Colombia Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

prior to COVID-19, one of the most consistent growth economies; declining poverty; large stimulus package has mitigated economic fallout, but delayed key infrastructure investments; successful inflation management; sound flexible exchange rate regime; domestic economy suffers from lack of trade integration and infrastructure

Real GDP (purchasing power parity)

$754.645 billion (2021 est.)

$681.844 billion (2020 est.)

$733.546 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.68% (2021 est.)

-7.05% (2020 est.)

3.19% (2019 est.)

Real GDP per capita

$14,600 (2021 est.)

$13,400 (2020 est.)

$14,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$323.255 billion (2019 est.)

Inflation rate (consumer prices)

3.5% (2021 est.)

2.53% (2020 est.)

3.52% (2019 est.)

Credit ratings

Fitch rating: BBB- (2020)

Moody's rating: Baa2 (2014)

Standard & Poors rating: BBB- (2017)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

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

9.65% (2021 est.)

Labor force

26.137 million (2021 est.)

Labor force - by occupation

agriculture: 17%

industry: 21%

services: 62% (2011 est.)

Unemployment rate

14.34% (2021 est.)

15.04% (2020 est.)

9.96% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 26.4%

male: 21.9%

female: 32.8% (2021 est.)

Population below poverty line

35.7% (2019 est.)

Gini Index coefficient - distribution of family income

54.2 (2020 est.)

Average household expenditures

on food: 19.2% of household expenditures (2018 est.)

on alcohol and tobacco: 3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.2%

highest 10%: 39.6% (2015 est.)

Budget

revenues: $94.985 billion (2019 est.)

expenditures: $103.098 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

90.4% of GDP (2020 est.)

72.7% of GDP (2019 est.)

71.65% of GDP (2018 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

Taxes and other revenues

14.23% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$17.621 billion (2021 est.)

-$9.347 billion (2020 est.)

-$14.808 billion (2019 est.)

Exports

$50.793 billion (2021 est.)

$38.224 billion (2020 est.)

$51.324 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

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

Exports - commodities

crude petroleum, coal, coffee, gold, refined petroleum (2021)

Imports

$70.84 billion (2021 est.) note: data are in current year dollars

$51.312 billion (2020 est.) note: data are in current year dollars

$65.47 billion (2019 est.) note: data are in current year dollars

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

$58.019 billion (31 December 2021 est.)

$58.499 billion (31 December 2020 est.)

$52.653 billion (31 December 2019 est.)

Debt - external

$135.644 billion (2019 est.)

$128.238 billion (2018 est.)

Exchange rates

Colombian pesos (COP) per US dollar -

3,743.59 (2021 est.)

3,694.854 (2020 est.)

3,280.832 (2019 est.)

2,955.704 (2018 est.)

2,951.327 (2017 est.)

NOTE: The information regarding Colombia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Colombia 2023 information contained here. All suggestions for corrections of any errors about Colombia 2023 should be addressed to the CIA or the source cited on each page.