Economy Overview
Colombia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America’s fourth largest oil producer and the world’s fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia’s economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities (goods that have little value-added from processing or labor inputs). Colombia’s economy slowed in 2017 because of falling world market prices for oil and lower domestic oil production due to insurgent attacks on pipeline infrastructure. Although real GDP growth averaged 4.7% during the past decade, it fell to an estimated 1.8% in 2017. Declining oil prices also have contributed to reduced government revenues. In 2016, oil revenue dropped below 4% of the federal budget and likely remained below 4% in 2017. A Western credit rating agency in December 2017 downgraded Colombia’s sovereign credit rating to BBB-, because of weaker-than-expected growth and increasing external debt. Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia’s FDI declined by 3% to $10.2 billion between January and September 2017. Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into effect in May 2012. 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. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development.
Agriculture Products
sugar cane, milk, oil palm fruit, potatoes, rice, bananas, cassava leaves, plantains, poultry, maize
Industries
textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Industrial Production Growth Rate
-2.2% (2017 est.)
Labor Force
19.309 million (2020 est.)
Labor Force by Occupation
Agriculture: 17%
Industry: 21%
Services: 62% (2011 est.)
Unemployment Rate
0: 10.5% (2019 est.)
1: 9.68% (2018 est.)
Youth Unemployment Rate
Total: 24.6%
Male: 19.4%
Female: 31.7% (2021 est.)
Population Below Poverty Line
35.7% (2019 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 1.2%
Highest 10%: 39.6% (2015 est.)
Distribution of Family Income Gini Index
0: 50.4 (2018 est.)
1: 53.5 (2014)
Budget
Revenues: 83.35 billion (2017 est.)
Expenditures: 91.73 billion (2017 est.)
Budget Surplus
-2.7% (of GDP) (2017 est.)
Public Debt
0: 49.4% of GDP (2017 est.)
1: 49.8% of GDP (2016 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
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
0: $47.13 billion (31 December 2017 est.)
1: $46.18 billion (31 December 2016 est.)
Debt External
0: $135.644 billion (2019 est.)
1: $128.238 billion (2018 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
0: Colombian pesos (COP) per US dollar -
1: 3,457.93 (2020 est.)
2: 3,416.5 (2019 est.)
3: 3,147.43 (2018 est.)
4: 2,001 (2014 est.)
5: 2,001.1 (2013 est.)
