Colombia is a free market economy. It is also considered a country in development, according to “Economics of Development”, (1) where Colombia is classified among “Upper-middle-income country”.(2) The World Economic Outlook Database 2009 located it as a nation among the emerging and developing economics.
The 2006 economic comparison for Latin America and the Caribbean of the International Monetary Bank mentions Colombia as the 6th economy of the region in GDP after Brazil, Mexico, Argentina, Venezuela and Chile, but it is the 25th country in GDP per capita.
It is also among the six biggest Latin American economies with Chile, Brazil, Argentina, Mexico and Venezuela according to the World Competitiveness Yearbook 2007 of the International Institute for Management Development.
In 2008 the GDP suffered a declined, the first after the period 2003 – 2007 according with the National Department of Statistics (DANE). It is reported that manufactures were the most affected sector in that year with a fall in 2 percent. Manufactures and construction suffered a combined reduction of 8 percent.
Mining got a very positive increase in 2008 with 7.3 percent in comparison with only 2.9 percent in 2007.
Exports were located in 8.1 percent and imports in 10.1 percent.
GDP 2000 – 2008 in million of pesos
One US Dollar = 2,213 Pesos (COP) in 05/20/2009.
2000 –> $ 196,373,851
2001 –> $ 213,582,653
2002 –> $ 232,933,484
2003 –> $ 263,887,767
2004 –> $ 299,066,590
2005 –> $ 335,546,934
2006 –> $ 383,322,872
2007 –> $ 431,839,018
2008 –> $ 447,993,081
GDP after 2008 in dollars
2008 –>US$ 202.437 millions | GDP per Capita: US$ 4.546 | GDP Purchasing power parity: US$ 340.771 millions | GDP Purchasing power parity per capita: US$ 7.653.
Exports of goods fob 28,392.4US$ m.
Imports of goods fob 30,833.6US$ m.
Total external debt 41.6US$ bn.
Origins of gross domestic product by 2006:
- Agriculture 12.o% Private consumption.
- Industry 35.6% Government consumption.
- Manufacturing 16.6% Exports of goods and services.
- Services 52.4% Imports of goods and services.
Principal exports fob 2006
- Petroleum and petroleum products, intermediate goods and raw materials, 6,328 US$ m.
- Coal, capital goods, 2,913 m.
- Coffee, consumer good 1,461 m
Main destinations of exports fob 2006
Main origins of imports cif total 2006:
- US 36.6%
- Mexico 10.6%
- Brazil 6.7%
- China 3.6%
Source of information:
- The Economist. Colombia Country Briefings.
Currency: Peso – Colombian Peso – International code: COP.
Value of the Colombian Peso by 20th May, 2009:
- US$ 1: COP$ 2,213
This document is in development… Last update 05.20.09
(1) GILLIS, Malcom, Dwight H. Perkins, Michael Roemer and Donald R. Snodgrass, “Economics of Development”, W.W. Norton & Company, New York, 1996. ISBN 0-393-96851-0
(2) Idem, pp. 9 -13.
- Cambio institucional y protesta social en Colombia 1964-2000: analisis de series de tiempo. Velasco Jaramillo, Marcela, 2006 (Spanish)
- Estudio económico de América Latina y el Caribe 2006-2007, Naciones Unidas. (Spanish)