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The Economy In Colombia is one of Latin America's largest. The Colombia Economy relies heavily on exportation of coal, oil, and coffee.
Colombia is one of Latin America’s largest economies, with a GDP (PPP) nearing US$700 billion. Among other large economies in the region, Colombia’s GDP growth rate is one of the best.
On the pther hand, the Colombia economy depends heavily on exportation of naturally resourced commodities such as coal, oil, and gold.
This reliance leaves Colombia vulnerable to changes in commodity prices. Coffee has been one of Colombia’s longstanding sectors and major agricultural exports.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Colombia’s unemployment rate has remained below 10% and with a growing labor force, nearing 25 million, there seems to be an increasing amount of work to go around.
Nearly 65% of the Colombian employed workforce is in the service industry, with another 20% in industry, and 17% in agriculture.
Most importantly, a growing technology sector has also attracted many young entrepreneurs and adept expats looking to work in Colombia.
The World Bank describes Colombia as a country with “a track record of conservative macroeconomic and fiscal management, anchored on an inflation targeting regime, a flexible exchange rate, and an upgraded rule-based fiscal framework, which provides secure macroeconomic stability, a key ingredient for poverty reduction”.
A Reuters poll released on September 2024 indicates that Colombia’s economy is expected to grow by 2.2% in the second quarter of 2024 compared to the same time last year, showing an increase from the growth seen in the first quarter.
| Information Type | Notes |
|---|---|
| Real annual growth rate (2024) | 3.2% |
| Per capita income | US$6,946 Avg. inflation rate: 6.39% |
| Natural resources | Coal, oil, natural gas, emeralds, gold, silver, iron, copper. |
| Primary sectors (57% of GDP) | Service industry |
| Secondary sectors (37% of GDP) | Industrial |
| Tertiary sectors (7% of GDP) | Agriculture |
| Exports | US$44.1 billion: petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel. |
| Major trade markets US (28.5%) | Panama (8.6%), and China (5.1%) |
| Imports | US$61.64 billion: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity. |
| Major suppliers U.S. (28.5%) | China (18.4%), Mexico (8.2%), Brazil (5%), and Germany (4.1%) |
| Labor force | 26 million (2023) |
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Yes. Investors who pay income tax in Colombia can also benefit by helping develop the science and technology industries.
Investments, both direct and indirect, in qualified projects are able to deduct 175% of their investment from their net income, up to 40% of taxable income.
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