Economy of Colombia
An overview of key economic indicators. Select a category for detailed trends, charts, and insights.
Explore Economic Domains
Growth & Output
Trade & Finance
Labor & Income
Energy & Environment
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 $363.49B2023. 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 $6.95K2023, 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 economy2023. 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 annually2023, highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 17.7% of GDP2023.
- The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $6,8102023. 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 employment2023. Poverty remains a key issue, with 33.0% of the population living below the national poverty line2023. Income inequality is a major concern, as reflected by a high Gini index of 53.92023.
- On the environment and energy front, energy consumption per capita is 782.305 kg of oil equivalent2023. There is a growing focus on sustainability, with renewable energy accounting for 29.7% of consumption2021. 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.
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.