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):
$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 (CIA rank, may be based on non-current data): 31
[see also: GDP country ranks ]

GDP (official exchange rate):
$314.5 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.8% (2017 est.)
2% (2016 est.)
3% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 160
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$14,400 (2017 est.)
$14,300 (2016 est.)
$14,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 116
[see also: GDP - per capita country ranks ]

Gross national saving:
18.9% of GDP (2017 est.)
19% of GDP (2016 est.)
17.4% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 104
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
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 ]

GDP - composition, by sector of origin:
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 ]

Agriculture - products:
coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products

Industries:
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds

Industrial production growth rate:
-2.2% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 185
[see also: Industrial production growth rate country ranks ]

Labor force:
25.76 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 25
[see also: Labor force country ranks ]

Labor force - by occupation:
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 ]

Unemployment rate:
9.3% (2017 est.)
9.2% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 134
[see also: Unemployment rate country ranks ]

Population below poverty line:
28% (2017 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
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 ]

Distribution of family income - Gini index:
51.1 (2015)
53.5 (2014)
country comparison to the world (CIA rank, may be based on non-current data): 12
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 83.35 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 91.73 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
26.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 109
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
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 (CIA rank, may be based on non-current data): 102
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.3% (2017 est.)
7.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 163
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.75% (12 December 2017)
7.5% (31 December 2016)
country comparison to the world (CIA rank, may be based on non-current data): 84
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13.69% (31 December 2017 est.)
14.65% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$36.37 billion (31 December 2017 est.)
$34.01 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$36.37 billion (31 December 2017 est.)
$34.01 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$173.7 billion (31 December 2017 est.)
$153.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 47
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$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 (CIA rank, may be based on non-current data): 43
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$10.36 billion (2017 est.)
-$12.13 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 191
[see also: Current account balance country ranks ]

Exports:
$39.48 billion (2017 est.)
$31.39 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Exports country ranks ]

Exports - partners:
US 28.5%, Panama 8.6%, China 5.1% (2017)

Exports - commodities:
petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel

Imports:
$44.24 billion (2017 est.)
$43.24 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: Imports country ranks ]

Imports - commodities:
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners:
US 26.3%, China 19.3%, Mexico 7.5%, Brazil 5%, Germany 4.1% (2017)

Reserves of foreign exchange and gold:
$47.13 billion (31 December 2017 est.)
$46.18 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$124.6 billion (31 December 2017 est.)
$115 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 46
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$179.6 billion (31 December 2017 est.)
$164.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 36
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$55.51 billion (31 December 2017 est.)
$51.82 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
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.)