Colombia Economy - 2021

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP growth rate

3.26% (2019 est.)

2.51% (2018 est.)

1.36% (2017 est.)

Inflation rate (consumer prices)

3.5% (2019 est.)

3.2% (2018 est.)

4.3% (2017 est.)

Credit ratings

Fitch rating: BBB- (2020)

Moody's rating: Baa2 (2014)

Standard & Poors rating: BBB- (2017)

Real GDP (purchasing power parity)

$741.099 billion (2019 est.)

$717.7 billion (2018 est.)

$700.091 billion (2017 est.)

note: data are in 2010 dollars

GDP (official exchange rate)

$323.255 billion (2019 est.)

Real GDP per capita

$14,722 (2019 est.)

$14,452 (2018 est.)

$14,314 (2017 est.)

note: data are in 2010 dollars

Gross national saving

15.7% of GDP (2019 est.)

16.3% of GDP (2018 est.)

16.9% of GDP (2017 est.)

GDP - composition, by sector of origin

agriculture: 7.2% (2017 est.)

industry: 30.8% (2017 est.)

services: 62.1% (2017 est.)

GDP - composition, by end use

household consumption: 68.2% (2017 est.)

government consumption: 14.8% (2017 est.)

investment in fixed capital: 22.2% (2017 est.)

investment in inventories: 0.2% (2017 est.)

exports of goods and services: 14.6% (2017 est.)

imports of goods and services: -19.7% (2017 est.)

Ease of Doing Business Index scores

Overall score: 70.1 (2020)

Starting a Business score: 87 (2020)

Trading score: 62.7 (2020)

Enforcement score: 34.3 (2020)

Agricultural products

sugar cane, milk, oil palm fruit, potatoes, rice, bananas, cassava leaves, plantains, poultry, maize

Industries

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

Industrial production growth rate

-2.2% (2017 est.)

Labor force

19.309 million (2020 est.)

Labor force - by occupation

agriculture: 17%

industry: 21%

services: 62% (2011 est.)

Unemployment rate

10.5% (2019 est.)

9.68% (2018 est.)

Population below poverty line

35.7% (2019 est.)

Gini Index coefficient - distribution of family income

50.4 (2018 est.)

53.5 (2014)

Household income or consumption by percentage share

lowest 10%: 1.2%

highest 10%: 39.6% (2015 est.)

Budget

revenues: 83.35 billion (2017 est.)

expenditures: 91.73 billion (2017 est.)

Taxes and other revenues

26.5% (of GDP) (2017 est.)

Budget surplus (+) or deficit (-)

-2.7% (of GDP) (2017 est.)

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

Fiscal year

calendar year

Current account balance

-$13.748 billion (2019 est.)

-$13.118 billion (2018 est.)

Exports

$61.697 billion (2019 est.)

$60.151 billion (2018 est.)

$59.644 billion (2017 est.)

Exports - partners

United States 31%, China 11%, Panama 6%, Ecuador 5% (2019)

Exports - commodities

crude petroleum, coal, refined petroleum, coffee, gold (2019)

Imports

$87.072 billion (2019 est.)

$80.546 billion (2018 est.)

$76.136 billion (2017 est.)

Imports - partners

United States 27%, China 20%, Mexico 7%, Brazil 6% (2019)

Imports - commodities

refined petroleum, cars, broadcasting equipment, packaged medicines, corn (2019)

Reserves of foreign exchange and gold

$47.13 billion (31 December 2017 est.)

$46.18 billion (31 December 2016 est.)

Debt - external

$135.644 billion (2019 est.)

$128.238 billion (2018 est.)

Exchange rates

Colombian pesos (COP) per US dollar -

3,457.93 (2020 est.)

3,416.5 (2019 est.)

3,147.43 (2018 est.)

2,001 (2014 est.)

2,001.1 (2013 est.)

NOTE: The information regarding Colombia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Colombia 2021 information contained here. All suggestions for corrections of any errors about Colombia 2021 should be addressed to the CIA or the source cited on each page.