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Colombia Economy 2017
http://www.theodora.com/wfbcurrent/colombia/colombia_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Colombia Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. 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, inequality, poverty, narcotrafficking and an uncertain security situation.Declining oil prices have resulted in a drop in government revenues. In 2014, Colombia passed a tax reform bill to offset the lost revenue from the global drop in oil prices. The SANTOS administration is also using tax reform to help finance implementation of a peace deal between FARC and the government. Colombian officials estimate a peace deal may bolster economic growth by up to 2%.Despite austerity measures put in place by the SANTOS administration, GDP and foreign direct investment fell in 2015, while the El Nino weather phenomenon caused food and energy prices to rise, with inflation spiking to 6.8%. In order to combat inflation, the Central Bank raised interest rates four times during the last four months of 2015, ending the year with a 25 basis point increase to 5.75%. Unemployment has continued to decrease and hit a record low of 8.9% in 2015, but the rate is still one of Latin America's highest. Nevertheless, Colombia’s GDP growth rate makes it the region’s best performer among large economies in 2015.Real GDP growth averaged 4.8% per year from 2010-2014, continuing a decade of strong economic performance, before dropping in 2015. All three major ratings agencies upgraded Colombia's government debt to investment grade in 2013 and 2014, which helped to attract record levels of investment, mostly in the hydrocarbons sector. However, Standard & Poor’s downgraded its long-term outlook from stable to negative in early 2016. The change, due largely to falling government revenues, could cause Colombia to lose its investment-grade bond status.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 in May 2012. The US and Colombia have benefitted from the FTA, but Colombia’s ability to take full advantage of its enhanced access to American markets continues to be constrained by lack of export diversification. Nontariff measures remain a point of contention for bilateral trade relations. Truck scrappage regulation, and restrictions on liquor, pharmaceutical, and ethanol imports are top irritants in the bilateral trade relationship. 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. In 2013, Colombia began its accession process to the OECD.

GDP (purchasing power parity):
$690.4 billion (2016 est.) $675.7 billion (2015 est.) $655.5 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 32
[see also: GDP country ranks ]

GDP (official exchange rate):
$274.1 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.2% (2016 est.) 3.1% (2015 est.) 4.4% (2014 est.)
country comparison to the world: 129
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$14,200 (2016 est.) $14,000 (2015 est.) $13,800 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 115
[see also: GDP - per capita country ranks ]

Gross national saving:
20% of GDP (2016 est.) 21.3% of GDP (2015 est.) 21.1% of GDP (2014 est.)
country comparison to the world: 87
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 63.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 13.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -22.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.1% (2016 est.)
[see also: GDP - composition, by sector of origin - services 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:
1.9% (2016 est.)
country comparison to the world: 114
[see also: Industrial production growth rate country ranks ]

Labor force:
24.43 million (2016 est.)
country comparison to the world: 28
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21%
[see also: Labor force - by occupation - industry country ranks ]
services: 62% (2011 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.5% (2016 est.) 8.9% (2015 est.)
country comparison to the world: 109
[see also: Unemployment rate country ranks ]

Population below poverty line:
27.8% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 42% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
53.5 (2012) 56.9 (1996)
country comparison to the world: 11
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $76.06 billion
[see also: Budget revenues country ranks ]
expenditures: $84.23 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
27.7% of GDP (2016 est.)
country comparison to the world: 92
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3% of GDP (2016 est.)
country comparison to the world: 103
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50.5% of GDP (2016 est.) 49.6% of GDP (2015 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: 87
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
7.8% (2016 est.) 5% (2015 est.)
country comparison to the world: 192
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.75% (18 December 2015) 4.75% (31 December 2011)
country comparison to the world: 71
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.5% (31 December 2016 est.) 11.45% (31 December 2015 est.)
country comparison to the world: 46
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$38.29 billion (31 December 2016 est.) $32.82 billion (31 December 2015 est.)
country comparison to the world: 56
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$177.5 billion (31 December 2014 est.) $161.7 billion (31 December 2013 est.)
country comparison to the world: 45
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$148.4 billion (31 December 2016 est.) $133.8 billion (31 December 2015 est.)
country comparison to the world: 48
[see also: Stock of domestic credit country ranks ]

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: 43
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$14.31 billion (2016 est.) -$18.76 billion (2015 est.)
country comparison to the world: 185
[see also: Current account balance country ranks ]

Exports:
$33.64 billion (2016 est.) $38.12 billion (2015 est.)
country comparison to the world: 55
[see also: Exports country ranks ]

Exports - commodities:
petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel

Exports - partners:
US 27.5%, Panama 7.2%, China 5.2%, Spain 4.4%, Ecuador 4% (2015)

Imports:
$47.15 billion (2016 est.) $52.04 billion (2015 est.)
country comparison to the world: 50
[see also: Imports country ranks ]

Imports - commodities:
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners:
US 28.8%, China 18.6%, Mexico 7.1%, Germany 4.2% (2015)

Reserves of foreign exchange and gold:
$46.08 billion (31 December 2016 est.) $46.22 billion (31 December 2015 est.)
country comparison to the world: 39
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$110.9 billion (31 December 2016 est.) $107.3 billion (31 December 2015 est.)
country comparison to the world: 47
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$161.7 billion (31 December 2016 est.) $149.7 billion (31 December 2015 est.)
country comparison to the world: 34
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$50.3 billion (31 December 2016 est.) $47.3 billion (31 December 2015 est.)
country comparison to the world: 44
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Colombian pesos (COP) per US dollar - 3,051.1 (2016 est.) 2,741.8 (2015 est.) 2,741.8 (2014 est.) 2,001.1 (2013 est.) 1,798 (2012 est.)


NOTE: The information regarding Colombia on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Colombia Economy 2017 information contained here. All suggestions for corrections of any errors about Colombia Economy 2017 should be addressed to the CIA.




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