Some Facts About Colombia

  • GDP variation forecast growth for 2019: 3,5%. Faster than other Latin America countries. (World Forecast is 3,7%)
  • Colombia is the 32nd largest economy in the world, 4th in Latin America
  • Currently the third most business-friendly country in Latin America, the greatest reformer in the region and the number one country for investor protection.
  • With 13 Free Trade Agreements and 23 Investment Agreements, Colombia exports to 181 countries with 9700+ exporter companies.
  • 300 municipalities are connected by a fiber-optic ring internet network
  • With almost 47.6 million inhabitants, Colombia is the 24th in the world in terms of population, and the second largest Spanish-speaking nation in the world.
  • Easy access to global markets: 850 direct international flights per week, 4900 domestic flights per week with over 32 airlines currently operating in Colombia.
  • Located in the center of 5 time zones, including the international business hubs of New York, Toronto, and Miami.
  • Sector opportunities in Oil, BPO, Equity Funds, Infrastructure, Hotel & Tourism, Logistics, Software, IT, Automotive, Cosmetics & Toiletries, Construction, Metalworking, Fashion & Confectionary, Biofules, Beef, Horticulture, Dairy.
  • According to Bloomberg, Pacific Alliance countries of Mexico, Chile, Peru and Colombia “are projected to have GDP growth in the range of 3 percent from 2017—2020, compared to 1.6 percent, on average, for G7 nations
  • The combined big data and analytics market of Brazil, Mexico and Colombia, generated revenues of USD $538 millions in 2015. It is expected to reach USD $2 billion by 2020 (Frost & Sullivan)
  • Colombian economy is forecasted to grow 3% in 2018 and 2019, above the 1.1% average for Latin America, according to OECD.
  • Reduced corporate taxation, the peace agreement currently executed, better financing conditions and new infrastructure projects will boost investment.
  • Inflation has stabilized within the 2 – 4% target and monetary policy is project to maintain neutral.
  • The medium-term goal is to reduce the deficit to 1% of GDP by 2022 in line with the fiscal rule
  • In the period 2017 to 2019, a recovery in economic growth is expected, driven by the recovery of non-oil exports and oil prices, and the 4G infrastructure program.
  • According to IMF, Colombia´s potential growth is likely to moderate to a range of 2.8 to 4.1 during 2018-2019, considering the current low oil prices.
  • Colombia is the 37th member of the OECD signaling economic stability, transparency and government discipline.
  • According to UNCTAD´s 2018 World Investment Report, Colombia is part of the 30 destinations for Foreign Direct Investments.
  • With 105 Free Trade Zones, Colombia represent opportunities for 3rd countries to take advantage of the country´s trade agreements. These agreements has access to 60 countries and more than 1.5 billion consumers in the network.

Latest Colombia Economic Indicators:

  • GDP $282 USD Billion
  • GDP Growth Rate 3.5%
  • GDP Per Capita $7,526 USD
  • Unemployment Rate 9.1%
  • Inflation Rate 3.4% in 2019 (within National Bank target)
  • Interest Rate 4.8%
  • Balance of Trade $-0.98 USD Billion
  • Stock Market 1570 points

Sources: Frost & Sullivan, IMF, Procolombia, DANE, Bloomberg, UNCTAD

Read the Colombia 2019 Report by Procolombia

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