Colombia, located in Northern South America, has an area of approximately 1.14 million square kilometers, making it one of the largest countries in the world. As of 2016, its population forecast rose to around 48.75 million inhabitants and is estimated to increase by roughly another 2 million until 2020. Colombia is one of the most-populous countries in Latin America. Its capital, Bogotá, is the most populated city in the country, with almost 8 million people living there. Despite the fact that Colombia’s population has grown steadily, the fertility rate in the country is on the decline. The average life expectancy, on the other hand, has seen a slight increase in the last years.
The Colombian economy has shown a strong performance between 2010 and 2014, with an average GDP growth of 4.8 percent per year, before dropping in 2015. This slump of the country’s GDP growth rate can consequently be observed in its GDP per capita, which also slumped to its lowest value in years in 2016. It is, however, expected to recover until 2020. Colombia's unemployment rate, however, seems more or less unaffected and continues to decrease after a slight uptick during the crisis.
The services sector is the most important one when it comes to contributing to Colombia's GDP, followed by the industry sector. Together, they accounted for more than 90 percent of the country’s GDP in 2015. Although agriculture is an important sector for Colombians, it hardly contributes to the country's overall economy.
A 2017 Statista survey found that Colombian products are especially well-liked in Latin American and Asian countries, their best feature being "very good value for money". In 2016, Colombia imported goods worth more than 44 billion U.S. dollars and exported goods worth approximately 31 billion U.S. dollars. Its most important trade partner for import and export are the United States.
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