Moderate economic growth
B2
MEDIUM RISK
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in May 2024.
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GDP | USD 343.9bn (World ranking 44, World Bank 2022) |
Population | 51.9mn (World ranking 28, World Bank 2022) |
Form of state | Presidential republic |
Head of state | Gustavo Petro (President) |
Next elections | 2026, presidential and legislative |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Colombia/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- Natural resource base: agricultural, energy and minerals
- Strong medium-term growth
- Pro-business environment
- Fiscal sustainability principle included in the Constitution
- Support from international financial institutions
- Independent monetary authorities
![Weaknesses](/en_global/economic-research/country-reports/Colombia/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- Sensitive to commodity price fluctuations and the U.S. business cycle
- Difficult security situation with long running domestic insurgency and drug trafficking
- Rule of law and control of corruption remain areas of concern
- High informality in the job market
- Skewed income distribution
Economic Overview
Trade structure by destination/origin
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
United States
27.1%
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1 |
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Panama
10.3%
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2 |
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Netherlands
5.5%
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3 |
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India
4.4%
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4 |
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Brazil
4.1%
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5 |
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Trade structure by product
(% of total, annual 2022)
Exports | Rank | Imports |
---|---|---|
Petroleum, petroleum products and related materials
35.4%
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1 |
8.0%
Petroleum, petroleum products and related materials
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Coal, coke and briquettes
24.4%
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2 |
7.1%
Road vehicles
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Coffee, tea, cocoa, spices, and manufactures thereof
8.5%
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3 |
6.4%
Organic chemicals
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Gold, non-monetary (excluding gold ores and concentrates)
3.8%
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4 |
6.3%
Telecommunication and sound recording apparatus
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Crude animal and vegetable materials, n.e.s.
3.4%
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5 |
5.3%
Cereals and cereal preparations
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Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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