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Colombia heavily depends on energy and mining exports, making it vulnerable to fluctuations in commodity prices. Colombia is Latin America's fourth largest oil producer and the world's fourth largest coal producer, third largest coffee exporter, and second largest cut flowers exporter. Colombia's economic development is hampered by inadequate infrastructure, poverty, narcotrafficking, and an uncertain security situation, in addition to dependence on primary commodities (goods that have little value-added from processing or labor inputs).

Colombia's economy slowed in 2017 because of falling world market prices for oil and lower domestic oil production due to insurgent attacks on pipeline infrastructure. Although real GDP growth averaged 4.7% during the past decade, it fell to an estimated 1.8% in 2017. Declining oil prices also have contributed to reduced government revenues. In 2016, oil revenue dropped below 4% of the federal budget and likely remained below 4% in 2017. A Western credit rating agency in December 2017 downgraded Colombia's sovereign credit rating to BBB-, because of weaker-than-expected growth and increasing external debt. Colombia has struggled to address local referendums against foreign investment, which have slowed its expansion, especially in the oil and mining sectors. Colombia's FDI declined by 3% to $10.2 billion between January and September 2017.

Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into effect in May 2012. Colombia is a founding member of the Pacific Alliance—a regional trade block formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. The Colombian government took steps in 2017 to address several bilateral trade irritants with the US, including those on truck scrappage, distilled spirits, pharmaceuticals, ethanol imports, and labor rights. Colombia hopes to accede to the Organization for Economic Cooperation and Development.

GNI, Atlas method (current US$) (billions)43.8992.62254.13310.85
GNI per capita, Atlas method (current US$)1,3302,3405,6206,260
GNI, PPP (current international $) (billions)159.27259.41467.55724.23
GNI per capita, PPP (current international $)4,8106,55010,34014,580
GDP (current US$) (billions)47.8499.89286.56333.57
GDP growth (annual %)
Inflation, GDP deflator (annual %)52.333.73.84.5
Agriculture, forestry, and fishing, value added (% of GDP)17866
Industry (including construction), value added (% of GDP)31273127
Exports of goods and services (% of GDP)19161616
Imports of goods and services (% of GDP)16171821
Gross capital formation (% of GDP)21152221
Revenue, excluding grants (% of GDP)..11.621.517.2
Net lending (+) / net borrowing (-) (% of GDP)..-4.2-5.1-2.3
States and markets
Time required to start a business (days)..441111
Domestic credit provided by financial sector (% of GDP)..38.566.1..
Tax revenue (% of GDP)..9.913.914.4
Military expenditure (% of GDP)1.933.63.1
Mobile cellular subscriptions (per 100 people)05.798.4129.9
Individuals using the Internet (% of population)02.236.562.3
High-technology exports (% of manufactured exports)....57
Statistical Capacity score (Overall average)....8482
Global links
Merchandise trade (% of GDP)0000
Net barter terms of trade index (2000 = 100)81100160142
External debt stocks, total (DOD, current US$) (millions)17,41134,32964,432132,742
Total debt service (% of exports of goods, services and primary income)43.130.620.640.6
Net migration (thousands)-288-231-1931,024
Personal remittances, received (current US$) (millions)4951,6104,0316,360
Foreign direct investment, net inflows (BoP, current US$) (millions)5002,4366,43011,535
Net official development assistance received (current US$) (millions)101.1202.4673.11,762.70


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