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((Short description|None))
((multiple issues|
((More citations needed|date=July 2007))
((Update|inaccurate=yes|date=March 2013))
))
((Use dmy dates|date=August 2020))
((Use American English|date=March 2017))
((Infobox economy
| country = Colombia
| image =
| caption = [[Bogotá]], the financial centre of [[Colombia]]
| currency = [[Colombian peso]] (COP)
| fixed exchange = 
| year = Calendar year
| organs = [[World Trade Organization|WTO]], [[Organisation for Economic Co-operation and Development|OECD]], [[Pacific Alliance]], [[Andean Community|CAN]]
| group = ((plainlist|
*[[Developing country|Developing /Emerging]]<ref>((cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019))</ref>
*Upper middle income economy<ref>((cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019))</ref>))
| population = ((increase)) 52,400,145 (2023)<ref>((cite web |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=CO&name_desc=true |title=Population, total |publisher=[[World Bank]] |website=data.worldbank.org |access-date=17 August 2019))</ref>
| gdp = ((plainlist|
*((increase)) $334.689 billion (nominal, 2023)<ref name="IMFWEOCO">((cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/April/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: April 2023|publisher=[[International Monetary Fund]]|website=imf.org))</ref>
*((increase)) $1.01 trillion ([[Purchasing power parity|PPP]], 2023)<ref name="IMFWEOCO"/>))
| gdp rank = ((plainlist|
*[[List of countries by GDP (nominal)|46th (nominal, 2023)]]
*[[List of countries by GDP (PPP)|32nd (PPP, 2023)]]))
| growth = ((plainlist|   
* ((Increase)) 7.5%&nbsp;(2022)<ref name="IMF_forecast">((cite web | url=https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023 | title=The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID|work=[[International Monetary Fund]]|date=April 11, 2023 ))</ref> 
* ((Increase)) 1.0%&nbsp;((abbr|(2023f)|2023 forecast))<ref name="IMF_forecast"/> 
* ((Increase)) 1.9%&nbsp;((abbr|(2024f)|2024 forecast))<ref name="IMF_forecast"/>
))
| per capita = ((plainlist|
*((increase)) $6,980 (nominal, 2023)<ref name="IMFWEOCO"/>
*((increase)) $19,460 (PPP, 2023)<ref name="IMFWEOCO"/>))
| per capita rank = ((plainlist|
*[[List of countries by GDP (nominal) per capita|93th (nominal, 2023)]]
*[[List of countries by GDP (PPP) per capita|82nd (PPP, 2023)]]))
| sectors = ((plainlist|
*[[Primary sector of the economy|agriculture]]: 7.2%
*[[Secondary sector of the economy|industry]]: 30.8%
*[[Tertiary sector of the economy|services]]: 62.1% 
*(2017 est.)<ref name="CIAWFCO">((Cite CIA World Factbook|country=Colombia|access-date=19 July 2019))</ref>))
| inflation = 3.5% (2020 est.)<ref name="2020/01">((cite web |title=World Economic Outlook Database, April 2020 |url=https://www.imf.org/external/pubs/ft/weo/2020/01/weodata/weorept.aspx?pr.x=60&pr.y=7&sy=2017&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&c=233&s=NGDP_RPCH%2CPPPGDP%2CPCPIPCH%2CLUR&grp=0&a= |website=IMF.org |publisher=International Monetary Fund |access-date=30 April 2020))</ref>
| poverty = ((plainlist|
*((increaseNegative)) 27% in poverty (2018)<ref name=worldb>((cite web|url=https://data.worldbank.org/indicator/SI.POV.NAHC?locations=CO |title=Poverty headcount ratio at national poverty lines (% of population) |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 July 2019))</ref>
*((increaseNegative)) 27.8% on less than $5.50/day (2018)<ref>((cite web |url=https://data.worldbank.org/indicator/SI.POV.UMIC?locations=CO&name_desc=false |title=Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Colombia |publisher=[[World Bank]] |website=data.worldbank.org |access-date=21 March 2020))</ref>))
| gini = ((increaseNegative)) 51.7 ((color|red|high)) (2018)<ref>((cite web |url=https://colombiareports.com/colombia-poverty-inequality-statistics/ |title=Poverty and inequality |access-date=15 December 2019))</ref>
| hdi = ((plainlist|
*((increase)) 0.758 ((color|green|high)) (2022)<ref>((cite web |url=http://hdr.undp.org/en/indicators/137506 |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=15 November 2022))</ref> ([[List of countries by Human Development Index|91th]])
*((increase)) 0.568 ((color|darkorange|medium)) [[List of countries by inequality-adjusted HDI|IHDI (85th)]] (2022)<ref>((cite web |url=http://hdr.undp.org/en/content/table-3-inequality-adjusted-human-development-index-ihdi |title=Inequality-adjusted Human Development Index (IHDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=15 November 2022))</ref>))
| edbr = ((decrease)) [[Ease of doing business index#Ranking|67th (easy, 2020)]]<ref name="Doing Business in Colombia">((cite web |url=http://www.doingbusiness.org/data/exploreeconomies/colombia |title=Ease of Doing Business in Colombia |publisher=Doingbusiness.org |access-date=24 November 2017 ))</ref>
| labor = ((plainlist|
*((increase)) 26,788,369 (2019)<ref>((cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=CO |title=Labor force, total - Colombia |publisher=[[World Bank]] |website=data.worldbank.org |access-date=30 April 2020))</ref>
*((increase)) 56.5% employment rate (2022)<ref>((cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=CO&name_desc=false |title=Employment to population ratio, 15+, total (%) (national estimate) - Colombia |publisher=[[World Bank]] |website=data.worldbank.org |access-date=6 October 2019))</ref>))
| occupations = ((plainlist|
*[[Primary sector of the economy|agriculture]]: 17%
*[[Secondary sector of the economy|industry]]: 21%
*[[Tertiary sector of the economy|services]]: 62% 
*(2011 est.)<ref name="CIAWFCO"/>))
| unemployment = ((plainlist|
*((increaseNegative)) 12.2% (March 2020)<ref>((cite web |url=https://data.oecd.org/chart/5XHa |title=Unemployment rate |publisher=[[OECD]] |website=data.oecd.org |access-date=18 May 2020))</ref>
*((increaseNegative)) 12.2% (2020 est.)<ref name="2020/01"/>
*((increaseNegative)) 21.8% youth unemployment (March 2020)<ref>((cite web |title=Youth unemployment rate |url=https://data.oecd.org/chart/5XHb |website=data.oecd.org |publisher=OECD |access-date=18 May 2020))</ref>))
| average gross salary = Col$1,761,494 / $384 monthly<ref>((cite web | url=https://www.oecd-ilibrary.org/sites/7dab7e4b-en/index.html?itemId=/content/component/7dab7e4b-en | title=Home ))</ref> (2022)
| average net salary = 
| industries = [[textile]]s, [[food processing]], [[oil industry|oil]], [[clothing]] and [[footwear]], [[beverage]]s, [[chemicals]], [[cement]]; [[gold]], [[coal]], [[emerald]]s, [[shipbuilding]], [[electronics industry]], [[home appliance]]
| exports = ((increase)) $39.48 billion (2017 est.)<ref name="CIAWFCO"/>
| export-goods = [[petroleum]], [[coal]], [[coffee]], [[gold]], [[banana]]s, cut [[flower]]s, [[coke (fuel)]], [[ferroalloy]]s, [[emerald]]s
| export-partners = ((plainlist|
*((flag|United States)) 28.5%
*((flag|Panama)) 8.6%
*((flag|China)) 5.1% 
*(2017)<ref name="CIAWFCO"/>))
| imports = ((increase)) $44.24 billion (2017 est.)<ref name="CIAWFCO"/>
| import-goods = industrial equipment, transportation equipment, electric machinery and equipment, organic chemicals, pharmaceutical products, medical and optical equipment
| import-partners = ((plainlist|
*((flag|United States)) 26.3%
*((flag|China)) 19.3%
*((flag|Mexico)) 7.5%
*((flag|Brazil)) 5%
*((flag|Germany)) 4.1% 
*(2017)<ref name="CIAWFCO"/>))
| current account = ((increase)) −$10.36 billion (2017 est.)<ref name="CIAWFCO"/>
| gross external debt = ((increaseNegative)) $124.6 billion (31 December 2017 est.)<ref name="CIAWFCO"/>
| FDI = ((plainlist|
*((increase)) $179.6 billion (31 December 2017 est.)<ref name="CIAWFCO"/>
*((increase)) Abroad: $55.51 billion (31 December 2017 est.)<ref name="CIAWFCO"/>))
| debt = ((decreasePositive)) 49.4% of GDP (2017 est.)<ref name="CIAWFCO"/>((refn|group=note|data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities))
| revenue = 83.35 billion (2017 est.)<ref name="CIAWFCO"/>
| expenses = 91.73 billion (2017 est.)<ref name="CIAWFCO"/>
| balance = −2.7% (of GDP) (2017 est.)<ref name="CIAWFCO"/>
| aid = $32&nbsp;billion
| credit = ((plainlist|
*[[Standard & Poor's]]:<ref>((cite web |title= Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=9 January 2015))</ref>
*BBB+ (Domestic)
*BBB (Foreign)
*A-(T&C Assessment)))
| cianame = colombia
| reserves = ((increase)) $47.13 billion (31 December 2017 est.)<ref name="CIAWFCO"/>
| spelling = US
))

The '''economy of Colombia''' is the fourth largest in [[Latin America]] as measured by [[gross domestic product]]<ref>((cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weorept.aspx?pr.x=21&pr.y=12&sy=2017&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=311%2C336%2C213%2C263%2C314%2C268%2C313%2C343%2C316%2C273%2C339%2C278%2C218%2C283%2C223%2C288%2C228%2C293%2C233%2C361%2C238%2C362%2C321%2C364%2C243%2C366%2C248%2C369%2C253%2C298%2C328%2C299%2C258&s=NGDPD&grp=0&a= |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=19 July 2019))</ref> and the third-largest economic power in [[South America]].<ref>((Cite web|url=https://www.moec.gov.ae/en/-/uae-and-colombia-complete-phase-one-of-comprehensive-economic-partnership-agreement|title=UAE and Colombia complete phase one of Comprehensive Economic Partnership Agreement|publisher=Government of The United Arab Emirates, Ministry of Economy|website=moec.gov.ae|date=2022-04-01))</ref><ref>((Cite news|url=https://wam.ae/en/details/1395303117590|title=SCCI receives high-level business delegation from Colombia|publisher=[[Emirates News Agency]]|first1=Esraa|last1=Esmail|first2=Hazem|last2=Hussein|website=wam.ae|date=2023-01-10))</ref> [[Colombia]] has experienced a historic economic boom over the last decade. Throughout most of the 20th century, Colombia was Latin America's 4th and 3rd largest economy when measured by nominal GDP, real GDP, GDP (PPP), and real GDP at chained PPPs. Between 2012 and 2014, it became the 3rd largest in Latin America by nominal GDP. As of 2018, the GDP (PPP) per capita has increased to over US$14,000, and real gross domestic product at chained PPPs increased from US$250 billion in 1990 to nearly US$800 billion.<ref name="IMFWEOCO"/> Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014, and 27% by 2018. They decreased by an average of 1.35% per year since 1990.<ref name=worldb />

Petroleum is Colombia's main export, representing over 45% of Colombia's exports. Manufacturing represents nearly 12% of Colombia's exports, and grows at a rate of over 10% a year. Colombia has the fastest growing [[information technology industry]] in the world, and has the longest fibre optic network in Latin America.<ref>((cite web|url=http://www.azooptics.com/News.aspx?newsID=17573|title=Azteca Installs 12,000&nbsp;km of Fiber Optic Cable in Colombia|publisher=AZO Optica|date=9 July 2013))</ref> Colombia also has one of the largest shipbuilding industries in the world outside Asia.

Modern industries like shipbuilding, electronics, automobile, tourism, construction, and mining, grew dramatically during the 2000s and 2010s. However, most of Colombia's exports are still commodity-based. Colombia is Latin America's 2nd-largest producer of domestically made electronics and appliances, following [[Mexico]]. Colombia had the fastest-growing major economy in the [[Western world]] in 2014, behind only China worldwide.<ref>((cite web|url=http://curacaochronicle.com/region/colombian-economy-grows-6-4-percent-follows-china-as-fastest-growing-country/|title=Colombian Economy Grows 6.4 Percent, Follows China As Fastest Growing Country|work=Curaçao Online|date=22 July 2014))</ref><ref>((cite news|url=https://www.economist.com/news/finance-and-economics/21610305-colombia-overtakes-peru-become-regions-fastest-growing-big-economy-passing|title=Passing the baton|newspaper=The Economist|date=2 August 2014))</ref>

Since the early 2010s, the Colombian government has shown interest in exporting modern Colombian [[pop culture]] to the world (which includes video games, music, films, television shows, fashion, cosmetics, and food) as a way of diversifying the economy and entirely changing the image of Colombia. This has inspired a national campaign, similar to the [[Korean Wave]].<ref>((Cite web|url=http://www.procolombia.co/homepage-cache-override-tpl|title=Inicio|date=2017-03-28|website=www.procolombia.co|language=es|access-date=2019-07-08))</ref> Colombia is only behind Mexico in cultural exports, and is already a regional leader in cosmetic and beauty exports.<ref name=cultural>((cite web|url=http://www.eltiempo.com/archivo/documento/MAM-4508689|title=Colombia exporta US$748 millones en bienes culturales|work=El Tiempo|date=17 April 2011))</ref>

Wealth is poorly distributed and Colombia is among the most unequal societies in the world, with a [[Gini index]] of approximately 0.̟6. For example, according to the [[World Bank]], in 2010 the richest 20% of the population owned 60.2% of the wealth and the poorest 20% only 3%, and 15.8% of Colombians lived on less than $2 a day.<ref>((cite web | url=https://data.worldbank.org/indicator/SI.DST.05TH.20 | title=Income share held by highest 20% ((pipe)) Data ))</ref><ref>((cite web | url=https://data.worldbank.org/indicator/SI.DST.FRST.20 | title=Income share held by lowest 20% ((pipe)) Data ))</ref> In 2021, more than 54% of Colombian families are food insecure and more than 560,000 children under the age of five are chronically undernourished.<ref>((Cite web |last=Piñeros |first=Zaida |date=2022-01-02 |title=Más de 560 mil menores de 5 años tienen desnutrición crónica en Colombia |url=https://www.wradio.com.co/2022/01/02/mas-de-560-mil-menores-de-5-anos-tienen-desnutricion-cronica-en-colombia/ |access-date= |website=W Radio |language=es))</ref>

The [[informal economy]] is estimated at 47% in 2020. There is no [[welfare state]] in Colombia, which has almost no unemployment or pension insurance system. As a result, only one million elderly people have pensions (and five million are without<ref>((Cite web |last=Riaño |first=Diego Andrés Vargas |date=2022-04-21 |title=Para 2055 más de 8,3 millones de adultos mayores estarían sin pensión en Colombia |url=https://www.elcolombiano.com/negocios/en-2055-mas-de-83-millones-de-adultos-mayores-en-colombia-no-lograrian-pension-DD17277411 |access-date= |website=www.elcolombiano.com |language=es-ES))</ref>) and social assistance is very low. Many people in their 70s and 80s are forced to continue working or beg. ((Citation needed|date=November 2023)) The country is said to be the most unequal in the [[Organisation for Economic Co-operation and Development]] (OECD).

==History==
((Main|Economic history of Colombia))

=== 16th–19th centuries ===
European explorers reached what is now Colombian territory as early as 1510 in Santa María Antigua del Darién (in present-day Chocó department). For the next couple of decades Colombia, and South America in general, remained largely unexplored. From 1533 to 1600, Europeans began expeditions into the interior of current Colombia. The in of these expeditions was mainly to conquer new lands and exploit village resources. Legends of El Dorado that reached Spaniard explorers continued to fuel exploration and raiding of Indian villages.

In the 17th century, Spanish conquerors explored Colombia and made the first settlements, and this was the beginning of Colombia's modern economic history. Major conquistadors from this period were [[Pedro de Heredia]], [[Gonzalo Jiménez de Quesada|Gonzalo Jimenez de Quesada]], [[Sebastián de Belalcázar|Sebastián de Belalcazar]], and [[Nikolaus Federmann]].

During the 16th and 17th centuries, the colonial settlements in Colombia served purposes of extraction of precious metals and other natural resources, and later slavery trade. This economic arrangement left the Colony with little room for building solid institutionality for economic development.  The main non-extractive institutions emerging in this centuries were the fortified port of Cartagena and the Viceroyalty of New Granada.  Cartagena developed military defenses mainly out of necessity from frequently having to deal with pirate attacks.  A primitive form of colonial administration was organized in Santa fé de Bogotá with the Viceroyalty of New Granada, especially under the tenure of [[José Solís Folch de Cardona]] (1753–1761), who conducted a census and built roads, bridges and aqueducts.

Following the [[Thousand Days' War]] (1899–1902), Colombia experienced a coffee boom that catapulted the country into the modern period, bringing the attendant benefits of transportation, particularly railroads, communications infrastructure, and the first major attempts at manufacturing.

=== 20th century ===
Colombia's consistently sound economic policies and aggressive promotion of free [[Colombia trade agreements|trade agreements]] in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4% per year for the past three years, continuing almost a decade of strong economic performance.<ref name="CIAWFCO" />

In 1990, the administration of President [[César Gaviria Trujillo]] (1990–94) initiated [[economic liberalism]] policies or "apertura economica" and this has continued since then, with tariff reductions, financial deregulation, privatization of state-owned enterprises, and adoption of a more liberal foreign exchange rate. Almost all sectors became open to foreign investment although agricultural products remained protected.

The original idea of his then [[Minister of Finance]], Rudolf Homes, was that the country should import agricultural products in which it was not competitive, like [[maize]], [[wheat]], [[cotton]] and [[soybeans]] and export the ones in which it had an advantage, like [[fruits]] and [[flowers]]. In ten years, the sector lost 7,000&nbsp;km<sup>2</sup> to imports, with a critical impact on employment in rural areas.<ref>[http://www.usip.org/library/pa/colombia/adddoc/plan_colombia_101999.html#approach Plan Colombia: Colombia: Peace Agreements: Library and Links: U.S. Institute of Peace] ((webarchive|url=https://web.archive.org/web/20041124093520/http://www.usip.org/library/pa/colombia/adddoc/plan_colombia_101999.html |date=24 November 2004 ))</ref> Still, this policy makes food cheaper for the average Colombian than it would be if agricultural trade were more restricted.

Until 1997, Colombia had enjoyed a fairly stable economy. The first five years of liberalization were characterized by high economic growth rates of between 4% and 5%. The [[Ernesto Samper]] administration (1994–98) emphasized social welfare policies which targeted Colombia's lower income population. These reforms led to higher government spending which increased the fiscal deficit and public sector debt, the financing of which required higher interest rates. An over-valued peso inherited from the previous administration was maintained.

The economy slowed, and by 1998 GDP growth was only 0.6%. In 1999, the country fell into its first recession since the [[Great Depression]]. The economy shrank by 4.5% with unemployment at over 20%. While unemployment remained at 20% in 2000, GDP growth recovered to 3.1%. Unemployment in 2020 has improved compared to two decades ago to 12.20%.

The administration of President [[Andrés Pastrana Arango]], when it took office on 7 August 1998, faced an economy in crisis, with the difficult internal security situation and global economic turbulence additionally inhibiting confidence. As evidence of a serious recession became clear in 1999, the government took a number of steps. It engaged in a series of controlled devaluations of the peso, followed by a decision to let it float. Colombia also entered into an agreement with the [[International Monetary Fund]] which provided a $2.7 billion guarantee (extended funds facility), while committing the government to budget discipline and structural reforms.

=== 21st century ===
By early 2000 there had been the beginning of an economic recovery, with the export sector leading the way, as it enjoyed the benefit of the more competitive exchange rate, as well as strong prices for [[petroleum]], Colombia's leading export product. Prices of [[coffee]], the other principal export product, have been more variable.

Economic growth reached 3.1% during 2000 and inflation 9.0%. Inflation by 2021 has stabilized at 3.30%.<ref>((Cite web|title=Banco de la República (banco central de Colombia)|url=https://www.banrep.gov.co/es|access-date=2021-07-01|website=Banco de la República (banco central de Colombia)|language=es))</ref> Colombia's international reserves remained stable at around $8.35 billion in the year 2000 growing to $58.57 billion by 2021,<ref>((Cite web|date=2019-06-14|title=Reservas internacionales del Banco de la República|url=https://www.banrep.gov.co/es/estadisticas/reservas-internacionales-del-banco-republica|access-date=2021-07-01|website=Banco de la República (banco central de Colombia)|language=es))</ref> and Colombia has successfully remained in international capital markets. Colombia's total foreign debt at the end of 1999 was $34.5 billion with $14.7 billion in private sector and $19.8 billion in public sector debt. Major international [[credit rating]] organizations had dropped Colombian [[government debt|sovereign debt]] below investment grade, primarily as a result of large fiscal deficits, which current policies are seeking to close. As of 2021 Colombia has recovered its investment grade rating.

Former president [[Álvaro Uribe]] (elected 7 August 2002) introduced several neoliberal economic reforms, including measures designed to reduce the public-sector deficit below 2.5% of GDP in 2004. The government's economic policy and controversial [[democratic security]] strategy have engendered a growing sense of confidence in the economy, particularly within the business sector, and GDP growth in 2003 was among the highest in [[Latin America]], at over 4%. This growth rate was maintained over the next decade, averaging 4.8% from 2004 to 2014.<ref>((cite web |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2014&locations=CO&start=2004 |title=GDP growth (annual %) |publisher=[[World Bank]] |website=data.worldbank.org |access-date=19 July 2019))</ref>

According to figures from [[National Administrative Department of Statistics (Colombia)|Dane]], monetary poverty went from 37.2% in 2010 to 26.9% in 2017, which indicates a higher income for the most vulnerable households. During the [[Juan Manuel Santos|Santos]] government, there was an inflationary period that was also a response to the strong external shock of the fall in oil prices. It was a period of contained instability, although inflation increased, no company declared bankruptcy and there was no instability in the financial system.<ref>((Cite web |last=S.A.S |first=Editorial La República |title=La economía que le entrega el presidente Juan Manuel Santos al nuevo Gobierno |url=https://www.larepublica.co/economia/la-economia-que-le-entrega-el-presidente-juan-manuel-santos-al-nuevo-gobierno-2756726 |access-date=2023-02-16 |website=Diario La República |language=es))</ref>

The Santos period managed an increase in GDP of 4% in 2010, which peaked in 2011 to 6.6%. Thereafter it remained at 4% in 2012, 4.9% in 2013 and 4.4% in 2014. In 2011, Colombia recovered it's BBB− investment grade, which was raised in 2013 to BBB. As a result of sustained growth, during the eight years of the Santos government, 3.5 million jobs were created, while 5.4 million people were lifted out of poverty.<ref>((Cite web |date=2018-08-03 |title=Santos dejó una economía en crecimiento, pero un elevado gasto público |url=http://www.rcnradio.com/politica/gobierno-santos-dejo-una-economia-en-crecimiento-y-un-elevado-gasto-publico |access-date=2023-02-16 |website=RCN Radio |language=es))</ref>

The focus of Santos' second term was to reach a peace agreement with the FARC whose economic effects, according to assumptions, could imply a GDP growth of up to two additional percentage points. Santos' best legacy is precisely the one related to security since this will have an effect in the medium and long term in terms of investment decisions, job creation, and the beginning of a great revolution in the country's infrastructure: war prevented development in the most affected areas for centuries.

Colombia's President [[Iván Duque]] withdrew a controversial tax reform bill following four weeks of [[2021 Colombian protests|huge protests]] across the country starting 28 April 2021.<ref>((Cite news|url=https://www.bbc.com/news/world-latin-america-56967209|title = Colombia withdraws controversial tax reform bill after mass protests|work = BBC News|date = 2 May 2021))</ref> In 2021, Colombia registered an increase in Gross Domestic Product of more than 10%, as a result of a rebound effect that derived from the 6.8% collapse a year earlier, caused by the economic closures decreed to stop the coronavirus pandemic. The pandemic exacerbated poverty. In 2021, official figures showed that 39% of Colombians -out of a population of 51.6 million inhabitants- were in a condition of monetary poverty. Although it shows a slight improvement compared to 2020 (42.5%), it meant a setback of at least a decade.<ref>((Cite web |date=2022-05-27 |title=Economía - Colombia en cifras: el país que deja Iván Duque tras cuatro años de mandato |url=https://www.france24.com/es/programas/econom%C3%ADa/20220527-colombia-cifras-pais-ivan-duque-mandato |access-date=2023-02-16 |website=France 24))</ref>

The greatest increase in the value of the debt also occurred in the Duque government, according to figures from the [[Bank of the Republic (Colombia)|Bank of the Republic]]. Between 2020 and 2021 the balance increased by 17 billion dollars, and from 2019 to 2020 it increased by 16 billion. That figure, which corresponds to a deficit of 7.1 percent of GDP, was the debt that the Central National Government or GNC (the State without its companies or regional entities) had in 2021, according to the fiscal closing bulletin.<ref>((Cite web |title=External Debt (Public and Private) |url=http://www.banrep.org/informes-economicos/ine_bol_deuex.htm |website=Bank of the Republic))</ref>

In the Duque government, specifically between May and June 2020, 66.7 percent of the country's gold reserves were sold, which went from 710.5 to 237.4 million dollars. The decision was made by the Bank of the Republic. The sale received criticism because although it was done at a time of rising prices – after five years in which this did not happen – it was before gold reached a record price.<ref>((Cite web |url=https://www.lasillavacia.com/historias/silla-nacional/detector-duque-no-vendio-mas-del-67-por-ciento-del-oro-de-colombia/ |title=Detector: Duque no vendió más del 67 por ciento del oro de Colombia |access-date=2023-02-16 |website=lasillavacia.com|date=27 August 2020 ))</ref>

==Overview==
((prose|section|date=July 2016))
The longstanding internal [[Colombian conflict|armed conflict in Colombia]] has had economic impacts.

In the early 21st century, the Colombian economy grew in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Growth slowed to 1.4 percent in 2017, and then increased to 3.3 percent in 2019.<ref>((Cite web|title=Overview|url=https://www.worldbank.org/en/country/colombia/overview|access-date=2020-06-10|website=World Bank|language=en))</ref>

[[Álvaro Uribe|President Uribe]], who was in office from 2002 to 2010, examined opportunities including reforming the pension system, reducing high unemployment, achieving congressional passage of a fiscal transfers reform, and [[Hydrocarbon exploration|exploring for new oil]] or producing [[Ethanol fuel|ethanol]]. Colombia's [[Gini coefficient]], a measure of inequality, was one of the highest in South America.<ref>((Cite web|last=El Tiempo|first=Casa Editorial|date=2015-03-28|title=¿Qué hay detrás de la rápida disminución de la pobreza en Colombia?|url=https://www.eltiempo.com/archivo/documento/CMS-15482137|access-date=2020-06-10|website=El Tiempo|language=es))</ref> International and domestic financial analysts warned of the growing central government deficit, which hovered at 5% of GDP. Nonetheless, confidence in the economy grew.<ref name="CIAWFCO" />

Colombia has a track record of prudent macroeconomic management.<ref>((cite web |title=Overview |url=https://www.worldbank.org/en/country/colombia/overview#1 |website=World Bank |access-date=17 January 2022 |language=en))</ref>

The [[middle class]] will represent 25% of the population in 2020 according to a survey by the daily newspaper ''[[El Tiempo (Colombia)|El Tiempo]]''. Official data indicate that 42.5% of the population lives below the poverty line. The social elevator is one of the slowest in the world, as it takes an average of eleven generations for a family to rise out of poverty.<ref>((Cite web |last=Tiempo |first=Casa Editorial El |date=2021-12-14 |title=¿Pertenece a la clase media? Estos son los criterios según el Dane |url=https://www.eltiempo.com/economia/sectores/es-de-clase-media-estos-son-los-criterios-segun-ingresos-en-colombia-638706 |access-date= |website=El Tiempo |language=spanish))</ref>

The [[tax system]] is one of the causes of Colombia's deep social inequalities. The [[income tax]] (IRPP) is not very progressive (almost all taxpayers pay it at a rate of between 19% and 28%, and the rate rises only slightly thereafter) and is levied mainly on salaries, with other categories of income being largely underreported. Redistribution through the Colombian tax system is thus the lowest in Latin America, even though it is on average very limited.<ref>Juan Pablo Jiménez, ''Desigualdad, concentración del ingreso y tributación sobre las altas rentas en América Latina'', CEPAL, 2015.</ref>

===Development of main indicators===
The following table shows the main economic indicators in 1980–2019 (with IMF staff stimtates in 2020–2025). Inflation below 5% is in green.<ref>((Cite web|url=https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=228&s=NGDP_RPCH%2CPPPGDP%2CPPPPC%2CPCPIPCH%2CLUR%2CGGXWDG_NGDP&grp=0&a=&pr.x=60&pr.y=1|title=Report for Selected Countries and Subjects|website=www.imf.org|language=en-US|access-date=11 September 2018))</ref>
{| class="wikitable" style="text-align:center;"
! Year !! GDP<br><small>(in Bil. US$PPP)</small> !! GDP per capita<br><small>(in US$ PPP)</small> !! GDP<br><small>(in Bil. US$nominal)</small> !! GDP per capita<br><small>(in US$ nominal)</small> !! GDP growth<br><small>(real)</small> !! Inflation rate<br><small>(in Percent)</small> !! Unemployment<br><small>(in Percent)</small> !! Government debt<br><small>(in % of GDP)</small>
|-
| 1980 || 78.5 || 2,840.6 || 46.5 || 1,681.7 || ((Increase))4.4% || ((IncreaseNegative))25.9% || 5.4% || n/a
|-
| 1981 || ((Increase))87.9 || ((Increase))3,110.9 || ((Increase))50.6 || ((Increase))1,792.3 || ((Increase))2.3% || ((IncreaseNegative))27.4% || ((IncreaseNegative))6.6% || n/a
|-
| 1982 || ((Increase))94.2 || ((Increase))3,262.8 || ((Increase))54.2 || ((Increase))1,878.1 || ((Increase))0.9% || ((IncreaseNegative))24.9% || ((IncreaseNegative))7.1% || n/a
|-
| 1983 || ((Increase))99.4 || ((Increase))3,371.2 || ((Decrease))53.9 || ((Decrease))1,827.2 || ((Increase))1.6% || ((IncreaseNegative))19.5% || ((IncreaseNegative))8.7% || n/a
|-
| 1984 || ((Increase))106.5 || ((Increase))3,534.9 || ((Decrease))53.2 || ((Decrease))1,767.2 || ((Increase))3.4% || ((IncreaseNegative))16.3% || ((IncreaseNegative))9.0% || n/a
|-
| 1985 || ((Increase))113.3 || ((Increase))3,785.6 || ((Decrease))48.6 || ((Decrease))1,623.0 || ((Increase))3.1% || ((IncreaseNegative))23.9% || ((DecreasePositive))8.7% || n/a
|-
| 1986 || ((Increase))122.3 || ((Increase))4,003.7 || ((Steady))48.6 || ((Decrease))1,592.2 || ((Increase))5.8% || ((IncreaseNegative))18.8% || ((DecreasePositive))7.7% || n/a
|-
| 1987 || ((Increase))132.0 || ((Increase))4,234.3 || ((Increase))50.6 || ((Increase))1,623.4 || ((Increase))5.4% || ((IncreaseNegative))23.3% || ((DecreasePositive))7.4% || n/a
|-
| 1988 || ((Increase))142.2 || ((Increase))4,468.2 || ((Increase))54.6 || ((Increase))1,714.2 || ((Increase))4.1% || ((IncreaseNegative))28.1% || ((DecreasePositive))6.5% || n/a
|-
| 1989 || ((Increase))152.9 || ((Increase))4,704.3 || ((Increase))55.0 || ((Decrease))1,693.4 || ((Increase))3.4% || ((IncreaseNegative))25.9% || ((IncreaseNegative))6.8% || n/a
|-
| 1990 || ((Increase))165.4 || ((Increase))4,987.8 || ((Increase))56.0 || ((Decrease))1,690.4 || ((Increase))4.3% || ((IncreaseNegative))29.1% || ((DecreasePositive))6.6% || n/a
|-
| 1991 || ((Increase))175.0 || ((Increase))5,171.3 || ((Increase))57.9 || ((Increase))1,711.7 || ((Increase))2.4% || ((IncreaseNegative))30.3% || ((DecreasePositive))6.4% || n/a
|-
| 1992 || ((Increase))186.8 || ((Increase))5,411.2 || ((Increase))68.6 || ((Increase))1,985.7 || ((Increase))4.4% || ((IncreaseNegative))27.0% || ((DecreasePositive))5.9% || n/a
|-
| 1993 || ((Increase))202.2 || ((Increase))5,746.1 || ((Increase))77.7 || ((Increase))2,208.3 || ((Increase))5.7% || ((IncreaseNegative))22.4% || ((DecreasePositive))5.0% || n/a
|-
| 1994 || ((Increase))217.1 || ((Increase))6,061.4 || ((Increase))97.6 || ((Increase))2,725.7 || ((Increase))5.1% || ((IncreaseNegative))22.9% || ((DecreasePositive))4.9% || n/a
|-
| 1995 || ((Increase))233.2 || ((Increase))6,401.5 || ((Increase))110.5 || ((Increase))3,034.1 || ((Increase))5.2% || ((IncreaseNegative))20.9% || ((IncreaseNegative))5.6% || n/a
|-
| 1996 || ((Increase))242.3 || ((Increase))6,546.2 || ((Increase))116.1 || ((Increase))3,135.8 || ((Increase))2.1% || ((IncreaseNegative))20.8% || ((IncreaseNegative))7.8% || 23.3%
|-
| 1997 || ((Increase))255.0 || ((Increase))6,798.3 || ((Increase))127.4 || ((Increase))3,398.0 || ((Increase))3.4% || ((IncreaseNegative))18.5% || ((IncreaseNegative))7.9% || ((IncreaseNegative))25.3%
|-
| 1998 || ((Increase))259.3 || ((Increase))6,808.2 || ((Decrease))117.7 || ((Decrease))3,089.7 || ((Increase))0.6% || ((IncreaseNegative))18.7% || ((IncreaseNegative))9.7% || ((IncreaseNegative))27.5%
|-
| 1999 || ((Decrease))251.9 || ((Decrease))6,530.5 || ((Decrease))103.1 || ((Decrease))2,672.6 || ((Decrease))-4.2% || ((IncreaseNegative))10.9% || ((IncreaseNegative))13.1% || ((IncreaseNegative))34.0%
|-
| 2000 || ((Increase))265.1 || ((Increase))6,772.2 || ((Decrease))99.2 || ((Decrease))2,534.5 || ((Increase))2.9% || ((IncreaseNegative))9.2% || ((IncreaseNegative))13.3% || ((IncreaseNegative))38.0%
|-
| 2001 || ((Increase))275.7 || ((Increase))6,951.6 || ((Decrease))97.6 || ((Decrease))2,460.3 || ((Increase))1.7% || ((IncreaseNegative))8.0% || ((IncreaseNegative))15.0% || ((IncreaseNegative))41.1%
|-
| 2002 || ((Increase))287.0 || ((Increase))7,146.5 || ((Decrease))97.3 || ((Decrease))2,423.4 || ((Increase))2.5% || ((IncreaseNegative))6.4% || ((IncreaseNegative))15.6% || ((IncreaseNegative))47.5%
|-
| 2003 || ((Increase))304.1 || ((Increase))7,479.0 || ((Decrease))94.0 || ((Decrease))2,312.6 || ((Increase))3.9% || ((IncreaseNegative))7.1% || ((DecreasePositive))14.1% || ((DecreasePositive))45.0%
|-
| 2004 || ((Increase))328.9 || ((Increase))7,990.2 || ((Increase))116.3 || ((Increase))2,826.0 || ((Increase))5.3% || ((IncreaseNegative))5.9% || ((DecreasePositive))13.7% || ((DecreasePositive))41.5%
|-
| 2005 || ((Increase))355.2 || ((Increase))8,523.9 || ((Increase))145.6 || ((Increase))3,494.0 || ((Increase))4.7% || ((IncreaseNegative))5.0% || ((DecreasePositive))11.8% || ((DecreasePositive))38.5%
|-
| 2006 || ((Increase))390.8 || ((Increase))9,266.3 || ((Increase))161.8 || ((Increase))3,836.7 || ((Increase))6.7% || ((Increase))4.3% || ((IncreaseNegative))12.0% || ((DecreasePositive))36.0%
|-
| 2007 || ((Increase))428.4 || ((Increase))10,041.6 || ((Increase))206.2 || ((Increase))4,834.4 || ((Increase))6.7% || ((IncreaseNegative))5.5% || ((DecreasePositive))11.2% || ((DecreasePositive))32.7%
|-
| 2008 || ((Increase))450.9 || ((Increase))10,453.7 || ((Increase))242.5 || ((Increase))5,622.1 || ((Increase))3.3% || ((IncreaseNegative))7.0% || ((IncreaseNegative))11.3% || ((DecreasePositive))32.4%
|-
| 2009 || ((Increase))459.0 || ((Increase))10,524.8 || ((Decrease))232.5 || ((Decrease))5,330.8 || ((Increase))1.1% || ((Increase))4.2% || ((IncreaseNegative))12.0% || ((IncreaseNegative))35.4%
|-
| 2010 || ((Increase))485.4 || ((Increase))11,009.5 || ((Increase))286.5 || ((Increase))6,498.6 || ((Increase))4.5% || ((Increase))2.3% || ((DecreasePositive))11.8% || ((IncreaseNegative))36.5%
|-
| 2011 || ((Increase))529.9 || ((Increase))11,893.0 || ((Increase))335.0 || ((Increase))7,518.3 || ((Increase))6.9% || ((Increase))3.4% || ((DecreasePositive))10.8% || ((DecreasePositive))35.8%
|-
| 2012 || ((Increase))553.8 || ((Increase))12,305.5 || ((Increase))370.7 || ((Increase))8,237.3 || ((Increase))3.9% || ((Increase))3.2% || ((DecreasePositive))10.4% || ((DecreasePositive))34.0%
|-
| 2013 || ((Increase))591.8 || ((Increase))13,024.8 || ((Increase))382.1 || ((Increase))8,409.7 || ((Increase))5.1% || ((Increase))2.0% || ((DecreasePositive))9.7% || ((IncreaseNegative))37.6%
|-
| 2014 || ((Increase))625.0 || ((Increase))13,627.1 || ((Decrease))381.2 || ((Decrease))8,312.1 || ((Increase))4.5% || ((Increase))2.9% || ((DecreasePositive))9.1% || ((IncreaseNegative))43.3%
|-
| 2015 || ((Increase))630.4 || ((Decrease))13,611.5 || ((Decrease))293.5 || ((Decrease))6,337.0 || ((Increase))3.0% || ((Increase))5.0% || ((DecreasePositive))8.9% || ((IncreaseNegative))50.4%
|-
| 2016 || ((Increase))672.1 || ((Increase))14,351.7 || ((Decrease))282.7 || ((Decrease))6,037.1 || ((Increase))2.1% || ((IncreaseNegative))7.5% || ((IncreaseNegative))9.2% || ((DecreasePositive))49.8%
|-
| 2017 || ((Increase))700.1 || ((Increase))14,763.9 || ((Increase))311.9 || ((Increase))6,577.3 || ((Increase))1.4% || ((Increase))4.3% || ((IncreaseNegative))9.4% || ((DecreasePositive))49.4%
|-
| 2018 || ((Increase))735.2 || ((Increase))15,234.6 || ((Increase))334.1 || ((Increase))6,923.6 || ((Increase))2.6% || ((Increase))3.2% || ((IncreaseNegative))9.7% || ((IncreaseNegative))53.6%
|-
| 2019 || ((Increase))772.9 || ((Increase))15,647.2 || ((Decrease))323.4 || ((Decrease))6,546.6 || ((Increase))3.3% || ((Increase))3.5% || ((IncreaseNegative))10.5% || ((DecreasePositive))52.3%
|-
| 2020 || ((Decrease))729.1 || ((Decrease))14,473.4 || ((Decrease))271.6 || ((Decrease))5,390.9 || ((Decrease))-6.8% || ((Increase))2.5% || ((IncreaseNegative))16.1% || ((IncreaseNegative))65.4%
|-
| 2021 || ((Increase))812.8 || ((Increase))15,921.8 || ((Increase))300.8 || ((Increase))5,892.1 || ((Increase))7.6% || ((Increase))3.2% || ((DecreasePositive))14.5% || ((IncreaseNegative))66.7%
|-
| 2022 || ((Increase))867.2 || ((Increase))16,802.9 || ((Increase))319.3 || ((Increase))6,186.7 || ((Increase))3.8% || ((Increase))3.5% || ((DecreasePositive))13.8% || ((IncreaseNegative))67.6%
|-
| 2023 || ((Increase))916.7 || ((Increase))17,576.6 || ((Increase))336.2 || ((Increase))6,446.9 || ((Increase))3.3% || ((Increase))3.0% || ((DecreasePositive))13.1% || ((IncreaseNegative))69.7%
|-
| 2024 || ((Increase))969.6 || ((Increase))18,401.4 || ((Increase))354.3 || ((Increase))6,723.4 || ((Increase))3.4% || ((Increase))3.0% || ((DecreasePositive))12.4% || ((DecreasePositive))68.3%
|-
| 2025 || ((Increase))1,024.8 || ((Increase))19,257.0 || ((Increase))373.4 || ((Increase))7,016.1 || ((Increase))3.4% || ((Increase))3.0% || ((DecreasePositive))11.8% || ((DecreasePositive))66.7%
|-
| 2026 || ((Increase))1,082.6 || ((Increase))20,148.7 || ((Increase))393.7 || ((Increase))7,326.7 || ((Increase))3.5% || ((Increase))3.0% || ((DecreasePositive))11.1% || ((DecreasePositive))64.7%
|}

===Graphics===

((Pie chart
 | caption= Colombia GDP by sector in 2017<ref name="dane.gov.co">((cite web|url=http://www.dane.gov.co/index.php/cuentas-economicas/cuentas-trimestrales |publisher=dane.gov.co |title=NACIONALES TRIMESTRALES -PIB- Composición del PIB Colombiano por demanda y Composición del PIB Colombiano Oferta |language=es |access-date=29 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150929203637/http://www.dane.gov.co/index.php/cuentas-economicas/cuentas-trimestrales |archive-date=29 September 2015))</ref>
 | other = yes
 | label1 = Agriculture, livestock, hunting, forestry and fishing
 | value1 = 6.3 | color1 = #0247FE
 | label2 = Mining and quarrying
 | value2 = 6.1 | color2 = #CC0000
 | label3 = Manufacturing
 | value3 = 10.9 | color3 = #3B7A57
 | label4 = Electricity, gas and water supply industry
 | value4 = 3.3 | color4 = #915C83
 | label5 = Construction
 | value5 = 7.2 | color5 = #7CB9E8
 | label6 = Trade, hotels, restaurants and repairs
 | value6 = 12.2 | color6 = #FFAA1D
 | label7 = Transport, storage and communications
 | value7 = 7 | color7 = #A67B5B
 | label8 = Financial services industry
 | value8 = 21.2 | color8 = #F0E130
 | label9 = Social services sector
 | value9 = 15.6 | color9 = #9955BB
 | label10 = Total taxes
 | value10 = 10.2 | color10 = #555D50
 ))

((bar box
|title= Composition of the Colombian GDP by demand side. Second quarter of 2015.<ref name="dane.gov.co" />
|titlebar=#DDD
|width=400px
|bars=
((bar pixel|Household final consumption expenditure|#7CB9E8|64.72|%))
((bar pixel|Government final consumption expenditure|#CC0000|17.24|%))
((bar pixel|Gross fixed capital formation|#3B7A57|28.30|%))
((bar pixel|Inventory investment|#915C83|0.41|%))
((bar pixel|Exports|#F0E130|15.32|%))
((bar pixel|Imports|#FFAA1D|26.98|%))
))[[File:Colombia - Selected Macroeconomic Indicators.png|thumb|left|Colombia – macroeconomic indicators 2002–2011]]
((Clear))

== Labor rights ==
On 8 June 2020, the newly formed Employment Mission ''(Misión de Empleo)'' met for the first time to discuss labor reforms that it intended to propose to Congress. Some of these reforms had been desired for years, and others had come into starker view during the [[COVID-19 pandemic in Colombia|coronavirus pandemic.]]<ref>((Cite web|last=El Tiempo|first=Casa Editorial|date=2020-06-08|title=Los pasos que dará la reforma laboral que iniciará el país|url=https://www.eltiempo.com/economia/sectores/como-sera-el-camino-de-la-reforma-laboral-por-concertacion-que-preve-el-gobierno-504760|access-date=2020-06-10|website=El Tiempo|language=es))</ref>

The legal working hours are 48 hours per week. However, the [[informal economy]] accounts for almost half of the workers, who are therefore not covered by labor laws.

== Agriculture ==
((main|Agriculture in Colombia))
[[File:Oilpalmmagdalenacolombia-2.jpg|thumb|Palm plantation in Magdalena. Colombia is one of the top 5 producers of [[palm oil]] in the world.]]
[[File:Caña de azúcar .jpg|thumb|Sugar cane in Valle del Cauca. Colombia is one of the top 10 [[sugarcane]] producers in the world.]]

Colombia is one of the 5 largest producers in the world of [[coffee]], [[avocado]] and [[palm oil]], and one of the 10 largest producers in the world of [[sugarcane]], [[banana]], [[pineapple]] and [[Cocoa bean|cocoa]].<ref>((cite web| url = http://www.fao.org/faostat/es/#data/QC/| title = Producción de Colombia en 2018, por la FAO))</ref>

Colombia produced, in 2018, 36.2 million tons of [[sugarcane]] (7th largest producer in the world), 5.8 million tons of [[palm oil]] (5th largest producer in the world), 3.7 million tons of [[banana]] (11th largest producer in the world) and 720 thousand tons of [[coffee]] (4th largest producer in the world, behind Brazil, Vietnam and Indonesia). Although its neighbor Brazil is the largest producer of coffee in the world (3.5 million tons produced in the same year), the advertising carried out by the country for decades suggests that Colombian coffee is of higher quality, which generates greater added value to the country's product.<ref>((cite web| url = https://graoespecial.com.br/qual-o-melhor-cafe-brasileiro-ou-colombiano/| title = What is the best coffee? Brazilian or Colombian?| date = 18 July 2017))</ref> In the same year, Colombia produced 3.3 million tons of [[rice]], 3.1 million tons of [[potato]], 2.2 million tons of [[cassava]], 1.3 million tons of [[maize]], 900 thousand tons of [[pineapple]], 670 thousand tons of [[onion]], 527 thousand tons of [[tomato]], 419 thousand tons of [[Yam (vegetable)|yam]], 338 thousand tons of [[mango]], 326 thousand tons of [[avocado]], in addition to smaller productions of other agricultural products such as [[Orange (fruit)|orange]], [[tangerine]], [[lemon]], [[papaya]], [[beans]], [[carrot]], [[coconut]], [[watermelon]] etc.<ref>((cite web| url = http://www.fao.org/faostat/en/#data/QC/| title = Colombia production in 2018, by FAO))</ref>

The share of agriculture in GDP has fallen consistently since 1945, as industry and services have expanded. However, Colombia's agricultural share of GDP decreased during the 1990s by less than in many of the world's countries at a similar level of development, even though the share of coffee in GDP diminished in a dramatic way. Agriculture has nevertheless remained an important source of employment, providing a fifth of Colombia's jobs in 2006.<ref name="Hernán Vallejo 2010">Roberto Steiner and Hernán Vallejo. "The Economy". In ''Colombia: A Country Study'' (Rex A. Hudson, ed.). Library of Congress Federal Research Division (2010).</ref>

The most industrially diverse member of the five-nation Andean Community, Colombia has four major industrial centers—Bogota, Medellin, Cali, and Barranquilla, each located in a distinct geographical region. Colombia's industries include textiles and clothing, particularly lingerie, leather products, processed foods and beverages, paper and paper products, chemicals and petrochemicals, cement, construction, iron and steel products, and metalworking. Its diverse climate and topography permit the cultivation of a wide variety of crops. In addition, all regions yield forest products, ranging from tropical hardwoods in the hot country to pine and eucalyptus in the colder areas.

[[Cacao bean]]s, [[sugarcane]], [[coconut]]s, [[banana]]s, [[cooking plantain|plantains]], [[rice]], [[cotton]], [[tobacco]], [[cassava]], and most of the nation's beef cattle are produced in the hot regions from sea level to 1,000 meters elevation. The temperate regions—between 1,000 and 2,000 meters—are better suited for [[coffee]]; [[cut flowers]]; [[maize]] and other vegetables; and fruits such as [[citrus]], [[pear]]s, [[pineapple]]s, and [[tomato]]es. The cooler elevations—between 2,000 and 3,000 meters—produce [[wheat]], [[barley]], [[potato]]es, cold-climate vegetables, flowers, [[dairy]] cattle, and [[poultry]].

== Livestock ==
[[File:Ganaderia en Cordoba, Colombia.jpg|thumb|Livestock in [[Córdoba Department|Córdoba]]. Colombia is one of the 20 largest producers of [[beef]] in the world]]

In the production of [[beef]] and [[chicken meat]], Colombia is among the 20 largest producers in the world.<ref>((cite web| url = http://www.fao.org/faostat/en/#data/QL/| title = Colombian meat production, by FAO))</ref>

In Colombia, the exploitation and breeding of [[cattle]] is carried out on small farms and large farms. Black-eared white, casanareño, coastal with horns, romosinuano, chino santandereano and hartón del Valle, are the Colombian breeds with the highest production.<ref>((cite web| url = http://www.noticiascaracol.com/la-finca-de-hoy/conozca-las-razas-criollas-de-la-ganaderia-colombiana| title = Conozca las razas criollas de la ganadería colombiana))((Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes ))</ref>

In 2013, livestock occupied 80% of productive land in Colombia. The livestock sector is one of the most outstanding in areas such as [[Caribbean Region (Colombia)|Caribbean Region]], where seven departments have livestock as their primary vocation.<ref>((cite web| url = http://www.elheraldo.co/medio-ambiente/ganaderia-colombiana-bien-representada-235508| title = Ganadería colombiana, bien representada | date = 26 December 2015 ))</ref> Also in [[Antioquia Department|Antioquia]], where there is the largest cattle inventory in the country, the department had that year 11% of the head of cattle in Colombia, and according to the livestock inventory, in 2012 Antioqueños counted around 2,268,000 head of cattle.<ref>((cite web| url = http://agenciadenoticias.unal.edu.co/detalle/article/ganaderia-sigue-ganandole-tierra-a-los-cultivos.html| title = Ganadería sigue ganándole tierra a los cultivos| date = 22 May 2014))</ref>

Also in 2013, the bovine herd in Colombia reached 20.1 million head of cattle, of which 2.5 million (12.5%) were milking cows. In addition, the country's total milk production was 13.1 million liters.<ref>((cite web| url = https://www.semana.com/pais/articulo/ganaderia-colombia/196357/| title = Hay más ganado que cultivos en Colombia| date = 19 May 2014))</ref>

On the other hand, the increase in imports of [[pork]] meat, the high prices of inputs and the slowdown in the national economy, produced a crisis in the raising of [[pork]] in Colombia in 2015.<ref>((cite web| url = http://www.contextoganadero.com/economia/sector-porcino-de-colombia-tambien-se-encuentra-en-crisis| title = Sector porcino de Colombia también se encuentra en crisis))</ref>

==Industry==
((See also|Industry of Colombia))
The [[World Bank]] lists the main producing countries each year, based on the total value of production. According to the 2019 list, Colombia has the 46th most valuable industry in the world (US$35.4 billion), behind Mexico, Brazil, Venezuela and Argentina, but ahead of Peru and Chile.<ref>((cite web| url = https://data.worldbank.org/indicator/NV.IND.MANF.CD?most_recent_value_desc=true| title = Manufacturing, value added (current US$)))</ref>

===Manufacturing===

====Domestic appliances====
Although Colombia has been producing domestic appliances since the 1930s, it wasn't until the late 1990s that Colombian corporations began exporting to neighboring countries. One of Colombia's largest producers of domestic appliances, [[HACEB]] has been producing refrigeration since 1940. Some domestic corporations include: Challenger, Kalley, [[HACEB]], Imusa, and Landers. In 2011, Groupe SEB acquired Imusa as a form to expand to the Latin American market.<ref>((cite web|url=http://www.groupeseb.com/en-en/content/acquisition-imusa-conclusive-steps|title=Acquisition of Imusa : conclusive steps|work=Groupe SEB|date=Dec 2010|access-date=4 January 2015|archive-date=8 September 2018|archive-url=https://web.archive.org/web/20180908092920/http://www.groupeseb.com/en-en/content/acquisition-imusa-conclusive-steps|url-status=dead))</ref> Colombia also manufactures for foreign companies as well, such as Whirlpool and GE.<ref>((cite web|url=http://www.euromonitor.com/consumer-appliances-in-colombia/report|title=Consumer Appliances in Colombia|work=Euromonitor International|date=Jan 2015))</ref> LG has also been interested in building a plant in Colombia. Colombia is also Latin America's 3rd largest producer of appliances behind Mexico and Brazil and is growing rapidly.

====Electronics====
Colombia is a major producer of electronics in Latin America, and is South America's 2nd largest high-tech market.<ref name="crn.com">((cite web|url=http://www.crn.com/news/channel-programs/300073509/colombia-launches-it-push-to-grow-countrys-technology-sector-internationally.htm|title=Colombia Launches IT Push To Grow Country's Technology Sector Internationally|work=CRN|date=24 July 2014))</ref> Colombia is also the 2nd largest producer and exporter of electronics made by domestic companies in Latin America. Since the early 2000s, major Colombian corporations began exporting aggressively to foreign markets. Some of these companies include: Challenger, PcSmart, Compumax, Colcircuirtos, and Kalley. Colombia is the first country in Latin America to manufacture a domestically made 4K television.<ref>((cite web|url=http://www.eltiempo.com/tecnosfera/novedades-tecnologia/compra-televisores-4k-guia-para-colombia/15151737|title=Todo listo para masificación de televisores tecnología 4K en Colombia|work=El Tiempo|date=27 January 2015))</ref> In 2014, the Colombian Government launched a national campaign to promote IT and Electronic sectors, as well as investing in Colombia's own companies.<ref name="crn.com" /> Although innovation remains low on the global scale, the government sees heavy potential in the high tech industry and is investing heavily in education and innovation centers all across the nation. Because of this, Colombia could become a major global manufacturer of electronics and play an important role in the global high tech industry in the near future. In 2014, the Colombian government released another national campaign to help Colombian companies have a bigger share of the national market.<ref>((cite web|url=http://www.yocomprocolombiano.com/|title=Compre Colombiano|publisher=Ministry of Commerce, Industry, and Tourism))</ref>

====Construction====
Construction recently((when|date=July 2019)) has played a vital role in the economy, and is growing rapidly at almost 20% annually. As a result, Colombia is seeing a historic building boom.  The Colombian government is investing heavily in transport infrastructure through a plan called "Fourth Generation Network". The target of the Colombian government is to build 7,000&nbsp;km of roads for the 2016–2020 period and reduce travel times by 30% and transport costs by 20%. A toll road concession program will comprise 40 projects, and is part of a larger strategic goal to invest nearly $50bn in transport infrastructure, including: railway systems; making the [[Magdalena river]] navigable again; improving port facilities; as well as an expansion of [[El Dorado International Airport|Bogotá's airport]].<ref>((cite news|url= http://www.ft.com/cms/s/0/dc5d5fe6-668d-11e4-8bf6-00144feabdc0.html#axzz3KHAts7QM |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/cms/s/0/dc5d5fe6-668d-11e4-8bf6-00144feabdc0.html#axzz3KHAts7QM |archive-date=10 December 2022 |url-access=subscription |url-status=live|title= Ambitious plans to transform Colombia|newspaper= Financial Times|access-date= 27 November 2014))</ref> Long-term plans include building a national high-speed train network, to vastly improve competitiveness.

===Utilities===
((Main|Public utilities in Colombia))

==Mining and energy==
((main|Mineral industry of Colombia|Energy in Colombia))
[[File:Emerald crystal muzo colombia.jpg|thumb|The [[emerald]]s are one of the most valuable and exported natural products in the country.]]

Colombia is well-endowed with [[mineral]]s and energy resources. It has the largest [[coal]] reserves in Latin America, and is second to [[Brazil]] in [[hydroelectric]] potential. Estimates of [[petroleum]] reserves in 1995 were ((convert|3.1|Goilbbl|m3)). It also possesses significant amounts of [[nickel]], [[gold]], [[silver]], [[platinum]], and [[emerald]]s.

The country was the 12th largest producer of coal in the world in 2018.<ref>((Cite web|url=https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html|title=Statistical Review of World Energy 2018))</ref> In 2019, Colombia was the 20th largest petroleum producer in the world, with 791 thousand barrels / day.<ref>((cite web| url = https://www.eia.gov/international/data/world/petroleum-and-other-liquids/annual-petroleum-and-other-liquids-production?pd=5&p=0000000000000000000000000000000000vg&u=0&f=A&v=mapbubble&a=-&i=none&vo=value&&t=C&g=00000000000000000000000000000000000000000000000001&l=249-ruvvvvvfvtvnvv1vrvvvvfvvvvvvfvvvou20evvvvvvvvvvnvvvs0008&s=94694400000&e=1577836800000| title = EIA 2019 Petroleum production))</ref> In mining, Colombia is the world's largest producer of emerald.<ref>((cite web| url = https://www.bbc.com/portuguese/noticias/2012/10/121025_colombia_esmeraldas_ru| title = Colombian emeralds))</ref>

The discovery of ((convert|2|Goilbbl|m3)) of high-quality oil at the Cusiana and Cupiagua fields, about ((convert|200|km|mi)) east of [[Bogotá]], has enabled Colombia to become a net oil exporter since 1986. The [[Transandino pipeline]] transports oil from [[Orito]] in the [[Department of Putumayo]] to the Pacific port of [[Tumaco]] in the [[Department of Nariño]].<ref name=unco>((cite news|publisher=UNCO United Refineries|url=http://www.uncounitedrefineries.com/content/bostproject2.php|title=BOST project|access-date=8 June 2008))</ref> Total crude oil production averages ((convert|620|koilbbl/d|m3/d)); about ((convert|184|koilbbl/d|m3/d)) is exported. The [[Andrés Pastrana|Pastrana]] government has significantly liberalized its petroleum investment policies, leading to an increase in exploration activity. Refining capacity cannot satisfy domestic demand, so some refined products, especially [[gasoline]], must be imported. Plans for the construction of a new refinery are under development.

While Colombia has vast hydroelectric potential, a prolonged drought in 1992 forced severe electricity rationing throughout the country until mid-1993. The consequences of the drought on electricity-generating capacity caused the government to commission the construction or upgrading of 10 [[thermoelectric]] power plants. Half will be coal-fired, and half will be fired by [[natural gas]]. The government also has begun awarding bids for the construction of a natural gas pipeline system that will extend from the country's extensive gas fields to its major population centers. Plans call for this project to make natural gas available to millions of Colombian households by the middle of the next decade.

As of 2004, Colombia has become a net energy exporter, exporting electricity to [[Ecuador]] and developing connections to [[Peru]], [[Venezuela]] and [[Panama]] to export to those markets as well. The [[Trans-Caribbean pipeline]] connecting western Venezuela to Panama through Colombia is also under construction, thanks to cooperation between presidents [[Álvaro Uribe]] of Colombia, [[Martín Torrijos]] of Panama and [[Hugo Chávez]] of Venezuela. Coal is exported to [[Coal in Turkey|Turkey]].

[[Oil]] and [[coal]] account for 47% of goods exports in 2021.<ref>((Cite web |last=Analdex |date=2022-05-05 |title=Combustibles y minería jalonaron 47% las exportaciones, según el Dane |url=https://www.analdex.org/2022/05/05/combustibles-y-mineria-jalonaron-47-las-exportaciones-en-marzo-segun-el-dane/ |access-date= |website=Analdex - Asociación Nacional de Comercio Exterior |language=es))</ref>

===Human rights abuses in mining zones===
The oil pipelines are a frequent target of extortion and bombing campaigns by the [[National Liberation Army (Colombia)|National Liberation Army]] (ELN) and, more recently, the [[Revolutionary Armed Forces of Colombia]] (FARC).((Citation needed|date=February 2009)) The bombings, which have occurred on average once every 5 days, have caused substantial environmental damage, often in fragile [[rainforest]]s and jungles, as well as causing significant loss of life.((Citation needed|date=February 2009)) In April 1999 in Cartagena de Indias, Clinton's Secretary of Energy Bill Richardson spoke before investors from the United States, Canada and other countries. He expressed his government's willingness to use military aid to support the investment that they and their allies were going to make in Colombia, especially in strategically important sectors like mining and energy.((Citation needed|date=February 2009))

In 2001 there were 170 attacks on the [[Caño Limón–Coveñas pipeline]]. The pipeline was out of operation for over 200 days of that year;<ref name="GAO">((cite web |title=Security Assistane: Efforts to Secure Colombia's Caño Limón-Coveñas Oil Pipeline Have Reduced Attacks, but Challenges Remain |url=https://www.gao.gov/assets/gao-05-971.pdf |archive-url=https://ghostarchive.org/archive/20221010/https://www.gao.gov/assets/gao-05-971.pdf |archive-date=2022-10-10 |url-status=live |website=U.S. Government Accountability Office |pages=10–11 |date=6 September 2005))</ref> the government estimates that these bombings reduced Colombia's GDP by 0.5%.((Citation needed|date=February 2009)) The government of the [[United States]] increased military aid, in 2003, to Colombia to assist in the effort to defend the pipeline.<ref name="GAO" /> [[Occidental Petroleum]] privately contracted mercenaries who flew [[Cessna Skymaster|Skymaster]] planes,((Citation needed|date=February 2009)) from [[AirScan]] International Inc.,((Citation needed|date=February 2009)) to patrol the Cano Limon-Covenas pipeline. Many of these operations used helicopters, equipment and weapons provided by the U.S. military and anti-narcotics aid programs.((Citation needed|date=February 2009))

Mining and natural exploitation has had environmental consequences. The region of Guajira is undergoing an accelerated desertification with the disappearances of forests, land, and water sources, due to the increase in coal production.<ref>((cite web |title=In Colombia's La Guajira, the native Wayuu are forgotten in the dust |url=https://news.mongabay.com/2020/05/in-colombias-la-guajira-the-native-wayuu-are-forgotten-in-the-dust/ |website=Mongabay |date=13 May 2020 |access-date=3 December 2021))</ref><ref>[http://thephoenix.com/Boston/News/48183-dirty-story-behind-local-energy/?page=3#TOPCONTENT "The Dirty Story Behind Local Energy"], ''The Boston Phoenix'', 1 October 2007.</ref> Social consequences or lack of development in resource rich areas is common. 11 million Colombians survive on less than one dollar a day. Over 65% of these live in mining zones. There are 3.5 million children out of school, and the most critical situation is in the mining zone of Choco, Bolivar, and Sucre.((Citation needed|date=February 2009))

Economic consequences of privatization and liberal institutions have meant changes in taxation to attract foreign investment. Colombia will lose another $800 million over the next 90 years that [[Glencore International]] operates in El [[Cerrejon]] Zona Media, if the company continues to produce coal at a rate of 5 million tons/year, because of the reduction of the royalty tax from 10 to 15% to .04%.((Citation needed|date=February 2009)) If the company, as is plausible, doubles or triples its production, the losses will be proportionally greater.((Citation needed|date=February 2009)) The operational losses from the three large mining projects ([[El Cerrejon]], [[El Paso, Cesar|La Loma]], operated by Drummond, and [[Montelíbano]], which produces [[ferronickel]]) for Colombia to more than 12 billion. ((Citation needed|date=February 2009))

Coal production has grown rapidly, from 22.7 million tons in 1994 to 50.0 million tons in 2003.<ref>Unidad de Planeación Minero Energética – UPME (2004), ''Boletín Estadístico de Minas y Energía 1994–2004''. [http://www.upme.gov.co/Docs/Boletin_Esta_Minas_Energia.pdf PDF file in Spanish].</ref> Over 90% of this amount was exported, making Colombia the world's sixth largest coal exporter, behind [[Australia]], [[China]], [[Indonesia]], [[South Africa]] and [[Russia]].<ref>World Coal Institute (2004), ''Coal Facts – 2004 Edition''. [http://www.worldcoal.org/assets_cm/files/PDF/coal_facts_2004.pdf PDF file] ((webarchive|url=https://web.archive.org/web/20060116044217/http://www.worldcoal.org/assets_cm/files/PDF/coal_facts_2004.pdf |date=16 January 2006 )).</ref> From the mid-1980s the center of coal production was the [[Cerrejón]] mines in the [[Guajira Department|Guajira department]].((Citation needed|date=February 2009)) However, the growth in output at [[El Paso, Cesar|La Loma]] in neighboring [[Cesar Department]] made this area the leader in Colombian coal production since 2004.((Citation needed|date=February 2009)) Production in other departments, including [[Boyacá Department|Boyacá]], [[Cundinamarca Department|Cundinamarca]] and [[Norte de Santander]], forms about 13% of the total.((Citation needed|date=February 2009)) The coal industry is largely controlled by international mining companies, including a consortium of [[BHP]], [[Anglo American plc|Anglo American]] and [[Glencore]] at Cerrejón, and [[Conundrum Company]] at La Loma, which is undergoing a lawsuit in the U.S. District Court in Alabama for union assassinations and alleged paramilitary links.((Citation needed|date=February 2009))

==Foreign investment==
Various attempts to open up the economy during the 1993-2023 period have been described by Portafolio as been "half-hearted".<ref>((cite news |title=Así han sido 3 décadas de 'revolcón' en cuanto a inversión extranjera |url=https://www.portafolio.co/economia/finanzas/inversion-extranjera-directa-en-colombia-tres-decadas-de-revolcon-portafolio-30-anos-587653 |access-date=31 August 2023 |work=Portafolio.co |language=spanish))</ref> In 1990, to attract foreign investors and promote trade, an experiment from the [[International Monetary Fund]]<ref>((Cite book|title=Colombia: The Politics of Reforming the State|last=Posada-Carbo|first=Eduardo|publisher=St. Martin's Press|year=1998|isbn=978-0-312-17618-1|location=New York, New York|pages=194–195))</ref> known as "La Apertura" was adopted by the government, this policy was to modernize different sectors of the economy to increase the overall efficiency of production so as to bring down prices to internationally competitive levels. Although the analysis of the results are not clear,((Citation needed|date=February 2009)) the fact is that the agricultural sector was severely impacted by this policy.<ref>((Cite web |last=Semana |date=2018-02-22 |title=Así cambió la economía en 28 años de apertura |url=https://www.semana.com/economia/articulo/28-anos-apertura-economica/255671/ |access-date=2022-06-27 |website=Semana.com Últimas Noticias de Colombia y el Mundo |language=spanish))</ref>

In 1991 and 1992, the government passed laws to stimulate foreign investment in nearly all sectors of the economy. The only activities closed to foreign direct investment are defense and national security, disposal of hazardous wastes, and real estate—the last of these restrictions is intended to hinder money laundering. Colombia established a special entity—Converter—to assist foreigners in making investments in the country. Foreign investment flows for 1999 were $4.4 billion, down from $4.8 billion in 1998.

Major foreign investment projects underway include the $6 billion development of the Cusiana and Cupiagua oil fields, development of coal fields in the north of the country, and the recently concluded licensing for establishment of cellular telephone service. The United States accounted for 26.5% of the total $19.4 billion stock of non-petroleum foreign direct investment in Colombia at the end of 1998.

On 21 October 1995, under the International Emergency Economic Powers Act (IEEPA), President Clinton signed an Executive Order barring U.S. entities from any commercial or financial transactions with four Colombian drug kingpins and with individuals and companies associated with the traffic in narcotics, as designated by the Secretary of the Treasury in consultation with the Secretary of State and the Attorney General. The list of designated individuals and companies is amended periodically and is maintained by the Office of Foreign Asset Control at the Department of the Treasury, tel. (202) 622-0077 (ask for Document #1900). The document also is available at [http://www.ustreas.gov/ the Department of Treasury web site].

Colombia is the United States' fifth-largest export market in Latin America—behind Mexico, Brazil, Venezuela, and Argentina—and the 26th-largest market for U.S. products worldwide. The United States is Colombia's principal trading partner, with two-way trade from November 1999 through November 2000 exceeding $9.5 billion--$3.5 billion U.S. exports and $6.0 billion U.S. imports. Colombia benefits from duty-free entry—for a 10-year period, through 2001—for certain of its exports to the United States under the Andean Trade Preferences Act. Colombia improved protection of intellectual property rights through the adoption of three Andean Pact decisions in 1993 and 1994, but the U.S. remains concerned over deficiencies in licensing, patent regulations, and copyright protection.

Colombia is also the largest export partner of the [[Kingdom of the Netherlands|Dutch constituent country]] of [[Aruba]] (39.4%).<ref name="CIAWFCO"/>

The petroleum and natural gas coal mining, chemical, and manufacturing industries attract the greatest U.S. investment interest. U.S. investment accounted for 37.8% ($4.2 billion) of the total $11.2 billion in foreign direct investment at the end of 1997, excluding petroleum and portfolio investment. Worker rights and benefits in the U.S.-dominated sectors are more favorable than general working conditions. Examples include shorter-than-average working hours, higher wages, and compliance with health and safety standards above the national average.

==Tertiary industries==
The services sector dominates Colombia's GDP, contributing 58 percent of GDP in 2007, and, given worldwide trends, its dominance will probably continue. The sector is characterized by its heterogeneity, being the largest for employment (61 percent), in both the formal and informal sectors.<ref name="Hernán Vallejo 2010" />

===Arts and music===
Since the early 2010s, the Colombian government has shown interest in exporting modern Colombian pop culture to the world (which includes video games, music, movies, TV shows, fashion, cosmetics, and food) as a way of diversifying the economy and changing the image of Colombia. In the Hispanic world, Colombia is only behind Mexico in cultural exports at US$750 million annually, and is already a regional leader in cosmetic and beauty exports.<ref name="cultural" />

===Travel and tourism===
[[Tourism in Colombia]] is an important sector in the country's economy.((citation needed|date=July 2017)) Colombia has major attractions as a tourist destination, such as Cartagena and its historic surroundings, which are on the UNESCO World Heritage List; the insular department of San Andrés, Providencia y Santa Catalina; Santa Marta, Cartagena and the surrounding area. Fairly recently, Bogotá, the nation's capital, has become Colombia's major tourist destination because of its improved museums and entertainment facilities and its major urban renovations, including the rehabilitation of public areas, the development of parks, and the creation of an extensive network of cycling routes. With its very rich and varied geography, which includes the Amazon and Andean regions, the llanos, the Caribbean and Pacific coasts, and the deserts of La Guajira, and its unique biodiversity, Colombia also has major potential for ecotourism.<ref>Roberto Steiner and Hernán Vallejo. "Tourism". In ''Colombia: A Country Study'' (Rex A. Hudson, ed.). Library of Congress Federal Research Division (2010)</ref>

The direct contribution of Travel & Tourism to GDP in 2013 was COP11,974.3mn (1.7% of GDP). This is forecast to rise by 7.4% to COP12,863.4mn in 2014. This primarily reflects the economic activity generated by industries such as hotels, travel agents, airlines and other passenger transportation services (excluding commuter services). But it also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists.<ref>[http://www.wttc.org/ World Travel and Tourism Council]. Travel and Tourism Economic Impact 2014: Colombia</ref> The direct contribution of Travel & Tourism to GDP is expected to grow by 4.1% pa to COP19,208.4mn (1.8% of GDP) by 2024.

The number of tourists in Colombia grows by over 12% every year. Colombia is projected to have over 15 million tourists by 2023.<ref>((cite web |date=18 February 2015 |title=Colombia received 12% more foreign visitors in 2014: Govt |url=http://colombiareports.co/colombia-received-12-foreign-visitors-2014-govt/ |work=Colombia Reports))</ref><ref>((cite web |date=17 February 2015 |title=Colombia superó la meta de 4 millones de turistas extranjeros en 2014 |url=http://www.mincit.gov.co/publicaciones.php?id=32586 |url-status=dead |archive-url=https://web.archive.org/web/20160828153131/http://www.mincit.gov.co/publicaciones.php?id=32586 |archive-date=28 August 2016 |access-date=3 April 2015 |work=Ministry of Commerce, Industry, and Tourism))</ref>

====Eco-tourism====
Eco-tourism is very promising in Colombia. Colombia has vast coastlines, mountainous areas, and tropical jungles. There are volcanoes and waterfalls as well. This makes Colombia a biodiverse country with many attractions for foreign visitors.

The Colombian coffee growing axis (Spanish: Eje Cafetero), also known as the Coffee Triangle (Spanish: Triángulo del Café), is a part of the Colombian Paisa region in the rural area of Colombia, which is famous for growing and production of a majority of Colombian coffee, considered by some as the best coffee in the world. There are three departments in the area: Caldas, Quindío and Risaralda. These departments are among the smallest departments in Colombia with a total combined area of 13873&nbsp;km<sup>2</sup> (5356&nbsp;mi<sup>2</sup>), about 1.2% of the Colombian territory. The combined population is 2,291,195 (2005 census).<ref>((cite web| url = http://www.colombia.travel/en/mice/congresses-and-conventions/coffee-cultural-landscape/tours/national-coffee-park-in-montenegro| title = Colombia Official Travel Guide))</ref>

===Transportation and telecommunications===
((main|Transport in Colombia|Telecommunications in Colombia))
Colombia's geography, with three cordilleras of the Andes running up the country from south to north, and jungle in the Amazon and Darién regions, represents a major obstacle to the development of national road networks with international connections. Thus, the basic nature of the country's transportation infrastructure is not surprising. In the spirit of the 1991 constitution, in 1993 the Ministry of Public
Works and Transportation was reorganized and renamed the Ministry of Transportation. In 2000 the new ministry strengthened its role as the planner and regulator within the sector.<ref name="lcweb2.loc.gov">((cite news|url=http://lcweb2.loc.gov/frd/cs/pdf/CS_Colombia.pdf |archive-url=https://web.archive.org/web/20110605232154/http://lcweb2.loc.gov/frd/cs/pdf/CS_Colombia.pdf |archive-date=2011-06-05 |url-status=live|author=Roberto Steiner and Hernán Vallejo|editor=Rex A. Hudson|title=Colombia: A Country Study|pages=181–4|publisher=Library of Congress Federal Research Division|date=2010))</ref>

====Air transportation====
Colombia was a pioneer in promoting airlines in an effort to overcome its geographic barriers to transportation. The Colombian Company of Air Navigation, formed in 1919, was the second commercial airline in the world. It was not until the 1940s that Colombia's air transportation began growing significantly in the number of companies, passengers carried, and kilometers covered. In the early 2000s, an average of 72 percent of the passengers transported by air go to national destinations, while 28 percent travel internationally. One notable feature is that after the reforms of the beginning of the 1990s, the number of international passengers tripled by 2003. In 1993 the construction, administration, operation, and maintenance of the main airports transferred to departmental authorities and the private sector, including companies specializing in air transportation. Within this process, in 2006 the International Airport Operator (Opain), a Swiss-Colombian consortium, won the concession to manage and develop Bogotá's [[El Dorado International Airport]]. El Dorado is the largest airport in Latin America in terms of cargo traffic (33rd worldwide), with 622,145 metric tons in 2013, second in terms of traffic movements (45th worldwide) and third in terms of passengers (50th among the busiest airports in the world). In addition to El Dorado, Colombia's international airports are Palo Negro in Bucaramanga, Simón Bolívar in Santa Marta, Cortissoz in Barranquilla, Rafael Núñez in Cartagena, José María Córdova in Rionegro near Medellín, Alfonso Bonilla Aragón in Cali, Alfredo Vásquez Cobo in Leticia, Matecaña in Pereira, Gustavo Rojas Pinilla in San Andrés, and Camilo Daza in Cúcuta. In 2006 Colombia was generally reported to have a total of 984 airports, of which 103 had paved runways and 883 were unpaved. The Ministry of Transportation listed 581 airports in 2007, but it may have used a different methodology for counting them.<ref name="lcweb2.loc.gov" />

====Poverty and inequality====
After a large crisis in 1999, [[poverty in Colombia]] has had a decreasing trend. The share of Colombians below the income-based poverty line fell from 50% in 2002 to 28% in 2016. The share of Colombians below the extreme income-based poverty line fell from 18% to 9% in the same period. Multidimensional poverty fell from 30% to 18% between 2010 and 2016.<ref name="goo.gl/Vs8gki">goo.gl/Vs8gki</ref>
<ref>DANE (Pobreza Monetaria y Multidimensional en Colombia 2016: goo.gl/Vs8gki)</ref>

Colombia has a [[Gini coefficient]] of 51.7.<ref>((Cite web|url=https://www.oecd.org/about/secretary-general/emnet-colombia-and-oecd-collaborating-for-competitivenes-bogota-october-2019.htm|title=EMnet event "Colombia and the OECD: collaborating for competitiveness" - OECD|website=www.oecd.org|access-date=2020-01-15))</ref>

===Retail===
Hypermarkets and big-box stores are losing market participation in Colombian retail.<ref>((cite news |title=La transformación del consumo, la cuota del retail y de las marcas |url=https://www.portafolio.co/negocios/empresas/consumo-en-colombia-transformacion-cuota-del-retail-y-cambio-en-las-marcas-portafolio-30-anos-587646 |access-date=31 August 2023 |work=Portafolio.co |language=spanish))</ref>

== Debt ==
Between 1976 and 2006, Colombia's [[debt]] doubled every 10 years: in 1976 it was about $3.6 billion, in 1986 it was $7.2 billion, in 1996 it was over $16 billion and in 2006 it was over $36 billion. Since 2006, the growth of the debt has accelerated: it reached $72 billion in 2011 and reached $124 billion in 2017, which means that in less than 10 years Colombia's foreign debt has tripled. About a quarter of Colombia's annual budget, or $20 billion, goes to pay off the public debt.<ref>((Cite web |date=30 January 2018 |title=Gaviria Ocampo: "Cerca del 40% del presupuesto de Colombia se destina a guerra y deuda" |url=https://www.elsaltodiario.com/colombia/entrevista-gaviria-ocampo-cerca-40-presupuesto-colombia-destina-guerra-deuda |access-date= |website=www.elsaltodiario.com |language=))</ref>

== Corruption ==
Corruption in public management in Colombia is widespread and structural in nature. This situation generates losses for the country estimated at 15 billion dollars. Colombia has not escaped the scandals involving millions of dollars in bribes from the Brazilian construction company [[Odebrecht]], as well as the Cartagena refinery, a case of embezzlement of public funds that came to light in 2016 and involved members of the governments of [[Álvaro Uribe]] (2002-2010) and [[Juan Manuel Santos]] (2010-2018).<ref>((Cite web |date=29 November 2019 |title=Colombia se suma al ciclo de protestas en la región - Brecha digital |url=https://brecha.com.uy/colombia-se-suma-al-ciclo-de-protestas-en-la-region/ |access-date= |website=brecha.com.uy))</ref>

== See also ==
((Portal|Colombia|Money))
* [[Taxation in Colombia]]
* [[WWB Colombia]]
* [[Economic history of Colombia]]
* [[List of companies of Colombia]]
* [[Colombia and the World Bank]]
* [[Economy of South America]]
* [[List of Colombian departments by GDP]]
* [[List of Latin American and Caribbean countries by GDP growth]]
* [[List of Latin American and Caribbean countries by GDP (nominal)]]
* [[List of Latin American and Caribbean countries by GDP (PPP)]]
* [[20,000 Colombian peso note]]
* [[50,000 Colombian peso note]]

==References==
((Reflist|30em))
((reflist|group=note))

==External links==
* [http://www.investincolombia.com.co/colombia-economy Colombia Economy report – official Investment portal]

((Colombia topics|state=collapsed))
((SACN))
((South America in topic|Economy of))
((World Trade Organization))

[[Category:Economy of Colombia| ]]
[[Category:World Trade Organization member economies|Colombia]]
[[Category:OECD member economies]]

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