continues to rise, achieving a figure of $363 billion USD in 2023, with a projected upward trajectory for the next five years. Thanks to this consistent growth compared to previous periods, the nation maintains a pattern of organic expansion and is expected to rank as the
during 2024. However, when considering
. Colombia's GDP stability is primarily attributed to the country's dominant services sector, constituting nearly two-thirds of the total GDP.
International trade
Colombia is involved in more than 15 international trade agreements and alliances, including Mercosur, CAN, EFTA, and the Pacific Alliance with Mexico, Chile, and Peru. Additionally, Colombia holds strategic partnership status with the United States and is ranked as Colombia's primary
import and
export partner, contributing to approximately one-third of the total trade volume. When comparing the trade volume, expenditure has exceeded the value of exports for at least the last decade, resulting in a
trade balance deficit of approximately 13 billion dollars during 2023.
Employment market
The services sector is also the primary
economic force in the employment market with around 65 percent of the workforce. However, a significant concern persists regarding high
unemployment rates. In 2023, Colombia had the third highest rate in Latin America. Moreover, a substantial part of the workforce is employed in the informal employment market, comprising almost two-thirds of the labor force. This issue, which existed prior to the pandemic, primarily arises from unequal access to employment rights and opportunities based on geographical disparities and educational attainment. Addressing these challenges requires strengthening the educational system, eliminating gender disparities, and restructuring productivity frameworks across employment sectors.
Inflation, inequality, and other issues
Regarding inflation, Colombia has witnessed a consistent upward trend, projected to persist in the coming years. This economic phenomenon has particularly affected household expenditures, specifically when purchasing essential items such as food and non-alcoholic beverages. Additionally, Colombia exhibits a high
Gini Index, indicating significant income inequality within the country, ranking as the second most unequal nation in terms of income distribution in Latin America. Furthermore, the
national debt has demonstrated an increasing trend over the last few years and is expected to continue in the next five years.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.
