unbekannter Gast

Colombia: Economy#

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4% per year for the past three years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade. Nevertheless, Colombia depends heavily on energy and mining exports, making it vulnerable to a drop in commodity prices. Colombia is the world's fourth largest coal exporter and Latin America’s fourth largest oil producer. Economic development is stymied by inadequate infrastructure and an uncertain security situation. Moreover, the unemployment rate of 9.7% in 2013 is still one of Latin America's highest. The SANTOS Administration's foreign policy has focused on bolstering Colombia's commercial ties and boosting investment at home. Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into force on May 2012. Colombia is also a founding member of the Pacific Alliance - a regional grouping formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. In 2013, Colombia began its ascension process to the OECD. The annual level of foreign direct investment - notably in the oil and gas sectors - reached a record high of $16.8 billion in 2013, an increase of 7% over 2012. Inequality, poverty, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.

Economic Facts#

GDP (purchasing power parity)$526.5 billion (2013 est.)
$505.2 billion (2012 est.)
$484.9 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate4.2% (2013 est.)
4.2% (2012 est.)
6.6% (2011 est.)
GDP - per capita (PPP)$11,100 (2013 est.)
$10,800 (2012 est.)
$10,500 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 6.6%
industry: 37.8%
services: 55.6% (2013 est.)
Population below poverty line32.7% (2012 est.)
Household income or consumption by percentage sharelowest 10%: 0.9%
highest 10%: 44.4% (2010 est.)
Labor force - by occupationagriculture: 17%
industry: 21%
services: 62% (2011 est.)
Exports - commoditiespetroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel
Exports - partnersUS 36.6%, China 5.5%, Spain 4.8%, Panama 4.7%, Venezuela 4.4%, Netherlands 4.1% (2012)
Agriculture - productscoffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products
Budgetrevenues: $107.4 billion
expenditures: $106 billion (2013 est.)
Imports - commoditiesindustrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partnersUS 24.2%, China 16.3%, Mexico 10.9%, Brazil 4.8% (2012)
Exchange ratesColombian pesos (COP) per US dollar -
1,865.8 (2013 est.)
1,798 (2012 est.)
1,898.6 (2010 est.)
2,157.6 (2009)
2,243.6 (2008)
Exports$58.7 billion (2013 est.)
$59.85 billion (2012 est.)
Debt - external$85.83 billion (31 December 2013 est.)
$80.72 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$53.5 billion (2013 est.)
$54.64 billion (2012 est.)
Industrial production growth rate2.5% (2013 est.)
Industriestextiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Inflation rate (consumer prices)2.2% (2013 est.)
3.4% (2011 est.)
Labor force23.75 million (2013 est.)
Unemployment rate9.7% (2013 est.)
10.4% (2012 est.)
Distribution of family income - Gini index55.9 (2010)
56.9 (1996)
Public debt39.6% of GDP (2013 est.)
40.5% of GDP (2012 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
Current account balance-$11.02 billion (2013 est.)
-$12.17 billion (2012 est.)
Reserves of foreign exchange and gold$43.74 billion (31 December 2013 est.)
$37 billion (31 December 2012 est.)
GDP (official exchange rate)$369.2 billion (2013 est.)
Stock of direct foreign investment - at home$128.1 billion (31 December 2013 est.)
$111.7 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$33.7 billion (31 December 2013 est.)
$31.65 billion (31 December 2012 est.)
Market value of publicly traded shares$262.1 billion (31 December 2012 est.)
$NA (31 December 2011)
$208.5 billion (31 December 2010 est.)
Central bank discount rate4.75% (31 December 2011)
5% (31 December 2010)
Commercial bank prime lending rate11% (31 December 2013 est.)
$NA (31 December 2012 est.)
Stock of domestic credit$192.6 billion (31 December 2013 est.)
$180.7 billion (31 December 2012 est.)
Stock of narrow money$42.28 billion (31 December 2013 est.)
$41.7 billion (31 December 2012 est.)
Stock of broad money$163.2 billion (31 December 2013 est.)
$153.1 billion (31 December 2012 est.)
Taxes and other revenues29.1% of GDP (2012 est.)
Budget surplus (+) or deficit (-)0.4% of GDP (2012 est.)
GDP - composition, by end usehousehold consumption: 61.7%
government consumption: 16.7%
investment in fixed capital: 23.8%
investment in inventories: -0.3%
exports of goods and services: 17.3%
imports of goods and services: -19.3%
(2013 est.)
Gross national saving21.9% of GDP (2013 est.)
22.8% of GDP (2012 est.)
20.3% of GDP (2011 est.)