB-, because of weaker-than-expected growth and increasing external debt. Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia’s FDI declined by 3% to $10.2 billion between January and September 2017.
Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into effect in May 2012. Colombia is a founding member of the Pacific Alliance—a regional trade block formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - partners: Exports - commodities: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$711.6 billion
(2017 est.)
$699.1 billion
(2016 est.)
$685.6 billion
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
31
[see also: GDP country ranks ]
$314.5 billion
(2017 est.)
[see also: GDP (official exchange rate) country ranks ]
1.8%
(2017 est.)
2%
(2016 est.)
3%
(2015 est.)
country comparison to the world:
160
[see also: GDP - real growth rate country ranks ]
$14,400
(2017 est.)
$14,300
(2016 est.)
$14,200
(2015 est.)
note: data are in 2017 dollars
country comparison to the world:
116
[see also: GDP - per capita country ranks ]
18.9% of GDP
(2017 est.)
19% of GDP
(2016 est.)
17.4% of GDP
(2015 est.)
country comparison to the world:
104
[see also: Gross national saving country ranks ]
household consumption: 68.2%
(2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.8%
(2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.2%
(2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
(2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 14.6%
(2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -19.7%
(2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 7.2%
(2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30.8%
(2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 62.1%
(2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
-2.2%
(2017 est.)
country comparison to the world:
185
[see also: Industrial production growth rate country ranks ]
25.76 million
(2017 est.)
country comparison to the world:
25
[see also: Labor force country ranks ]
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21%
[see also: Labor force - by occupation - industry country ranks ]
services: 62%
(2011 est.)
[see also: Labor force - by occupation - services country ranks ]
9.3%
(2017 est.)
9.2%
(2016 est.)
country comparison to the world:
134
[see also: Unemployment rate country ranks ]
28%
(2017 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 39.6%
(2015 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
51.1
(2015)
53.5
(2014)
country comparison to the world:
12
[see also: Distribution of family income - Gini index country ranks ]
revenues: 83.35 billion
(2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 91.73 billion
(2017 est.)
[see also: Budget - expenditures country ranks ]
26.5% (of GDP)
(2017 est.)
country comparison to the world:
109
[see also: Taxes and other revenues country ranks ]
-2.7% (of GDP)
(2017 est.)
country comparison to the world:
119
[see also: Budget surplus (+) or deficit (-) country ranks ]
49.4% of GDP
(2017 est.)
49.8% of GDP
(2016 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities
country comparison to the world:
102
[see also: Public debt country ranks ]
calendar year
4.3%
(2017 est.)
7.5%
(2016 est.)
country comparison to the world:
163
[see also: Inflation rate (consumer prices) country ranks ]
4.75%
(12 December 2017)
7.5%
(31 December 2016)
country comparison to the world:
84
[see also: Central bank discount rate country ranks ]
13.69%
(31 December 2017 est.)
14.65%
(31 December 2016 est.)
country comparison to the world:
52
[see also: Commercial bank prime lending rate country ranks ]
$36.37 billion
(31 December 2017 est.)
$34.01 billion
(31 December 2016 est.)
country comparison to the world:
57
[see also: Stock of narrow money country ranks ]
$36.37 billion
(31 December 2017 est.)
$34.01 billion
(31 December 2016 est.)
country comparison to the world:
57
[see also: Stock of broad money country ranks ]
$173.7 billion
(31 December 2017 est.)
$153.1 billion
(31 December 2016 est.)
country comparison to the world:
47
[see also: Stock of domestic credit country ranks ]
$85.96 billion
(31 December 2015 est.)
$146.7 billion
(31 December 2014 est.)
$202.7 billion
(31 December 2013 est.)
country comparison to the world:
43
[see also: Market value of publicly traded shares country ranks ]
-$10.36 billion
(2017 est.)
-$12.13 billion
(2016 est.)
country comparison to the world:
191
[see also: Current account balance country ranks ]
$39.48 billion
(2017 est.)
$31.39 billion
(2016 est.)
country comparison to the world:
56
[see also: Exports country ranks ]
US 28.5%, Panama 8.6%, China 5.1%
(2017)
petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel
$44.24 billion
(2017 est.)
$43.24 billion
(2016 est.)
country comparison to the world:
57
[see also: Imports country ranks ]
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
US 26.3%, China 19.3%, Mexico 7.5%, Brazil 5%, Germany 4.1%
(2017)
$47.13 billion
(31 December 2017 est.)
$46.18 billion
(31 December 2016 est.)
country comparison to the world:
42
[see also: Reserves of foreign exchange and gold country ranks ]
$124.6 billion
(31 December 2017 est.)
$115 billion
(31 December 2016 est.)
country comparison to the world:
46
[see also: Debt - external country ranks ]
$179.6 billion
(31 December 2017 est.)
$164.3 billion
(31 December 2016 est.)
country comparison to the world:
36
[see also: Stock of direct foreign investment - at home country ranks ]
$55.51 billion
(31 December 2017 est.)
$51.82 billion
(31 December 2016 est.)
country comparison to the world:
42
[see also: Stock of direct foreign investment - abroad country ranks ]
Colombian pesos (COP) per US dollar -
2,957
(2017 est.)
3,055.3
(2016 est.)
3,055.3
(2015 est.)
2,001
(2014 est.)
2,001.1
(2013 est.)