Colombia Economy - 2024

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.)

Unemployment rate

14.34% (2021 est.)
15.04% (2020 est.)
9.96% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 26.4% (2021 est.)

male: 21.9%

female: 32.8%

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.)

Remittances

2.74% of GDP (2021 est.)
2.56% of GDP (2020 est.)
2.2% of GDP (2019 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 -

Exchange rates:
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.)