About Colombia and Key Financial Statistics









About Colombia and Key Financial Statistics



Overview of Economy:

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4% per year for the past four years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade, which helped to attract record levels of investment in 2013 and 2014, mostly in the hydrocarbons sector. Colombia depends heavily on energy and mining exports, making it vulnerable to a drop in commodity prices. Colombia is the world's fourth largest coal exporter and Latin America's fourth largest oil producer. Economic development is stymied by inadequate infrastructure, inequality, poverty, narco-trafficking and an uncertain security situation. Moreover, the unemployment rate of 9.2% in 2014 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. Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into force on May 2012. Colombia is also a founding member of the Pacific Alliance - a regional grouping formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. In 2013, Colombia began its ascension process to the OECD. In 2014, Colombia passed a tax reform bill to offset the lost revenue from the global drop in oil prices. The SANTOS administration is also using tax reform to help finance implementation of a peace deal, in the event FARC and the government reach an agreement in 2015. Colombian officials estimate a peace deal may bolster economic growth by almost 2%.



Gross Domestic Product (In USD):

$642.5 billion (2014 est.)
$614.5 billion (2013 est.)
$585.6 billion (2012 est.)




Composition of Gross Domestic Product:


% Agricuture: 6.3

% Industry: 36

% Services: 57.7


Composition of Labor Force by Occupation:

% Agriculture: 17

% Industry: 21

% Services: 62


Per Capita Income:

$13,500 (2014 est.)
$12,900 (2013 est.)
$12,300 (2012 est.)



Exports:

$57.03 billion (2014 est.)
$60.28 billion (2013 est.)



Key Export Commodities:

petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel



Export Partners:

US 26.3%, China 10.5%, Panama 6.6%, Spain 5.8%, India 5.1% (2014)



Imports:

$61.61 billion (2014 est.)
$57.1 billion (2013 est.)



Key Import Commodities:

industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity



Import Partners:
US 28.5%, China 18.4%, Mexico 8.2% (2014)




Inflation Rate (Consumer Price Index):


2.9% (2014 est.)
2% (2013 est.)



Exchange Rate to USD:

Colombian pesos (COP) per US dollar -
2,001.1 (2014 est.)
2,001.1 (2013 est.)
1,798 (2012 est.)
1,848 (2011 est.)
1,898.6 (2010 est.)




Unemployment Rate:

9.1% (2014 est.)
9.7% (2013 est.)


S&P Rating:



Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.






Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings