Colombia - Economic Indicators

Colombia’s Growth Steady in Late 2018

Jan 15, 2019

Economic growth in Colombia remained steady in October, as weak consumer confidence prevented an acceleration in domestic demand growth. The index of economic activity, a proxy for GDP, increased 2.3% y/y in October, unchanged from the previous month and somewhat below expectations. The seasonally adjusted index shows that the economy contracted 0.3% in October compared with the previous month. According to this index, the economy grew 2.5% y/y in...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q3 170,308 166,869 Bil. COP, CDASA Quarterly
Real Private Consumption 2018 Q3 147,245 145,613 Bil. 2015 COP, CDASA Quarterly
Government Consumption 2018 Q3 37,642 37,154 Bil. COP, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q3 51,358 49,780 Bil. COP, CDASA Quarterly
Nominal Gross Domestic Product 2018 Q3 249,550 246,347 Bil. COP, CDASA Quarterly
Real Government Consumption 2018 Q3 33,223 33,015 Bil. 2015 COP, CDASA Quarterly
Investment 2018 Q3 51,496 54,617 Bil. COP, CDASA Quarterly
Real Gross Domestic Product 2018 Q3 214,226 213,735 Bil. 2015 COP, CDASA Quarterly
Real Investment 2018 Q3 50,562 48,971 Bil. 2015 COP, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q3 48,815 47,657 Bil. 2015 COP, CDASA Quarterly
Price Reference Last Previous Units Frequency
Producer Price Index (PPI) Dec 2018 113.86 115.67 Index Dec2014=100, NSA Monthly
Consumer Price Index (CPI) Dec 2018 143.27 142.84 December 2008=100, NSA Monthly
Wholesale Price Index 2016 122.57 114.7 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Total Employment Nov 2018 22,461 23,098 Thousands, NSA Monthly
Unemployment Rate Nov 2018 8.76 9.06 Percent, NSA Monthly
Wage & Salaries 2018 Q3 1.2 4.53 Mil. USD, NSA Quarterly
Agriculture Employment 2017 4,264,675 4,185,890 # Annual
Unemployment 2017 Q3 2,322,625 2,280,886 #, NSA Quarterly
Labor Force Employment 2016 22,156,021 22,009,418 # Annual
Labor Force 2016 24,244,017 24,016,514 # Annual
Trade Reference Last Previous Units Frequency
Net Exports Oct 2018 1,378 539.73 Mil. USD FOB/CIF Monthly
Imports of Goods and Services 2018 Q3 49,862 49,276 Bil. COP, CDASA Quarterly
Exports of Goods and Services 2018 Q3 39,190 37,599 Bil. COP, CDASA Quarterly
Real Imports of Goods and Services 2018 Q3 45,814 46,357 Bil. 2015 COP, CDASA Quarterly
Real Exports of Goods and Services 2018 Q3 31,387 31,769 Bil. 2015 COP, CDASA Quarterly
Exports of Goods 2018 Q3 13,654 13,599 Mil. USD, NSA Quarterly
Imports of Goods 2018 Q3 15,990 15,849 Mil. USD, NSA Quarterly
Current Account Balance 2018 Q3 -3,108 -3,147 Mil. USD, NSA Quarterly
Balance of Goods 2018 Q3 -2,335 -2,250 Mil. USD, NSA Quarterly
Government Reference Last Previous Units Frequency
Gross External Debt Sep 2018 127,758 126,913 Mil. USD, NSA Monthly
Outstanding Public Debt - Foreign Sep 2018 72,693 72,229 Mil. USD, NSA Monthly
Government Revenues 2018 Q1 59,203 62,647 Billions of Col. Pesos, NSA Quarterly
Government Expenditures 2018 Q1 59,627 96,628 Billions of Col. Pesos, NSA Quarterly
Government Budget Balance 2018 Q1 -424.02 -33,981 Billions of Col. Pesos, NSA Quarterly
Markets Reference Last Previous Units Frequency
Money Market Rate Nov 2018 4.25 4.26 % p.a., NSA Monthly
Lending Rate Jun 2017 6.25 6.25 % Monthly
Stock Market Index 04 Jun 2014 13,762 13,792 Index, NSA Business Daily
Real Estate Reference Last Previous Units Frequency
House Price Index for New Homes 2018 Q3 130.99 128.27 Index 2014Q4=100, NSA Quarterly
Consumer Reference Last Previous Units Frequency
Retail Sales Nov 2018 160.63 141.76 Index 2013=100, NSA Monthly
Real Retail Sales Nov 2018 134.67 117.57 Vol. Index 2013=100, NSA Monthly
Business Reference Last Previous Units Frequency
Industrial Production Nov 2018 116 115.9 Ch. Vol. Index 2014=100, NSA Monthly
Change in Inventories 2018 Q3 137.96 4,837 Bil. COP, CDASA Quarterly
Real Change in Inventories 2018 Q3 1,746 1,313 Bil. 2015 COP, CDASA Quarterly
Demographics Reference Last Previous Units Frequency
Net Migration 2017 -147,004 # Annual
Population 2017 49,065,615 48,653,419 # Annual
Birth Rate 2016 15.2 15.48 # per Ths. pop. Annual
Death Rate 2015 5.94 5.88 # per Ths. pop. Annual

Factbook

Background

Central Intelligence Agency

Geography

Location:
Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama
Geographic coordinates:
4 00 N, 72 00 W
Map references:
South America
Area:
total: 1,138,910 sq km
land: 1,038,700 sq km
water: 100,210 sq km
note: includes Isla de Malpelo, Roncador Cay, and Serrana Bank
country comparison to the world: 27
Area - comparative:
slightly less than twice the size of Texas
Area comparison map:
Land boundaries:
total: 6,672 km
border countries (5): Brazil 1,790 km, Ecuador 708 km, Panama 339 km, Peru 1,494 km, Venezuela 2,341 km
Coastline:
3,208 km (Caribbean Sea 1,760 km, North Pacific Ocean 1,448 km)
Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 200 nm
continental shelf: 200-m depth or to the depth of exploitation
Climate:
tropical along coast and eastern plains; cooler in highlands
Terrain:
flat coastal lowlands, central highlands, high Andes Mountains, eastern lowland plains (Llanos)
Elevation:
mean elevation: 593 m
elevation extremes: lowest point: Pacific Ocean 0 m
highest point: Pico Cristobal Colon 5,730 m
note: nearby Pico Simon Bolivar also has the same elevation
Natural resources:
petroleum, natural gas, coal, iron ore, nickel, gold, copper, emeralds, hydropower
Land use:
agricultural land: 37.5%
arable land 1.4%; permanent crops 1.6%; permanent pasture 34.5%
forest: 54.4%
other: 8.1% (2011 est.)
Irrigated land:
10,900 sq km (2012)
Population - distribution:
the majority of people live in the north and west where agricultural opportunities and natural resources are found; the vast grasslands of the llanos to the south and east, which make up approximately 60% of the country, are sparsely populated
Natural hazards:
highlands subject to volcanic eruptions; occasional earthquakes; periodic droughts
volcanism: Galeras (4,276 m) is one of Colombia's most active volcanoes, having erupted in 2009 and 2010 causing major evacuations; it has been deemed a Decade Volcano by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to its explosive history and close proximity to human populations; Nevado del Ruiz (5,321 m), 129 km (80 mi) west of Bogota, erupted in 1985 producing lahars (mudflows) that killed 23,000 people; the volcano last erupted in 1991; additionally, after 500 years of dormancy, Nevado del Huila reawakened in 2007 and has experienced frequent eruptions since then; other historically active volcanoes include Cumbal, Dona Juana, Nevado del Tolima, and Purace
Environment - current issues:
deforestation resulting from timber exploitation in the jungles of the Amazon and the region of Choc?; illicit drug crops grown by peasants in the national parks; soil erosion; soil and water quality damage from overuse of pesticides; air pollution, especially in Bogota, from vehicle emissions
Environment - international agreements:
party to: Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands
signed, but not ratified: Law of the Sea
Geography - note:
only South American country with coastlines on both the North Pacific Ocean and Caribbean Sea

People & Society

Population:
47,698,524 (July 2017 est.)
country comparison to the world: 29
Nationality:
noun: Colombian(s)
adjective: Colombian
Ethnic groups:
mestizo and white 84.2%, Afro-Colombian (includes mulatto, Raizal, and Palenquero) 10.4%, Amerindian 3.4%, Romani <.01, unspecified 2.1% (2005 est.)
Languages:
Spanish (official)
Religions:
Roman Catholic 79%, Protestant 14% (includes Pentecostal 6%, mainline Protestant 2%, other 6%), other 2%, unspecified 5% (2014 est.)
Demographic profile:
Colombia is in the midst of a demographic transition resulting from steady declines in its fertility, mortality, and population growth rates. The birth rate has fallen from more than 6 children per woman in the 1960s to just above replacement level today as a result of increased literacy, family planning services, and urbanization. However, income inequality is among the worst in the world, and more than a third of the population lives below the poverty line.
Colombia experiences significant legal and illegal economic emigration and refugee outflows. Large-scale labor emigration dates to the 1960s; the United States and, until recently, Venezuela have been the main host countries. Emigration to Spain picked up in the 1990s because of its economic growth, but this flow has since diminished because of Spain’s ailing economy and high unemployment. Colombia has been the largest source of Latin American refugees in Latin America, nearly 400,000 of whom live primarily in Venezuela and Ecuador. Venezuela’s political and economic crisis since 2015, however, has created a reverse flow, consisting largely of Colombians returning home.
Forced displacement continues to be prevalent because of violence among guerrillas, paramilitary groups, and Colombian security forces. Afro-Colombian and indigenous populations are disproportionately affected. Even with the Colombian Government’s December 2016 peace agreement with the Revolutionary Armed Forces of Colombia (FARC), the risk of displacement remains as other rebel groups fill the void left by the FARC. Between 1985 and September 2017, nearly 7.6 million persons have been internally displaced, the highest total in the world. These estimates may undercount actual numbers because many internally displaced persons are not registered. Historically, Colombia also has one of the world’s highest levels of forced disappearances. About 30,000 cases have been recorded over the last four decades—although the number is likely to be much higher—including human rights activists, trade unionists, Afro-Colombians, indigenous people, and farmers in rural conflict zones.
Because of political violence and economic problems, Colombia received limited numbers of immigrants during the 19th and 20th centuries, mostly from the Middle East, Europe, and Japan. More recently, growth in the oil, mining, and manufacturing sectors has attracted increased labor migration; the primary source countries are Venezuela, the US, Mexico, and Argentina. Colombia has also become a transit area for illegal migrants from Africa, Asia, and the Caribbean -- especially Haiti and Cuba -- who are en route to the US or Canada.
Age structure:
0-14 years: 24.22% (male 5,917,425/female 5,634,516)
15-24 years: 17.25% (male 4,191,033/female 4,038,314)
25-54 years: 41.91% (male 9,918,698/female 10,071,419)
55-64 years: 9.18% (male 2,059,712/female 2,318,320)
65 years and over: 7.44% (male 1,480,966/female 2,068,121) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 45.6
youth dependency ratio: 35.4
elderly dependency ratio: 10.2
potential support ratio: 9.8 (2015 est.)
Median age:
total: 30 years
male: 29 years
female: 31 years (2017 est.)
country comparison to the world: 118
Population growth rate:
0.99% (2017 est.)
country comparison to the world: 115
Birth rate:
16.1 births/1,000 population (2017 est.)
country comparison to the world: 114
Death rate:
5.5 deaths/1,000 population (2017 est.)
country comparison to the world: 177
Net migration rate:
-0.6 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 129
Population distribution:
the majority of people live in the north and west where agricultural opportunities and natural resources are found; the vast grasslands of the llanos to the south and east, which make up approximately 60% of the country, are sparsely populated
Urbanization:
urban population: 77% of total population (2017)
rate of urbanization: 1.47% annual rate of change (2015-20 est.)
Major urban areas - population:
BOGOTA (capital) 9.765 million; Medellin 3.911 million; Cali 2.646 million; Barranquilla 1.991 million; Bucaramanga 1.215 million; Cartagena 1.092 million (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 0.98 male(s)/female
55-64 years: 0.88 male(s)/female
65 years and over: 0.72 male(s)/female
total population: 0.98 male(s)/female (2017 est.)
Mother's mean age at first birth:
21.7 years
note: median age at first birth among women 25-29 (2015 est.)
Maternal mortality ratio:
64 deaths/100,000 live births (2015 est.)
country comparison to the world: 87
Infant mortality rate:
total: 13.6 deaths/1,000 live births
male: 16.5 deaths/1,000 live births
female: 10.6 deaths/1,000 live births (2017 est.)
country comparison to the world: 106
Life expectancy at birth:
total population: 75.9 years
male: 72.8 years
female: 79.3 years (2017 est.)
country comparison to the world: 96
Total fertility rate:
2 children born/woman (2017 est.)
country comparison to the world: 122
Contraceptive prevalence rate:
79.1% (2009/10)
Health expenditures:
7.2% of GDP (2014)
country comparison to the world: 76
Physicians density:
1.82 physicians/1,000 population (2014)
Hospital bed density:
1.5 beds/1,000 population (2014)
Drinking water source:
improved:
urban: 96.8% of population
rural: 73.8% of population
total: 91.4% of population
unimproved:
urban: 3.2% of population
rural: 26.2% of population
total: 8.6% of population (2015 est.)
Sanitation facility access:
improved:
urban: 85.2% of population
rural: 67.9% of population
total: 81.1% of population
unimproved:
urban: 14.8% of population
rural: 32.1% of population
total: 18.9% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.4% (2016 est.)
country comparison to the world: 73
HIV/AIDS - people living with HIV/AIDS:
120,000 (2016 est.)
country comparison to the world: 37
HIV/AIDS - deaths:
2,800 (2016 est.)
country comparison to the world: 44
Major infectious diseases:
degree of risk: high
food or waterborne diseases: bacterial diarrhea
vectorborne diseases: dengue fever, malaria, and yellow fever
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Obesity - adult prevalence rate:
22.3% (2016)
country comparison to the world: 78
Children under the age of 5 years underweight:
3.4% (2010)
country comparison to the world: 108
Education expenditures:
4.5% of GDP (2016)
country comparison to the world: 95
Literacy:
definition: age 15 and over can read and write
total population: 94.2%
male: 94.1%
female: 94.4% (2015 est.)
School life expectancy (primary to tertiary education):
total: 14 years
male: 14 years
female: 15 years (2015)
Unemployment, youth ages 15-24:
total: 16.6%
male: 12.6%
female: 22.2% (2015 est.)
country comparison to the world: 78

Government

Country name:
conventional long form: Republic of Colombia
conventional short form: Colombia
local long form: Republica de Colombia
local short form: Colombia
etymology: the country is named after explorer Christopher COLUMBUS
Government type:
presidential republic
Capital:
name: Bogota
geographic coordinates: 4 36 N, 74 05 W
time difference: UTC-5 (same time as Washington, DC, during Standard Time)
Administrative divisions:
32 departments (departamentos, singular - departamento) and 1 capital district* (distrito capital); Amazonas, Antioquia, Arauca, Atlantico, Bogota*, Bolivar, Boyaca, Caldas, Caqueta, Casanare, Cauca, Cesar, Choco, Cordoba, Cundinamarca, Guainia, Guaviare, Huila, La Guajira, Magdalena, Meta, Narino, Norte de Santander, Putumayo, Quindio, Risaralda, Archipielago de San Andres, Providencia y Santa Catalina (colloquially San Andres y Providencia), Santander, Sucre, Tolima, Valle del Cauca, Vaupes, Vichada
Independence:
20 July 1810 (from Spain)
National holiday:
Independence Day, 20 July (1810)
Constitution:
several previous; latest promulgated 5 July 1991; amended many times, last in 2015 (2016)
Legal system:
civil law system influenced by the Spanish and French civil codes
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: least one parent must be a citizen or permanent resident of Colombia
dual citizenship recognized: yes
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Juan Manuel SANTOS Calderon (since 7 August 2010); Vice President Ret. Gen. Oscar Adolfo NARANJO Trujillo (since 30 March 2017); note - Vice President German VARGAS Lleras' resignation on 15 March 2017 became effective on 21 March 2017; the president is both chief of state and head of government
head of government: President Juan Manuel SANTOS Calderon (since 7 August 2010); Vice President Ret. Gen. Oscar Adolfo NARANJO Trujillo (since 30 March 2017)
cabinet: Cabinet appointed by the president
elections/appointments: president directly elected by absolute majority vote in 2 rounds if needed for a single 4-year term (beginning in 2018); election last held on 25 May 2014 with a runoff held on 15 June 2014 (next to be held on 27 May 2018); note - political reform in 2015 eliminated presidential reelection; beginning in 2018, presidents can serve only one 4-year term
election results: Juan Manuel SANTOS Calderon reelected president in second round; percent of vote - Juan Manuel SANTOS Calderon (U Party) 51.0%, Oscar Ivan ZULUAGA (CD) 45.0%, other 4.0%
Legislative branch:
description: bicameral Congress or Congreso consists of the Senate or Senado (102 seats; 100 members elected in a single nationwide constituency by party-list proportional representation popular vote and 2 members elected in a special nationwide for indigenous communities to serve 4-year terms) and the Chamber of Representatives or Camara de Representantes (166 seats; members elected in multi-seat constituencies by party-list proportional representation constituency popular vote to serve 4-year terms)
elections: Senate - last held on 11 March 2018 (next to be held in March 2022); Chamber of Representatives - last held on 11 March 2018 (next to be held in March 2022)
election results: Senate - percent of vote by party - NA; seats by party - CD 19, CR 16, PC 15, PL 14, U Party 14, Green Alliance 10, PDA 5, other 7; Chamber of Representatives - percent of vote by party - NA; seats by party - PL 35, CD 32, CR 30, U Party 25, PC 21, Green Alliance 9, other 6
Judicial branch:
highest court(s): Supreme Court of Justice or Corte Suprema de Justicia (consists of the Civil-Agrarian and Labor Chambers each with 7 judges, and the Penal Chamber with 9 judges); Constitutional Court (consists of 9 magistrates); Council of State (consists of 31 members); Superior Judiciary Council (consists of 13 magistrates)
judge selection and term of office: Supreme Court judges appointed by the Supreme Court members from candidates submitted by the Superior Judiciary Council; judges elected for individual 8-year terms; Constitutional Court magistrates - nominated by the president, by the Supreme Court, and elected by the Senate; judges elected for individual 8-year terms; Council of State members appointed by the State Council plenary from lists nominated by the Superior Judiciary Council
subordinate courts: Superior Tribunals (appellate courts for each of the judicial districts); regional courts; civil municipal courts; Superior Military Tribunal; first instance administrative courts
Political parties and leaders:
Alternative Democratic Pole or PDA [Clara LOPEZ]
Citizens Option (Opcion Ciudadana) or OC [Angel ALIRIO Moreno] (formerly known as the National Integration Party or PIN)
Conservative Party or PC [David BARGUIL]
Democratic Center Party or CD [Alvaro URIBE Velez, Oscar Ivan ZULUAGA, Carlos HOLMES TRUJILLO, Ivan DUQUE]
Green Alliance [Jorge LONDONO, Antonio SANGUINO, Luis AVELLANEDA, Camilo ROMERO]
Liberal Party or PL [Horacio SERPA]
People's Alternative Revolutionary Force or FARC [Timoleon JIMENEZ]
Radical Change or CR [Carlos Fernando GALAN]
Social National Unity Party or U Party [Roy BARRERAS, Jose David NAME]
note: Colombia has numerous smaller movements
Political pressure groups and leaders:
Central Union of Workers or CUT
Colombian Confederation of Workers or CTC
General Confederation of Workers or CGT
National Liberation Army or ELN
International organization participation:
BCIE, BIS, CAN, Caricom (observer), CD, CDB, CELAC, EITI (candidate country), FAO, G-3, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur (associate), MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance, PCA, UN, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Camilo REYES Rodriguez (since 21 July 2017)
chancery: 2118 Leroy Place NW, Washington, DC 20008
telephone: [1] (202) 387-8338
FAX: [1] (202) 232-8643
consulate(s) general: Atlanta, Houston, Los Angeles, Miami, New York, Newark (NJ), Orlando, San Juan (Puerto Rico)
consulate(s): Boston, Chicago, San Francisco
Diplomatic representation from the US:
chief of mission: Ambassador Kevin WHITAKER (since 11 June 2014)
embassy: Calle 24 Bis No. 48-50, Bogota, D.C.
mailing address: Carrera 45 No. 24B-27, Bogota, D.C.
telephone: [57] (1) 275-2000
FAX: [57] (1) 275-4600
Flag description:
three horizontal bands of yellow (top, double-width), blue, and red; the flag retains the three main colors of the banner of Gran Colombia, the short-lived South American republic that broke up in 1830; various interpretations of the colors exist and include: yellow for the gold in Colombia's land, blue for the seas on its shores, and red for the blood spilled in attaining freedom; alternatively, the colors have been described as representing more elemental concepts such as sovereignty and justice (yellow), loyalty and vigilance (blue), and valor and generosity (red); or simply the principles of liberty, equality, and fraternity
note: similar to the flag of Ecuador, which is longer and bears the Ecuadorian coat of arms superimposed in the center
National symbol(s):
Andean condor; national colors: yellow, blue, red
National anthem:
name: "Himno Nacional de la Republica de Colombia" (National Anthem of the Republic of Colombia)
lyrics/music: Rafael NUNEZ/Oreste SINDICI
note: adopted 1920; the anthem was created from an inspirational poem written by President Rafael NUNEZ

Economy

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.
Colombia’s economy slowed in 2017 because of falling global oil prices and lower 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):
$712.5 billion (2017 est.)
$700.6 billion (2016 est.)
$687.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 32
GDP (official exchange rate):
$307.5 billion (2017 est.)
GDP - real growth rate:
1.7% (2017 est.)
2% (2016 est.)
3.1% (2015 est.)
country comparison to the world: 164
GDP - per capita (PPP):
$14,500 (2017 est.)
$14,400 (2016 est.)
$14,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 112
Gross national saving:
21.7% of GDP (2017 est.)
21% of GDP (2016 est.)
20.3% of GDP (2015 est.)
country comparison to the world: 78
GDP - composition, by end use:
household consumption: 62.1%
government consumption: 18.2%
investment in fixed capital: 24.8%
investment in inventories: 0.2%
exports of goods and services: 14.2%
imports of goods and services: -19.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 7.4%
industry: 31.3%
services: 61.4% (2017 est.)
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:
-2.5% (2017 est.)
country comparison to the world: 197
Labor force:
24.67 million (2017 est.)
country comparison to the world: 27
Labor force - by occupation:
agriculture: 17%
industry: 21%
services: 62% (2011 est.)
Unemployment rate:
9.3% (2017 est.)
9.2% (2016 est.)
country comparison to the world: 129
Population below poverty line:
27.8% (2017 est.)
Household income or consumption by percentage share:
lowest 10%: 1.1%
highest 10%: 42.2% (2015 est.)
Distribution of family income - Gini index:
53.5 (2015 est.)
56.9 (2014 est.)
country comparison to the world: 10
Budget:
revenues: $85.14 billion
expenditures: $95.28 billion (2017 est.)
Taxes and other revenues:
27.7% of GDP (2017 est.)
country comparison to the world: 99
Budget surplus (+) or deficit (-):
-3.3% of GDP (2017 est.)
country comparison to the world: 126
Public debt:
53% of GDP (2017 est.)
52% 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: 91
Fiscal year:
calendar year
Inflation rate (consumer prices):
4.3% (2017 est.)
7.5% (2016 est.)
country comparison to the world: 163
Central bank discount rate:
7.5% (12 December 2017 est.)
6.5% (31 December 2016 est.)
country comparison to the world: 44
Commercial bank prime lending rate:
13.8% (31 December 2017 est.)
14.65% (31 December 2016 est.)
country comparison to the world: 55
Stock of narrow money:
$36.63 billion (12 December 2017 est.)
$34.01 billion (31 December 2016 est.)
country comparison to the world: 58
Stock of broad money:
$167.8 billion (31 December 2017 est.)
$136 billion (31 December 2016 est.)
country comparison to the world: 47
Stock of domestic credit:
$162.5 billion (31 December 2017 est.)
$153.1 billion (31 December 2016 est.)
country comparison to the world: 50
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: 42
Current account balance:
$-11.7 billion (2017 est.)
$-12.24 billion (2016 est.)
country comparison to the world: 187
Exports:
$36.79 billion (2017 est.)
$33.38 billion (2016 est.)
country comparison to the world: 57
Exports - commodities:
petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel
Exports - partners:
US 33.5%, Panama 6.3% (2016)
Imports:
$44.68 billion (2017 est.)
$43.24 billion (2016 est.)
country comparison to the world: 53
Imports - commodities:
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners:
US 26.4%, China 19.1%, Mexico 7.5%, Brazil 4.7% (2016)
Reserves of foreign exchange and gold:
$46.4 billion (30 October 2017 est.)
$46.18 billion (31 December 2016 est.)
country comparison to the world: 42
Debt - external:
$120.4 billion (30 August 2017 est.)
$115 billion (31 December 2016 est.)
country comparison to the world: 47
Stock of direct foreign investment - at home:
$178.4 billion (31 December 2017 est.)
$164.3 billion (31 December 2016 est.)
country comparison to the world: 32
Stock of direct foreign investment - abroad:
$55.32 billion (31 December 2017 est.)
$51.82 billion (31 December 2016 est.)
country comparison to the world: 43
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.)

Energy

Electricity access:
population without electricity: 1,200,000
electrification - total population: 97%
electrification - urban areas: 100%
electrification - rural areas: 88% (2013)
Electricity - production:
67.26 billion kWh (2017 est.)
country comparison to the world: 41
Electricity - consumption:
57.6 billion kWh (2017 est.)
country comparison to the world: 45
Electricity - exports:
460 million kWh (2015 est.)
country comparison to the world: 70
Electricity - imports:
45 million kWh (2015 est.)
country comparison to the world: 105
Electricity - installed generating capacity:
16.66 million kW (2017 est.)
country comparison to the world: 49
Electricity - from fossil fuels:
29.4% of total installed capacity (2017 est.)
country comparison to the world: 186
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 70
Electricity - from hydroelectric plants:
69% of total installed capacity (2017 est.)
country comparison to the world: 19
Electricity - from other renewable sources:
1.6% of total installed capacity (2017 est.)
country comparison to the world: 130
Crude oil - production:
886,000 bbl/day (2017 est.)
country comparison to the world: 22
Crude oil - exports:
681,900 bbl/day (2015 est.)
country comparison to the world: 19
Crude oil - imports:
0 bbl/day (2015 est.)
country comparison to the world: 111
Crude oil - proved reserves:
2.002 billion bbl (1 January 2017 est.)
country comparison to the world: 37
Refined petroleum products - production:
362,100 bbl/day (2014 est.)
country comparison to the world: 39
Refined petroleum products - consumption:
345,000 bbl/day (2015 est.)
country comparison to the world: 40
Refined petroleum products - exports:
83,920 bbl/day (2015 est.)
country comparison to the world: 44
Refined petroleum products - imports:
95,790 bbl/day (2015 est.)
country comparison to the world: 59
Natural gas - production:
11.91 billion cu m (2015 est.)
country comparison to the world: 39
Natural gas - consumption:
18.82 billion cu m (2015 est.)
country comparison to the world: 44
Natural gas - exports:
400 million cu m (2015 est.)
country comparison to the world: 45
Natural gas - imports:
0 cu m (2013 est.)
country comparison to the world: 110
Natural gas - proved reserves:
123.5 billion cu m (1 January 2017 est.)
country comparison to the world: 51
Carbon dioxide emissions from consumption of energy:
74 million Mt (2017 est.)
country comparison to the world: 49

Communications

Telephones - fixed lines:
total subscriptions: 7,115,984
subscriptions per 100 inhabitants: 15 (July 2016 est.)
country comparison to the world: 25
Telephones - mobile cellular:
total: 58,684,924
subscriptions per 100 inhabitants: 123 (July 2016 est.)
country comparison to the world: 26
Telephone system:
general assessment: modern system in many respects with a nationwide microwave radio relay system, a domestic satellite system with 41 earth stations, and a fiber-optic network linking 50 cities; multiple providers of both fixed-line and mobile-cellular services, but infrastructure remains poor in small urban centers and rural areas
domestic: fixed-line connections stand at about 15 per 100 persons; mobile cellular telephone subscribership is about 120 per 100 persons; competition among cellular service providers is resulting in falling local and international calling rates and contributing to the steep decline in the market share of fixed-line services
international: country code - 57; multiple submarine cable systems provide links to the US, parts of the Caribbean, and Central and South America; satellite earth stations - 10 (6 Intelsat, 1 Inmarsat, 3 fully digitalized international switching centers) (2016)
Broadcast media:
combination of state-owned and privately owned broadcast media provide service; more than 500 radio stations and many national, regional, and local TV stations (2007)
Internet country code:
.co
Internet users:
total: 27,452,550
percent of population: 58.1% (July 2016 est.)
country comparison to the world: 29

Transportation

National air transport system:
number of registered air carriers: 12
inventory of registered aircraft operated by air carriers: 157
annual passenger traffic on registered air carriers: 30,742,928
annual freight traffic on registered air carriers: 1,317,562,271 mt-km (2015)
Civil aircraft registration country code prefix:
HJ, HK (2016)
Airports:
836 (2013)
country comparison to the world: 8
Airports - with paved runways:
total: 121
over 3,047 m: 2
2,438 to 3,047 m: 9
1,524 to 2,437 m: 39
914 to 1,523 m: 53
under 914 m: 18 (2017)
Airports - with unpaved runways:
total: 715
over 3,047 m: 1
1,524 to 2,437 m: 25
914 to 1,523 m: 201
under 914 m: 488 (2013)
Heliports:
3 (2013)
Pipelines:
gas 4,991 km; oil 6,796 km; refined products 3,429 km (2013)
Railways:
total: 2,141 km
standard gauge: 150 km 1.435-m gauge
narrow gauge: 1,991 km 0.914-m gauge (2015)
country comparison to the world: 73
Roadways:
total: 206,500 km (2016)
country comparison to the world: 25
Waterways:
24,725 km (18,300 km navigable; the most important waterway, the River Magdalena, of which 1,488 km is navigable, is dredged regularly to ensure safe passage of cargo vessels and container barges) (2012)
country comparison to the world: 6
Merchant marine:
total: 103
by type: general cargo 17, oil tanker 9, other 77 (2017)
country comparison to the world: 84
Ports and terminals:
major seaport(s): Atlantic Ocean (Caribbean) - Cartagena, Santa Marta, Turbo; Pacific Ocean - Buenaventura
river port(s): Barranquilla (Rio Magdalena)
oil terminal(s): Covenas offshore terminal
dry bulk cargo port(s): Puerto Bolivar (coal)
container port(s) (TEUs): Cartagena (1,853,342)

Military & Security

Military expenditures:
3.5% of GDP (2018 est.)
3.39% of GDP (2016)
3.13% of GDP (2015)
3.13% of GDP (2014)
3.29% of GDP (2013)
country comparison to the world: 22
Military branches:
National Army (Ejercito Nacional), Republic of Colombia Navy (Armada Republica de Colombia, ARC, includes Naval Aviation, Naval Infantry (Infanteria de Marina, IM), and Coast Guard), Colombian Air Force (Fuerza Aerea de Colombia, FAC) (2012)
Military service age and obligation:
18-24 years of age for compulsory and voluntary military service; service obligation is 18 months (2012)

Transnational Issues

Disputes - international:
in December 2007, ICJ allocated San Andres, Providencia, and Santa Catalina islands to Colombia under 1928 Treaty but did not rule on 82 degrees W meridian as maritime boundary with Nicaragua; managed dispute with Venezuela over maritime boundary and Venezuelan-administered Los Monjes Islands near the Gulf of Venezuela; Colombian-organized illegal narcotics, guerrilla, and paramilitary activities penetrate all neighboring borders and have caused Colombian citizens to flee mostly into neighboring countries; Colombia, Honduras, Nicaragua, Jamaica, and the US assert various claims to Bajo Nuevo and Serranilla Bank
Refugees and internally displaced persons:
refugees (country of origin): 177,131 (Venezuela) (economic and political crisis; includes Venezuelans who have claimed asylum or have received alternative legal stay) (2018)
IDPs: 7,708,465 (conflict between government and illegal armed groups and drug traffickers since 1985; about 300,000 new IDPs each year since 2000) (2018)
stateless persons: 11 (2016)
Illicit drugs:
illicit producer of coca, opium poppy, and cannabis; world's leading coca cultivator with 188,000 hectares in coca cultivation in 2016, a 18% increase over 2015, producing a potential of 710 mt of pure cocaine; the world's largest producer of coca derivatives; supplies cocaine to nearly all of the US market and the great majority of other international drug markets; in 2016, the Colombian government reported manual eradication of 17,642 hectares; Colombia suspended aerial eradication in October 2015 making 2016 the first full year without aerial eradication; a significant portion of narcotics proceeds are either laundered or invested in Colombia through the black market peso exchange; Colombia probably remains the second largest supplier of heroin to the US market; opium poppy cultivation was estimated to be 1,100 hectares in 2015, sufficient to potentially produce three metric tons of pure heroin

Economic Indicators for Colombia including actual values, historical data, and latest data updates for the Colombia economy.



Latest Analysis
Key Indicators for Colombia
  •    Consumer Price Index
  • Latest: 3.2% for Dec. 2018
  • Previous: 3.3% for Nov. 2018
  • Next Release: Feb 05, 2019
  •    GDP
  • Latest: 2.7% for Jul. 2018
  • Previous: 2.8% for Apr. 2018
  • Next Release: Feb 15, 2019
  •    Industrial Production
  • Latest: 4.7% for Nov. 2018
  • Previous: 5.7% for Oct. 2018
  • Next Release: Feb 14, 2019
  •    Monetary Policy
  • Latest: 4.25% for Dec. 2018
  • Previous: 4.25% for Oct. 2018
  • Next Release: Jan 31, 2019
Latest Data Updates