Economy of Colombia
Sunset over Bogotá
|
|
| Currency | Colombian peso (COP) |
|---|---|
| Calendar year | |
|
Trade organizations
|
Pacific Alliance, CAN and SACN |
| Statistics | |
| Population | 48.7 million (2016 est.) |
| GDP |
$384.9 billion (2014) (nominal, 31st) |
|
GDP growth
|
 4.6% (2014) |
|
GDP per capita
|
$8,076 (2014) (nominal, 71st) |
|
GDP by sector
|
agriculture: 9.3%; industry: 38%; services: 52.7% (2015 est.) |
| 6.77% (2015) | |
|
Population below poverty line
|
28.5% (2014) |
| 58.5 (2011) | |
|
Labor force
|
24 million (2015 est.) |
|
Labor force by occupation
|
agriculture: 6.6%; industry: 37.8%; services: 55.6% (2013 est.) |
| Unemployment | 8.8% (2014) |
|
Main industries
|
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds, shipbuilding, electronics industry, home appliance |
| 53rd (2017) | |
| External | |
| Exports | $55.0 billion (2014) |
|
Export goods
|
petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers, computers, televisions, smartphones, steel, home appliance, chemicals |
|
Main export partners
|
 United States 32.3% Canada 16.2% European Union 14.6% Venezuela 6.7% Ecuador 5.1% Peru 4.2% Netherlands 3.7% (2014) |
| Imports | $56.8 billion (2014) |
|
Import goods
|
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity |
|
Main import partners
|
United States 30.6% China 17.9% Mexico 10.6% Brazil 6.4% Germany 4.9% Canada 4.6% (2014) |
|
FDI stock
|
$149.7 billion (2015) |
|
Gross external debt
|
$85.83 billion (31 December 2013 est.) |
| Public finances | |
| 41.9% of GDP – $161 billion (2014) | |
| Revenues | $114.1 billion (2014) |
| Expenses | $120.2 billion (2014) |
| Economic aid | $32 billion |
| BBB+ (Domestic) BBB (Foreign) A-(T&C Assessment) (Standard & Poor's) |
|
|
Foreign reserves
|
US$54 billion (December 2014) |
$384.9 billion (2014) (nominal, 31st)
$8,076 (2014) (nominal, 71st)
Colombia is Latin America's fourth largest and Middle America's second largest economy measured by gross domestic product.
Petroleum is Colombia's main export, making over 45% of Colombia's exports. Manufacturing makes up nearly 12% of Colombia's exports, and grows at a rate of over 10% a year. Colombia has the fastest growing information technology industry in the world and has the longest fibre optic network in Latin America. Colombia also has one of the largest shipbuilding industries in the world outside Asia.
Colombia over the last decade has experienced a historic economic boom. In 1990, Colombia was Latin America's 5th Largest economy and had a GDP per capita of only US$1,500, by 2015 it became the 4th largest in Latin America, and the world's 31st largest. As of 2015 the GDP (PPP) per capita has increased to over US$14,000, and GDP (PPP) increased from US$120 billion in 1990 to nearly US$700 billion. Poverty levels were as high as 65% in 1990, but decreased to under 24% by 2015.
Modern industries like shipbuilding, electronics, automobile, tourism, construction, and mining, grew dramatically during the 2000s and 2010s, however, most of Colombia's exports are still commodity-based. Colombia is Latin America's 2nd-largest producer of domestically-made electronics and appliances only behind Mexico. Colombia had the fastest growing major economy in the western world in 2014, behind only China worldwide.
Since the early 2010s, the Colombian government has shown interest in exporting modern Colombian pop culture to the world (which includes video games, music, movies, TV shows, fashion, cosmetics, and food) as a way of diversifying the economy and entirely changing the image of Colombia; a national campaign similar to the Korean Wave. In the Hispanic world, Colombia is only behind Mexico in cultural exports and is already a regional leader in cosmetic and beauty exports.
The number of tourists in Colombia grows by over 12% every year. Colombia is projected to have over 15 million tourists by 2023.
Following the War of the Thousand Days (1899–1902), Colombia experienced a coffee boom that catapulted the country into the modern period, bringing the attendant benefits of transportation, particularly railroads, communications infrastructure, and the first major attempts at manufacturing.
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Wikipedia