attractive landscape in Colombia

Colombia Economy

Colombia economic overview

Improving economy:

Colombia is the fourth-largest economy in Latin America, with a GDP of around USD 350 billion in 2022, and a population of 52 million. Colombia has consistently grown faster than the Latin American average over the past decade, supported by the peace deal with FARC guerrilla movement in 2016, but remains notably poorer than the regional average in per capita terms. It is a member of the Pacific Alliance trade bloc along with fellow members Chile, Mexico and Peru, and joined the OECD in 2020.

Diverse economic structure:

While services—particularly retail, tourism, and professional services—form the backbone of the economy, Colombia also has sizeable agricultural, manufacturing and mining sectors, with key exports including coal, coffee, gold and oil. The U.S. and China are by far the country's largest trading partners.

Political uncertainty:

The government of leftist Gustavo Petro has attempted to increase the government's role in the provision of public services and reduce the country's dependence on hydrocarbons, though with limited success due to parliamentary pushback. Ensuing political uncertainty over the government's reform agenda has spurred volatility in the peso.


Colombia faces myriad risks, including extreme climatic events, elevated economic inequality spurring social unrest—such as that which occurred in 2021—swings in hydrocarbon prices impacting fiscal revenues, a resurgence in emigration from Venezuela and a rise in violent crime.

Colombia economic outlook:

Colombia has significant potential for growth, thanks to a large and growing consumer market and abundant natural resources. GDP growth should outpace the Latin America average over our forecast horizon. That said, activity will likely continue to be held back by a weak education system, poor infrastructure and persistent insecurity in some areas of the country.

Colombia's economy in numbers:

Nominal GDP of USD 344 billion in 2022.

GDP per capita of USD 6,659 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 68% of overall GDP, manufacturing 12%, other industrial activity 13%, and agriculture 7%. Looking at GDP by expenditure, private consumption accounted for 72% of GDP in 2021, government consumption 17%, fixed investment 20%, and net exports -9%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 22% of total merchandise exports, mineral fuels 46%, food 18%, ores and metals 2% and agricultural raw materials 5%, with other categories accounting for 7% of the total. In the same period, manufactured products made up 76% of total merchandise imports, mineral fuels 6%, food 14%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 59 billion in 2022, while total imports were USD 72 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.3% in the decade to 2022. To read more about GDP growth in Colombia, go to our dedicated page.

Fiscal policy:

Colombia's fiscal deficit averaged 3.9% of GDP in the decade to 2022. Find out more on our dedicated page.


The unemployment rate averaged 11.0% in the decade to 2022. For more information on Colombia's unemployment click here.


Inflation averaged 4.4% in the decade to 2022. Go to our Colombia inflation page for extra insight.

Monetary Policy:

Colombia's monetary policy rate ended 2022 at 12.00%, up from 4.25% a decade earlier. See our Colombia monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the peso weakened by 63.2% vs the U.S. dollar. For more info on the peso, click here.
After unexpectedly contracting in Q3, the economy likely rebounded year on year in Q4. This will be due to a base effect; the economy is projected to have shrunk slightly quarter on quarter in Q4 after having expanded in Q3. Economic activity stagnated in October–November compared to Q3, with past hikes to interest rates dragging on manufacturing and services. Looking at other data, business conditions continued to deteriorate in the manufacturing sector over Q4, according to a PMI survey. Meanwhile, unemployment rose slightly, inflation remained in double digits, and consumer sentiment stayed pessimistic, pointing to subdued private spending. In other news, the government recently announced a plan to lower the corporation tax from 35% to 30%, while raising taxes on middle- and high-income households, in an aim to boost business investment. The plan may not make it through Congress.
Projections out to 2033.

55 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 52 expert analysts.

Want to get insight on the economic outlook for Colombia in the coming years? FocusEconomics collects projections out to 2033 on 55 economic indicators for Colombia from a panel of 52 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Colombia economy. To download a sample report on the Colombia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Colombia Datos económicos

2018 2019 2020 2021 2022
Población (millones) 48.3 49.4 50.4 51.0 51.6
PIB (en millones de dólares) 334 323 270 318 344
PIB per cápita (USD) 6,922 6,539 5,361 6,235 6,658
PIB (COP tn) 988 1,060 998 1,193 1,464
Crecimiento económico (PIB nominal, var. anual) 7.3 7.3 -5.9 19.5 22.7
Crecimiento económico (PIB, var. anual) 2.6 3.2 -7.3 11.0 7.5
Demanda interna (% var. anual) 3.5 4.0 -7.6 13.4 9.9
Consumo total (var. anual) 4.0 4.3 -4.1 13.6 7.9
Consumo privado (% var. anual) 3.2 4.1 -4.9 14.5 9.5
Consumo público (var. anual) 7.4 5.3 -0.8 9.8 1.4
Inversión fija (% var. anual) 1.0 2.2 -24.0 17.3 11.8
Exportaciones (G&S, % var. anual) 0.6 3.1 -22.7 15.9 14.9
Importaciones (G&S, % var. anual) 5.8 7.3 -19.9 26.7 23.9
Producción manufacturera (% var. anual) 2.9 1.5 -8.1 16.1 10.7
Ventas al por menor (% var. anual) 5.4 8.1 -1.6 11.9 8.8
Desempleo (% de la población activa, aop) 10.0 10.9 16.7 13.8 11.2
Saldo fiscal (% del PIB) -3.1 -2.5 -7.8 -7.1 -
Deuda pública (% del PIB) 49.3 50.3 65.1 63.1 -
Dinero (var. anual de M2 %) 5.0 8.7 14.3 11.8 12.1
Inflación (IPC, % var. anual, eop) 3.2 3.8 1.6 5.6 13.1
Inflación (IPC, % var. anual, aop) 3.2 3.5 2.5 3.5 10.2
Inflación (Básica, var. anual %, eop) 3.2 3.8 1.9 4.4 11.6
Tipo de interés de referencia (%, eop) 4.25 4.25 1.75 3.00 12.00
DTF a 90 días (%, eop) 4.54 4.48 1.89 3.21 13.70
Rendimiento de los bonos a 10 años (%, eop) 7.02 6.42 5.76 8.46 13.23
Bolsa (var. anual de COLCAP %) -12.4 25.4 -13.5 -1.9 -8.9
Tipo de cambio (COP por USD, eop) 3,248 3,287 3,422 4,070 4,848
Tipo de cambio (COP por USD, aop) 2,958 3,283 3,693 3,749 4,261
Balanza por cuenta corriente (en millones de dólares) -14.0 -14.8 -9.3 -18.0 -21.4
Balanza por cuenta corriente (% del PIB) -4.2 -4.6 -3.5 -5.6 -6.2
Balanza comercial de mercancías (en millones de USD) -6.4 -9.9 -8.9 -14.0 -11.8
Exportaciones de mercancías (en millones de dólares) 43.0 40.7 32.3 42.7 59.8
Importaciones de mercancías (en millones de dólares) 49.4 50.5 41.2 56.7 71.6
Exportaciones de mercancías (% var. anual) 8.1 -5.4 -20.5 32.3 39.8
Importaciones de mercancías (% var. anual) 12.1 2.3 -18.5 37.7 26.2
Inversión extranjera directa (en millones de dólares) 11 14 7 9 -
Reservas internacionales (en millones de dólares) 48.4 53.2 59.0 58.6 57.3
Reservas internacionales (meses de importaciones) 11.8 12.6 17.2 12.4 9.6
Deuda externa (en millones de dólares) 132 139 155 171 184
Deuda externa (% del PIB) 39.6 42.9 57.2 53.8 53.6


  1. How is the economy in Colombia today?

  2. Colombia's economy is facing several challenges. Economic growth is expected to slow in 2023 versus 2022. Inflation remains high, and the currency, the peso, has depreciated significantly. The economy is also vulnerable to external shocks, such as changes in global commodity prices and geopolitical tensions.

  3. Does Colombia have a strong economy?

  4. Colombia has a growing economy which is currently the fourth largest in Latin America. It's known for strength in oil, mining and agriculture. However, challenges such as social inequality, political instability, and an overreliance on commodity exports affect its economic strength.

  5. What is Colombia's main economic sector?

  6. Colombia's main economic sector is services, which accounts for over half of GDP and employs about 65% of the workforce. This sector includes a wide range of activities, such as retail, finance, tourism, and professional services. That said, the primary sector is also an important contributor to GDP.

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