| Economy - overview | Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face external shocks. Real GDP has grown more than 4% per year for the past three years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade. Nevertheless, Colombia depends heavily on oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.3% in 2012 is still one of Latin America's highest. The SANTOS Administration's foreign policy has focused on bolstering Colombia's commercial ties and boosting investment at home. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and implemented in 2012. Columbia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, and Israel. Foreign direct investment - notably in the oil sector - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and reached a record high of nearly $16 billion in 2012. Colombia is the third largest Latin American exporter of oil to the US. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion. |
| GDP (purchasing power parity) | $500 billion (2012 est.)
$479.6 billion (2011 est.)
$452.8 billion (2010 est.)
note: data are in 2012 US dollars |
| GDP (official exchange rate) | $365.4 billion (2012 est.) |
| GDP - real growth rate | 4.3% (2012 est.)
5.9% (2011 est.)
4% (2010 est.) |
| GDP - per capita (PPP) | $10,700 (2012 est.)
$10,400 (2011 est.)
$9,900 (2010 est.)
note: data are in 2012 US dollars |
| GDP - composition by sector | agriculture: 6.8%
industry: 38.1%
services: 55.1% (2012 est.) |
| Population below poverty line | 37.2% (2010 est.) |
| Labor force | 23.08 million (2012 est.) |
| Labor force - by occupation | agriculture: 18%
industry: 13%
services: 68% (2011 est.) |
| Unemployment rate | 10.3% (2012 est.)
10.8% (2011 est.) |
| Unemployment, youth ages 15-24 | total: 23%
male: 18.2%
female: 29.9% (2008) |
| Household income or consumption by percentage share | lowest 10%: 0.9%
highest 10%: 44.4% (2010 est.) |
| Distribution of family income - Gini index | 56 (2010)
53.8 (1996) |
| Investment (gross fixed) | 24.1% of GDP (2012 est.) |
| Budget | revenues: $104.2 billion
expenditures: $106 billion (2012 est.) |
| Taxes and other revenues | 28.5% of GDP (2012 est.) |
| Budget surplus (+) or deficit (-) | -0.5% of GDP (2012 est.) |
| Public debt | 40.2% of GDP (2012 est.)
43.4% of GDP (2011 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 |
| Inflation rate (consumer prices) | 3.2% (2012 est.)
3.4% (2011 est.) |
| Central bank discount rate | 4.75% (31 December 2011)
5% (31 December 2010) |
| Commercial bank prime lending rate | 12.7% (31 December 2012 est.)
11.22% (31 December 2011 est.) |
| Stock of narrow money | $41.9 billion (31 December 2012 est.)
$35.45 billion (31 December 2011 est.) |
| Stock of money | $25.01 billion (31 December 2009)
$21.58 billion (31 December 2008) |
| Stock of quasi money | $26.57 billion (31 December 2008)
$27.25 billion (31 December 2007) |
| Stock of broad money | $151.2 billion (31 December 2012 est.)
$119.8 billion (31 December 2011 est.) |
| Stock of domestic credit | $165.5 billion (31 December 2012 est.)
$131.1 billion (31 December 2011 est.) |
| Market value of publicly traded shares | $201.3 billion (31 December 2011)
$208.5 billion (31 December 2010)
$133.3 billion (31 December 2009) |
| Agriculture - products | coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products |
| Industries | textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds |
| Industrial production growth rate | 4.8% (2011 est.) |
| Current Account Balance | -$13.29 billion (2012 est.)
-$9.978 billion (2011 est.) |
| Exports | $59.96 billion (2012 est.)
$56.22 billion (2011 est.) |
| Exports - commodities | petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel |
| Exports - partners | US 42%, Netherlands 4.7%, China 4.2% (2011) |
| Imports | $55.49 billion (2012 est.)
$50.73 billion (2011 est.) |
| Imports - commodities | industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity |
| Imports - partners | US 29.2%, China 11.9%, Mexico 11.5%, Brazil 5.3% (2011) |
| Reserves of foreign exchange and gold | $34.74 billion (31 December 2012 est.)
$31.91 billion (31 December 2011 est.) |
| Debt - external | $73.41 billion (31 December 2012 est.)
$70.04 billion (31 December 2011 est.) |
| Stock of direct foreign investment - at home | $111.5 billion (31 December 2012 est.)
$95.67 billion (31 December 2011 est.) |
| Stock of direct foreign investment - abroad | $32.56 billion (31 December 2012 est.)
$31.12 billion (31 December 2011 est.) |
| Exchange rates | Colombian pesos (COP) per US dollar -
1,800.4 (2012 est.)
1,848 (2011 est.)
1,898.6 (2010 est.)
2,157.6 (2009)
2,243.6 (2008) |
| Fiscal year | calendar year |
