Colombia

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Colombia - In Short.

Overview of Colombia

Colombia was one of the three countries that emerged after the dissolution of Gran Colombia in 1830 (the others are Ecuador and Venezuela). A decades-long conflict between government forces, paramilitaries, and antigovernment insurgent groups heavily funded by the drug trade, principally the Revolutionary Armed Forces of Colombia (FARC), escalated during the 1990s. More than 31,000 former United Self Defense Forces of Colombia (AUC) paramilitaries demobilized by the end of 2006, and the AUC as a formal organization ceased to operate. In the wake of the paramilitary demobilization, illegal armed groups arose, whose members include some former paramilitaries. After four years of formal peace negotiations, the Colombian Government signed a final peace accord with the FARC in November 2016, which was subsequently ratified by the Colombian Congress. The accord calls for members of the FARC to demobilize, disarm, and reincorporate into society and politics. The accord also committed the Colombian Government to create three new institutions to form a ‘comprehensive system for truth, justice, reparation, and non-repetition,’ to include a truth commission, a special unit to coordinate the search for those who disappeared during the conflict, and a ‘Special Jurisdiction for Peace’ to administer justice for conflict-related crimes. The Colombian Government has stepped up efforts to expand its presence into every one of its administrative departments. Despite decades of internal conflict and drug-related security challenges, Colombia maintains relatively strong democratic institutions characterized by peaceful, transparent elections and the protection of civil liberties.
Value
Country Full Name
Colombia
Country Code
COL
Region
Latin America & Caribbean
Income Group
Upper middle income
Currency Unit
GDP
2.71E+11
Population
50882884
Land Area
1109500
Net National Income Per Capita
4448.95466
GDP per Capita (PPP)
14931.04685

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Colombia - Economic

Economy of Colombia

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.

Unemployment Rate

Inflation Rate

Colombia - GDP Composition

GDP Composiiton & Value Added of Colombia

Last Updated: Jan, 2021, Updated For 2020.

Colombia - GDP, Value Added

Demographics of Colombia

the majority of people live in the north and west where agricultural opportunities and natural resources are found; the vast grasslands of the llanos to the south and east, which make up approximately 60% of the country, are sparsely populated
Geographic Location

Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama

Races

Mestizo and White 87.6%, Afro-Colombian (includes Mulatto, Raizal, and Palenquero) 6.8%, Amerindian 4.3%, unspecified 1.4% (2018 est.)

Languages

Spanish (official)major-language

Religion

Christian 92.3% (predominantly Roman Catholic), other 1%, unspecified 6.7% (2020 est.)

Dependency & Expectancy of Colombia

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Colombia

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

BCIE, BIS, CAN, Caricom (observer), CD, CDB, CELAC, EITI (candidate country), FAO, G-3, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur (associate), MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance, PCA, UN, UNASUR, UNCTAD, UNESCO, UNHCR, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Colombia

Export of Colombia

Import Destination

Export Destination