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, plantains, potatoes, bananas, maize, chicken, avocados (2023).
More about the economy of Colombia
| Labor force | 26.822 million (2024 est.) |
|---|---|
| Industrial production growth rate | -1.3% (2024 est.) |
| Industries | textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
| Population below poverty line | 33% (2023 est.) |
| Taxes and other revenues | 17.6% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Colombian pesos (COP) per US dollar - |
| Exchange rates 2024 | 4,074.434 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $108.027 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $61.898 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $59.041 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $56.704 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$7.412 billion (2024 est.) |
| Current account balance 2023 | -$8.285 billion (2023 est.) |
| Current account balance 2022 | -$20.879 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 71.3% of GDP (2023 est.) |
| Budget | |
| Revenues | $116.49 billion (2023 est.) |
| Expenditures | $123.966 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 2.8% of GDP (2024 est.) |
| Remittances 2023 | 2.8% of GDP (2023 est.) |
| Remittances 2022 | 2.7% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 1.1% (2023 est.) |
| Highest 10% | 42.7% (2023 est.) |
| Average household expenditures | |
| On food | 20.6% of household expenditures (2023 est.) |
| On alcohol and tobacco | 3.6% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $78.633 billion (2024 est.) |
| Imports 2023 | $76.449 billion (2023 est.) |
| Imports 2022 | $89.608 billion (2022 est.) |
| Imports (partners) | USA 26%, China 22%, Brazil 6%, Mexico 5%, Germany 4% (2023) |
| Comodities Imports force | refined petroleum, cars, broadcasting equipment, aircraft, packaged medicine (2023) |
| Exports | |
| Imports 2024 | $78.633 billion (2024 est.) |
| Imports 2023 | $76.449 billion (2023 est.) |
| Imports 2022 | $89.608 billion (2022 est.) |
| Exports (partners) | USA 27%, Panama 9%, India 5%, China 5%, Netherlands 4% (2023) |
| Comodities Exports force | crude petroleum, coal, gold, coffee, refined petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $978.592 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $961.82 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $955.016 billion (2022 est.) |
| GDP (official exchange rate) | $418.542 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $18,500 (2024 est.) |
| Real GDP per capita 2023 | $18,400 (2023 est.) |
| Real GDP per capita 2022 | $18,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.3% (2024 est.) |
| Industry | 23.1% (2024 est.) |
| Services | 58.2% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 73.1% (2024 est.) |
| Government consumption | 14.7% (2024 est.) |
| Investment in fixed capital | 16.5% (2024 est.) |
| Investment in inventories | 0.6% (2024 est.) |
| Exports of goods and services | 16% (2024 est.) |
| Imports of goods and services | -20.9% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 9.7% (2024 est.) |
| Unemployment rate 2023 | 9.6% (2023 est.) |
| Unemployment rate 2022 | 10.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 19.8% (2024 est.) |
| Male | 16.5% (2024 est.) |
| Female | 24.3% (2024 est.) |
All Important Facts about Colombia
Want to know more about Colombia? Check all different factbooks for Colombia below.
