Indicators of economy in Colombia

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Colombia. Overall, gross domestic product in 2020 fell from 323.11 billion US dollars to 270.30 billion US dollars. With a large drop of 16.34 percent, the economy in Colombia has struggled significantly more than other countries. The tourism sector alone slumped by around 71 percent. The unemployment rate rose from 10.0 to 15.0 percent. The country's gross debt increased by 2.7 percent. The inflation rate fell from 3.5 percent previously to 2.5 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 314.46 billion US dollars (=97.3% of 2019).

Income and purchasing power

The average monthly income in Colombia is 516 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 62.6 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Colombia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 76.6 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Colombia ranked 63rd in 2022 with 29.2 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 3 originate from Colombia. This is determined annually in the Forbes Global 2000 list. The 3 largest companies in the country in 2022 were:

Rank 296: Ecopetrol (Bogota)
Rank 976: Bancolombia (Medellin)
Rank 987: Grupo Aval (Bogota)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2021

Imports and Exports 2022

Development of imports and exports in billions of USD 1970 - 2022