Colombia/Economy

Economy of Colombia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$363.5B(2023)
GDP PPP (USD)
$1.1T(2023)
GDP per Capita (USD)
$6,947(2023)
GDP Growth (inflation-adjusted)
0.6%(2023)
Inflation (CPI Annual %)
6.6%(2024)

Trade & Finance

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Exports (as share of GDP)
17.8%(2023)
Imports (as share of GDP)
22.7%(2023)
FDI Inflows (as share of GDP)
4.6%(2023)
Remittance Inflow (USD)
$10.1B(2023)
Tax Revenue (as share of GDP)
17.7%(2023)

Labor & Income

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Unemployment Rate
9.6%(2024)
Employment in Services
65.6%(2023)
Poverty Rate
33%(2023)
GINI Index
53.9(2023)
GNI per Capita (USD)
$6,810(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
782 kg oil eq.(2023)
Renewable Energy Consumption (%)
29.7%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Colombia

  • The economic architecture of Colombia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $363.49B
    2023
    . This places it as the 42nd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $6.95K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $1.09T, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 0.6%
    2023
    , while managing moderate inflation, with a CPI of 6.6%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 17.8% of GDP and imports at 22.7%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 4.62% of the economy
    2023
    . This performance positions the country 42nd globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $10.11B annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 17.7% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $6,810
    2023
    . Globally, this ranks the nation 93rd out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 9.6%
    2024
    . The services sector is a primary driver of the labor market, accounting for 65.6% of total employment
    2023
    . Poverty remains a key issue, with 33.0% of the population living below the national poverty line
    2023
    . Income inequality is a major concern, as reflected by a high Gini index of 53.9
    2023
    .
  • On the environment and energy front, energy consumption per capita is 782.305 kg of oil equivalent
    2023
    . There is a growing focus on sustainability, with renewable energy accounting for 29.7% of consumption
    2021
    . Its commitment to clean energy places it 110th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Stagnant growth combined with high unemployment points to significant structural issues that may require bold policy interventions.

Trade & Investment Profile

The economy is primarily driven by domestic demand, with limited exposure to global trade fluctuations but also fewer opportunities for export-led growth.

Social Equity & Distribution

High levels of poverty and extreme income inequality pose fundamental challenges to development and social stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.