Colombia Economy
Is Colombia a wealthy country?
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.
Colombia Economy Data
What is the GDP of Colombia?
| Currency Name and Code | Colombian pesos (COP) |
| GDP - Gross Domestic Product (PPP) | $683,940,000,000 (USD) |
| GDP - official exchange rate | $274,100,000,000 (USD) |
| GDP - real growth rate | 2.2% |
| GDP Per Capita | $14,200.00 (USD) |
| GDP by Sector- agriculture | 6.9% |
| GDP by Sector- Industry | 34% |
| GDP by Sector- services | 59.1% |
| GDP - composition, by end use |
household consumption: 63.3% government consumption: 18.8% investment in fixed capital: 26.3% investment in inventories: 0.9% exports of goods and services: 13.5% imports of goods and services: -22.8% |
| Population Below Poverty Line | 27.8% |
| Inflation Rate | 7.8% |
| Labor Force | 24,430,000 |
| Labor Force By Occupation- agriculture | 17% |
| Labor Force By Occupation- industry | 21% |
| Labor Force By Occupation- services | 62% |
| Unemployment Rate | 9.5% |
| Fiscal Year | calendar year |
| Annual Budget | $76,060,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -3% |
| Public Debt (% of GDP) | 50.5% |
| Taxes and other revenues - percent of GDP | 27.7% |
| Major Industries | textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
| Industrial Growth Rate | 1.9% |
| Agriculture Products | coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products |
| Exchange Rate per US Dollar | 3051.1 |
| Child Labor - % of children ages 5-14 | 9% |
| Child Labor - # of children ages 5-14 | 988,362 |
| Child Labor - note | note: data represents children ages 5-17 |
| Commercial Bank Prime Lending Rate | 14.5% |