Economy - overview:
Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. 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 9.4% in 2015 is still one of Latin America's highest.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. However, lower oil prices led to a drop in foreign direct investment in 2015, prompting the SANTOS administration to consider making investment terms more attractive. 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 between FARC and the government. Colombian officials estimate a peace deal may bolster economic growth by up to 2%.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.

GDP (purchasing power parity):
$665 billion (2015 est.) $648.8 billion (2014 est.) $620.5 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 32
[see also: GDP country ranks ]

GDP (official exchange rate):
$274.2 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2015 est.) 4.6% (2014 est.) 4.9% (2013 est.)
country comparison to the world: 123
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$14,000 (2015 est.) $13,600 (2014 est.) $13,000 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 113
[see also: GDP - per capita country ranks ]

Gross national saving:
17.8% of GDP (2015 est.) 20.8% of GDP (2014 est.) 20.9% of GDP (2013 est.)
country comparison to the world: 98
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 17.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -25.2% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 36.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.7% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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% (2015 est.)
country comparison to the world: 57
[see also: Industrial production growth rate country ranks ]

Labor force:
24.34 million (2015 est.)
country comparison to the world: 28
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21%
[see also: Labor force - by occupation - industry country ranks ]
services: 62% (2011 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.4% (2015 est.) 9.1% (2014 est.)
country comparison to the world: 108
[see also: Unemployment rate country ranks ]

Population below poverty line:
32.7% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 42% (2012 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
53.5 (2012) 56.9 (1996)
country comparison to the world: 13
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $80.38 billion
[see also: Budget revenues country ranks ]
expenditures: $86.79 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
29.3% of GDP (2015 est.)
country comparison to the world: 87
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.3% of GDP (2015 est.)
country comparison to the world: 85
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
46.9% of GDP (2015 est.) 46% of GDP (2014 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
country comparison to the world: 91
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.4% (2015 est.) 2.9% (2014 est.)
country comparison to the world: 164
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.75% (31 December 2011) 5% (31 December 2010)
country comparison to the world: 80
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.2% (31 December 2015 est.) 10.87% (31 December 2014 est.)
country comparison to the world: 73
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$33.86 billion (31 December 2015 est.) $39.27 billion (31 December 2014 est.)
country comparison to the world: 58
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$177.5 billion (31 December 2014 est.) $161.7 billion (31 December 2013 est.)
country comparison to the world: 44
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$155.8 billion (31 December 2015 est.) $150.6 billion (31 December 2014 est.)
country comparison to the world: 47
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$262.1 billion (31 December 2012 est.) $201.3 billion (31 December 2011) $208.5 billion (31 December 2010 est.)
country comparison to the world: 32
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$16.93 billion (2015 est.) -$19.55 billion (2014 est.)
country comparison to the world: 184
[see also: Current account balance country ranks ]

Exports:
$48.52 billion (2015 est.) $57.03 billion (2014 est.)
country comparison to the world: 52
[see also: Exports country ranks ]

Exports - commodities:
petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel

Exports - partners:
US 26.3%, China 10.5%, Panama 6.6%, Spain 5.8%, India 5.1% (2014)

Imports:
$56.05 billion (2015 est.) $61.61 billion (2014 est.)
country comparison to the world: 48
[see also: Imports country ranks ]

Imports - commodities:
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity

Imports - partners:
US 28.5%, China 18.4%, Mexico 8.2% (2014)

Reserves of foreign exchange and gold:
$45.02 billion (31 December 2015 est.) $46.81 billion (31 December 2014 est.)
country comparison to the world: 41
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$101.3 billion (31 December 2014 est.) $91.98 billion (31 December 2013 est.)
country comparison to the world: 51
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$154.5 billion (31 December 2015 est.) $141.7 billion (31 December 2014 est.)
country comparison to the world: 35
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$45.58 billion (31 December 2015 est.) $43.08 billion (31 December 2014 est.)
country comparison to the world: 41
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Colombian pesos (COP) per US dollar - 2,721.9 (2015 est.) 2,001.1 (2014 est.) 2,001.1 (2013 est.) 1,798 (2012 est.) 1,848 (2011 est.)