FITA helps you find
service providers for:

Market Research


flag Colombia Colombia: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

After two consecutive years of a growth rate higher than 6%, Colombia's economy had to endure the effects of the global economic crisis (collapse in prices of export products, reduction of the American demand) and recorded a growth of 1.5% in 2009. However, the growth revived vigorously in 2010 (4.3%) supported by the increase on public expenses favoring investment and consumption. 

The authorities have taken measures to preserve the public finances (in a chronic deficit), mainly by imposing restrictions in issuing bank credits and by keeping the stability of the macro-economic indicators.  The new government of president Santos has launched an ambitious program of reforms aiming to reinforce taxes, to improve the management of territorial income drawn by royalties, to increase competitiveness and to control the Peso appreciation.  The fight against poverty and the development of real estate are also part of the priorities. 

Under the effect of the crisis, the unemployment rate reached 12% of the active population. This still represents a drop of almost 50% of the number of job seekers in the country over the past ten years. More than half of the Colombian people continue to work in the informal sector.  The purchasing power of Colombians has decreased, the rise in the cost of living is around 7.5%. The poverty level remains high (45%), inequalities are strong and despite the retreat of the guerrillas, the internal conflict persists, which was the origin of the expatriation of more than 3 million persons.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 234.18289.43e321.46e339.90363.44
GDP (Constant Prices, Annual % Change) 1.5e4.34.94.54.5
GDP per Capita (USD) 5,2076,360e6,9807,2947,708
General Government Balance (in % of GDP) -0.6-2.4-3.1e-1.7-1.3
General Government Gross Debt (in % of GDP) 35.8e36.035.9e34.733.7
Inflation Rate (%) 4.22.33.3e2.93.1
Unemployment Rate (% of the Labor Force) 12.011.811.511.010.5
Current Account (billions USD) -5.14e-8.94-8.41-8.38-7.47
Current Account (in % of GDP) -2.2-3.1e-2.6-2.1-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

Agriculture represents 8.5% of the GDP and employs more than 18% of the active population. Due to the climate and the topography of the country, agriculture is extensive and very varied, and contributes to 75% of the export revenues. Colombia's main crops are coffee, bananas, cut flowers, cotton, sugarcane, livestock, rice and corn. The cultivated lands hardly take up 8% of the country's total surface area. Colombia has also many natural resources such as coal, oil, natural gas, iron ore, nickel and gold.

Industry represents around 36% of the GDP and employs nearly 20% of the population. Colombia's main industries are textile, chemical products, metallurgy, cement, cardboard containers, plastic resins and beverages.

Colombia's main economic sector is the services sector, which represents more than 55% of the GDP and employs nearly 60% of the active population.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 18.6 19.8 61.5
Value Added (in % of GDP) 6.9 32.0 61.1
Value Added (Annual % Change) 1.5 4.8 4.5

Source: World Bank - Last Available Data.

 
 
Monetary Indicators 20062007200820092010
Colombian Peso (COP) - Average Annual Exchange Rate For 1 USD 2,361.142,078.291,967.712,158.261,898.57

Source: World Bank - Last Available Data.

 
 
Learn more about Market Analysis about Colombia on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
68.0/100
Position:
Moderately free
World Rank:
43/179
Regional Rank:
6/26

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

Return to top

Foreign Trade in Figures

Colombia's foreign trade represents about one third of the GDP. Colombia has signed trade agreements  with Chile, the CAN countries (Andean Community), MERCOSUR countries, Central American and Caribbean countries, and the European Union. It has also signed free trade treaties  with Chile, Guatemala, Honduras, El Salvador, Canada, Mexico, Switzerland, Norway, Iceland, Liechtenstein and the United States. 
The country mainly exports oil, coal, coffee, flowers, textile products, ferronickel, bananas and chemical products. Its main clients are the United States, Venezuela and the Netherlands.  Imports are constituted mainly of machinery and equipment, grains, chemical products, transport equipment, electric and electronic equipment.  Colombia's main suppliers are the United States, China, Mexico and Brazil.  Colombia's trade balance has seen its surplus increase in 2010.  The political tensions with Venezuela, who penalizes Colombian exports, could always play a negative role in this balance surplus.

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 26,16232,89739,66932,89840,683
Exports of Goods (million USD) 24,39129,99137,62632,85339,820
Imports of Services (million USD) 5,4286,1707,1316,8608,042
Exports of Services (million USD) 3,3013,5594,0584,1094,271
Imports of Goods and Services (Annual % Change) 19.914.08.8-7.99.1
Exports of Goods and Services (Annual % Change) 7.56.96.1-2.810.6
Imports of Goods and Services (in % of GDP) 20.719.920.318.217.0
Exports of Goods and Services (in % of GDP) 17.816.718.016.116.3
Trade Balance (million USD) 322-5969712,5462,150
Trade Balance (Including Service) (million USD) -1,797-3,203-2,101-281-1,390
Foreign Trade (in % of GDP) 38.436.638.334.333.3

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
United States 43.1%
China 4.9%
Ecuador 4.6%
Netherlands 4.1%
Venezuela 3.6%
See More Countries 39.8%
Main Suppliers
(% of Imports)
2010
United States 25.9%
China 13.5%
Mexico 9.5%
Brazil 5.8%
Germany 4.1%
See More Countries 41.3%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 33.6%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 13.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 7.2%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 5.3%
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion 4.8%
See More Products 35.2%
Main Imports
(% of Imports)
2010
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.0%
Powered aircraft "e.g. helicopters and aeroplanes"...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles 4.2%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 3.0%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.4%
See More Products 80.2%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

Return to top

Sources of General Economic Information

Ministries
Ministry of Foreign Affairs (in Spanish)
Ministry of Commerce, Industry and Tourism (in Spanish)
Directorate of Taxes and Customs in Colombia (in Spanish)
Ministry of Finance and Public Credit (in Spanish)
Ministry of Mines and Energy (in Spanish)
Statistical Office
National Institute of Statistics
Central Bank
Central Bank of Colombia
Stock Exchange
Bogota Stock Exchange (in Spanish)
Search Engines
Google Colombia
Economic Portals
Portafolio Review
Review of the Bank of the Republic

Return to top

Political Outline

Executive Power

The president is both the head of state and the head of government. He holds executive power. The president and vice president are both elected by universal suffrage for a term of four years.

Legislative Power
The Colombian legislature is bicameral. The parliament called "Congress", consists of: the Senate (upper house) and the Chamber of Deputies (lower chamber). Members of both houses are elected for a period of four years by universal suffrage. The political rights of Colombians are limited.
Main Political Parties

The main political parties in Colombia are: PC (Conservative Party), the PDA (Alternative Democratic Pole), the PL (Liberal Party), the PSUN (Social National Unity Party), CR (Radical Change), Colombia First. Colombia has about 60 political parties with formal recognition. Most of them are not represented in the Chamber of Deputies.

Current Political Leaders
President:  Juan Manuel Santos - Social Party of National Union
Next Election Dates
Presidential election: May 2014.
Senatorial and the Chamber of Deputies Election: March 2014.
 

Indicator of Freedom of the Press

World Rank:
145/178
Evolution:
19 places down compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Partly Free
Political Freedom:
3/7
Civil Liberties:
4/7

Map of freedom 2010
Source: Freedom House

 

Return to top

Any Comments About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2012