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 2022 $97.915 billion (2022 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 $98.462 billion (2022 est.)
Expenditures $113.035 billion (2022 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 18.5% of household expenditures (2022 est.)
On alcohol and tobacco 3.5% of household expenditures (2022 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 8.7% (2023 est.)
Industry 24.5% (2023 est.)
Services 56.9% (2023 est.)
GDP - composition, by end use
Household consumption 77.5% (2023 est.)
Government consumption 14.6% (2023 est.)
Investment in fixed capital 17.6% (2023 est.)
Investment in inventories -4.8% (2023 est.)
Exports of goods and services 17.8% (2023 est.)
Imports of goods and services -22.7% (2023 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.

Colombia is found in South America