Page last updated on February 14, 2013
Economy - overview:
Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face 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 oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.3% in 2012 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. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and implemented in 2012. Columbia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, and Israel. Foreign direct investment - notably in the oil sector - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and reached a record high of nearly $16 billion in 2012. Colombia is the third largest Latin American exporter of oil to the US. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.
GDP (purchasing power parity):
$500 billion (2012 est.)
country comparison to the world: 29
$479.6 billion (2011 est.)
$452.8 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$365.4 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
4.3% (2012 est.)
country comparison to the world: 75
5.9% (2011 est.)
4% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$10,700 (2012 est.)
country comparison to the world: 110
$10,400 (2011 est.)
$9,900 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 6.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
38.1%
services:
55.1% (2012 est.)
Labor force:
23.08 million (2012 est.)
country comparison to the world: 29
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 18%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
13%
services:
68% (2011 est.)
Unemployment rate:
10.3% (2012 est.)
country comparison to the world: 113
10.8% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
37.2% (2010 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 0.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
44.4% (2010 est.)
Distribution of family income - Gini index:
56 (2010)
country comparison to the world: 10
53.8 (1996)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
24.1% of GDP (2012 est.)
country comparison to the world: 55
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $104.2 billion
[see also: Budget revenues country ranks ]
expenditures:
$106 billion (2012 est.)
Taxes and other revenues:
28.5% of GDP (2012 est.)
country comparison to the world: 110
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-0.5% of GDP (2012 est.)
country comparison to the world: 51
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
40.2% of GDP (2012 est.)
country comparison to the world: 88
43.4% of GDP (2011 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
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
3.2% (2012 est.)
country comparison to the world: 86
3.4% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
4.75% (31 December 2011)
country comparison to the world: 72
5% (31 December 2010)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
12.7% (31 December 2012 est.)
country comparison to the world: 72
11.22% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$41.9 billion (31 December 2012 est.)
country comparison to the world: 49
$35.45 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$151.2 billion (31 December 2012 est.)
country comparison to the world: 48
$119.8 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$165.5 billion (31 December 2012 est.)
country comparison to the world: 44
$131.1 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$201.3 billion (31 December 2011)
country comparison to the world: 34
$208.5 billion (31 December 2010)
$133.3 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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:
4.8% (2011 est.)
country comparison to the world: 71
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$13.29 billion (2012 est.)
country comparison to the world: 178
