GDP

GDP of Colombia in 2023 - Expenditure Approach, Sector Output, and Regional GDP

Last Updated: October 31, 2023
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GDP Summary

“Colombia with a population of had a total GDP value of US dollars (calculated in current US dollars) for the whole of 2022. The GDP per capita is 6658, and the growth rate in 2022 is 7.3%.”

Population

50.339 million

Land Size

1109500 km²

GDP

343.62 billion

GDP Per Capita

6658 USD

Real GDP Growth
Note: Real GDP Growth (%) | Forecast after 2023
GDP Per Capital (Nominal)
Note: Current USD | Forecast after 2023
GDP Per Capita (PPP)
Note: PPP | Forecast after 2023

GDP Structure (Expenditure Approach)

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Private Consumption
71.9%
Government Expneidutre
14%
Capital Formation
21.4%
Export
20.6%
Import
27.8%
GDP Growth(By Type)
Note: Real GDP Growth (%) | Forecast after 2023

GDP Structure By Sector

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Agriculture
6.4%
Industry
25.9%
Manufacturing
13.4%
Service
67.8%
Economic Growth(By Sector)
Note: Real GDP Growth (%) | Forecast after 2023

Economic Development

Colombia is expected to enter a technical recession due to domestic monetary policy tightening and high inflation. Political stability is likely to be maintained due to Mr. Petro’s pragmatism, but the policy outlook is uncertain, which will keep investment subdued in 2023. External demand for Colombia’s exports will weaken due to a global economic slowdown, and the negative impact of monetary tightening and high inflation on private consumption will only be partially offset by increased social spending. As a result, GDP growth is expected to decelerate from 7.6% in 2022 to 2.2% in 2023, followed by a modest recovery starting in the second quarter of 2023. Although the global and US economies are expected to recover modestly in 2024, weak private investment is likely to preclude a more robust recovery, and real GDP growth is expected to average 3.2% per year after 2023. Mr. Pe...

Unemployment

11.2 %

Inflation

10.2 %

Urbanization

81.1 %

TFR

1.8 人

Unemployment Rate
Unit: %
Inflation Rate
Unit: %

GDP By Regions

Top 5 Regions By Population & Their GDP | Note: USD, current prices, current PPP

Colombia

769963 million USD

Bogotá Capital District

200607 million USD

Antioquia

114399 million USD

Valle del Cauca

76863.8 million USD

Cundinamarca

47232.8 million USD

Atlántico

34374.8 million USD

Historical Real GDP Growth Rate
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %

GDP Growth By GDP

Top 5 Regions By Population & Their GDP Growth in 2020

Colombia

-7.16 %

Bogotá Capital District

-6.26 %

Antioquia

-4.78 %

Valle del Cauca

-4.78 %

Cundinamarca

-4.34 %

Atlántico

-5.66 %

Historical Real GDP Growth By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %

GDP Per Capita By Regions

Top 5 Regions By Population & Their GDP Per Capita in 2020 (Measured in PPP, current prices) | Unit: USD

Colombia

15285 USD

Bogotá Capital District

25905 USD

Antioquia

17131 USD

Valle del Cauca

16960

Cundinamarca

14565 USD

Atlántico

12628 USD

Historical GDP Per Capita (PPP) By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0 USD. | Source; Local Statistics Bureau | Unit: %

GDP Per Capita Growth By Regions

Top 5 Regions By Population & Their GDP Per Capita Growth Rate in 2020 | Unit: %

Colombia

-8.18 %

Bogotá Capital District

-6.61 %

Antioquia

-5.95 %

Valle del Cauca

-5.15 %

Cundinamarca

-8.26 %

Atlántico

-6.97 %

Historical GDP Per Capita Growth By Regions
Note: No data for 2019 and 2020 in some regions, denoted with 0%. | Source; Local Statistics Bureau | Unit: %