Colombia - Economy
How is the economy of Colombia? Based on the information we have, Colombia has a prior to COVID-19, one of the most consistent growth economies; declining poverty; large stimulus package has mitigated economic fallout, but delayed key infrastructure investments; successful inflation management; sound flexible exchange rate regime; domestic economy suffers from lack of trade integration and infrastructure. Key agricultural products in this country include: sugarcane, oil palm fruit, milk, rice, potatoes, bananas, plantains, maize, chicken, avocados (2022).
More about the economy of Colombia
| Labor force | 26.003 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.95% (2023 est.) |
| Industries | textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
| Population below poverty line | 36.6% (2022 est.) |
| Taxes and other revenues | 15.28% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Colombian pesos (COP) per US dollar - |
| Exchange rates 2023 | 4,325.955 (2023 est.) |
| Exchange rates 2022 | 4,256.194 (2022 est.) |
| Exchange rates 2021 | 3,744.244 (2021 est.) |
| Exchange rates 2020 | 3,693.276 (2020 est.) |
| Exchange rates 2019 | 3,281.622 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $135.644 billion (2019 est.) |
| Debt - external 2018 | $128.238 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $59.041 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $56.704 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $58.019 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$9.715 billion (2023 est.) |
| Current account balance 2022 | -$21.367 billion (2022 est.) |
| Current account balance 2021 | -$17.956 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 70.14% of GDP (2022 est.) |
| Budget | |
| Revenues | $94.985 billion (2019 est.) |
| Expenditures | $103.098 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.78% of GDP (2023 est.) |
| Remittances 2022 | 2.74% of GDP (2022 est.) |
| Remittances 2021 | 2.7% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1% (2022 est.) |
| Highest 10% | 43.5% (2022 est.) |
| Average household expenditures | |
| On food | 18.6% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.5% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $75.983 billion (2023 est.) |
| Imports 2022 | $89.649 billion (2022 est.) |
| Imports 2021 | $70.914 billion (2021 est.) |
| Imports (partners) | US 26%, China 25%, Brazil 7%, Mexico 5%, Germany 3% (2022) |
| Comodities Imports force | refined petroleum, cars, broadcasting equipment, corn, packaged medicine (2022) |
| Exports | |
| Imports 2023 | $75.983 billion (2023 est.) |
| Imports 2022 | $89.649 billion (2022 est.) |
| Imports 2021 | $70.914 billion (2021 est.) |
| Exports (partners) | US 26%, Panama 10%, Netherlands 6%, India 4%, Brazil 4% (2022) |
| Comodities Exports force | crude petroleum, coal, coffee, refined petroleum, gold (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $978.024 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $972.073 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $906.034 billion (2021 est.) |
| GDP (official exchange rate) | $363.54 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $18,800 (2023 est.) |
| Real GDP per capita 2022 | $18,700 (2022 est.) |
| Real GDP per capita 2021 | $17,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 7.2% (2017 est.) |
| Industry | 30.8% (2017 est.) |
| Services | 62.1% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 68.2% (2017 est.) |
| Government consumption | 14.8% (2017 est.) |
| Investment in fixed capital | 22.2% (2017 est.) |
| Investment in inventories | 0.2% (2017 est.) |
| Exports of goods and services | 14.6% (2017 est.) |
| Imports of goods and services | -19.7% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 9.57% (2023 est.) |
| Unemployment rate 2022 | 10.55% (2022 est.) |
| Unemployment rate 2021 | 13.9% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 19.3% (2023 est.) |
| Male | 16.1% (2023 est.) |
| Female | 23.7% (2023 est.) |
All Important Facts about Colombia
Want to know more about Colombia? Check all different factbooks for Colombia below.
