Colombia's economy

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Colombia
ColombiaColombia
World economic rank 40
currency Colombian Peso (COP)
Conversion rate 3,372.00 COP per euro (July 2018)
Trade
organizations 		WTO , Pacific Alliance
Key figures
Gross domestic
product (GDP) 		US $ 309.20 billion (2017)
GDP per capita US $ 6,379.66 USD (2017)
growth 1.8% (2017)
inflation rate 4.3% (2017)
Gini index 50.80 (2016)
Employed 22.8 million
Activity rate 64.1% (2017)
Unemployment rate 9.3% (2017)
Foreign trade
export US $ 47.8 billion (2017)
Export goods Petroleum, natural gas, coal, gold, emeralds, coffee, tea, cocoa, spices, bananas, flowers, chemicals, cotton products, sugar, cattle
Export partner USA, China, Canada, Mexico, EU , Brazil, Panama
import US $ 56.678 billion (2017)
Import goods Vehicles, communications technology, raw materials and semi-finished products, capital goods, consumer goods
Import partner USA, China, Mexico, Brazil, Germany, Canada
Foreign trade balance −0.90%
International direct investment (FDI) 14,518
public finances
Public debt 49.4% of GDP (2017)
Government revenue COP 233.859 billion (2017)
Budget balance 49% national debt as a percentage of GDP (2017)
The international financial district in Bogotá

The economy of Colombia is located since the early 2010s on the rise and only found out since the 1990s for significant changes. Colombia has experienced a historic economic boom over the past ten years. Before that, the country was paralyzed by the civil war for 50 years (from May 27, 1964 to September 26, 2016 to be precise), which repeatedly restricted growth and development due to internal armed conflict, crime or nepotism.

The violent conflicts that have lasted for decades have now largely been resolved, the economy is flourishing, and society is making use of its new freedom. The resulting economic opening ("Apertura económica") is based on market economy principles and tries to attract foreign investments into the country. In 2017, US magazine Forbes ranked Colombia 57th worldwide in a ranking on the topic of “The best countries for companies”. The "Apertura" was one of a series of steps that the South American continent had taken as a whole to better integrate itself into the global economy.

Economic situation

Colombia is considered a well industrialized country and is one of the leading economic nations in Latin America . The wealth of resources is considered to be promising, as is the good location in the center of America with a large number of trade routes for export. In addition, there is an advantageous geography and a pleasant climate, as well as the workforce. In the last few decades more and more foreigners came to Colombia to invest after the opening of the economy (apertura) in 1990 and the security situation in the country steadily improved. Colombia has the fastest growing information technology industry in the world and the longest fiber optic network in Latin America at 19,000 kilometers. According to the forecast, the number of Internet users in Colombia will be 30.5 million in 2017. Colombia also has one of the largest shipbuilding industries in the world outside of Asia.

Development of GDP

In 1990 Colombia was Latin America's fifth largest economy and achieved a GDP per capita of only US $ 1,500; in 2015 it would only be the fourth largest and ranked 31st worldwide. By 2015, GDP ( Purchasing Power Parity, PPP ) rose from US $ 120 billion in 1990 to almost 700 billion US dollars, per capita to over US $ 14,000 (world rank 113). The poverty rate was very high at 65% in 1990, but fell to below 24% by 2015.

Economic structure

In addition to mining (see section below), important economic sectors in Colombia are construction, industry and services, as well as tourism, which has not been so long . Important Colombian companies are: Grupo Aval (banking), Ecopetrol (petroleum), Bavaria (beer and beverages), ETB (communication), ISA (energy), Grupo Éxito (supermarkets), Grupo Nutresa (food), Manuelita (agrobusiness), Colpatria (bank), Alpina (groceries), Coltejer (textiles), Acerías Paz del Río (steel), Argos (cement), Corona (hardware stores), Norma (printing and publications) and Colombina (groceries). Large foreign companies have also chosen Colombia as a focus of their South American activities, such as Siemens, Microsoft, Renault, Bayer, BASF, Dupont, Procter & Gamble, STEAG, Goodyear, General Motors and Hewlett-Packard. The start-up rate is high.

Mining

El Cerrejón , the largest coal mine in Latin America

Coal, petroleum and nickel make up 47% of the country's exports. The service sector is becoming increasingly important in Colombia. Tourism should also be mentioned here, but it is still hampered by the security situation in the country.

oil

In terms of value, crude oil makes up 33.2% of Colombia's export revenue. Colombia produced 854,121 bpd (barrels per day) in 2017, less than in 2016 (at that time it was 885,000). The deposits are between 1.54 and 1.84 billion barrels . Added to this is gas production, which is 908.7 million cubic feet / day over the year.

Hard coal

The export of hard coal comes second. Colombia has the largest coal reserves in South America with an estimated 7.4 billion tons, with an estimated 72 percent of the deposits being high-quality steam coal. Colombia ranks 11th in the world in terms of coal production , 90 percent of which is exported.

Coal production has expanded in recent years, although there are hardly any environmental impact assessments, which among other things has led to groundwater contamination in the area. Local residents' human rights are violated, among other things, by displacement and pollution, as well as by dangerous working conditions and threats to trade unionists from paramilitaries.

Colombia is the main supplier of high quality emeralds all over the world. The emerald deposits are an economic factor that should not be underestimated, especially for foreign trade. Annually emeralds are exported with an official trade volume between 150 and 400 million US dollars, with the same amount expected for the black market.

Colombia is also a major producer of nickel .

Other natural resources such as gold , platinum and silver are also important export goods.

Agriculture

Fruits such as bananas , pineapples and papaya as well as rice , sugar cane , potatoes , cotton and tobacco thrive in the tropical zones ; In the temperate areas citrus fruits , yucca , tomatoes and various types of grain grow .

Colombia is fighting alternately with Indonesia for third place as the world's top exporter of green coffee , after Brazil and Vietnam . The popular Colombian Arabica coffee , which has been exported worldwide for centuries, is harvested on the mountain slopes : Colombia is currently the third largest coffee producer in the world (around 810,000 tons in 2016) and the world's largest producer of Fairtrade coffee. When it comes to the production of bananas , Colombia ranks fifth worldwide with more than 1.5 million tons. When it comes to the production of potatoes , Colombia is the leader in Latin America .

Colombia is the world's largest producer of cloves as cut flowers , in terms of cut flowers it ranks second after the Netherlands . With 3500 species, the country has the world's largest supply of orchids . In 2012, Colombia exported more than 200,000 tons of flowers valued at US $ 1.27 billion. Colombia is the world's largest producer of Guadua bamboo , which is mainly used for building houses and bridges, including multi-storey buildings, but also for scaffolding. Large areas are reserved for livestock farming.

tourism

With 3.3 million tourists in 2016, Colombia is the fourth most-visited country in South America. Tourists spent $ 4.8 billion in the same year. The main tourist destination in Colombia is the city of Bogota. There are a total of 9 UNESCO World Heritage Sites in the country .

education and Science

The spirit of optimism in Colombia has also gripped universities and science. The state offers high quality standards in training, a well-developed university system and a wide range of future-oriented research topics. In science, it consciously relies on strategic networking and international cooperation. "Scientific relations with Germany are particularly important to Colombia," emphasizes Ambassador Juan Mayr Maldonado. In view of the positive developments in the state, the intensive exchange that has been going on for many years is gaining new momentum and opening up good prospects thanks to numerous funding opportunities.

outlook

Colombia's economy grew by 3.1% in 2015, less than in previous years. The main cause was the drop in oil prices. In the future, growth could be more sustainable than in the past and no longer be based solely on the raw materials sector. The sharp devaluation of the peso acts as a buffer that makes other sectors more competitive. In 2013, Colombia began its accession process to the OECD .

Individual evidence

  1. ↑ EURCOP Spot Exchange Rate . bloomberg.com. Accessed July 11, 2018 (English).
  2. ↑ Colombia: Gross Domestic Product (GDP) 2017 (in billion US dollars) . koema.de. Accessed August 17, 2018
  3. ↑ Colombia GDP per capita ceicdata.com. Retrieved August 15, 2018
  4. ↑ Colombia - General government gross debt,% of GDP . knoema.de. Accessed August 15, 2018
  5. ↑ Colombia's Awakening dw.com, April 7, 2012
  6. ^ Apertura económica . banrepcultural.org. Accessed March 5, 2017 (Spanish)
  7. ↑ Best Countries for Business - 2016 RANKING . forbes.com. Accessed March 12, 2017 (English)
  8. ↑ Azteca Installs 12.000 km of Fiber Optic Cable in Colombia . azooptics.com. Accessed March 5, 2017 (English)
  9. ↑ Forecast of the number of Internet users in Colombia . de.statista.com. Accessed March 5, 2017
  10. ↑ gross domestic product (GDP) per capita . laenderdaten.de. Accessed March 8, 2017
  11. ↑ Colombia: New boom country in South America? . tt.com from October 2, 2016. Accessed March 19, 2020
  12. ↑ Colombia and the mining boom, translated from La Semana, May 2010 , April 28, 2013.
  13. ↑ La ola de bondades que traería el petróleo a US $ 70 eltiempo.com, accessed on January 23, 2018 (Spanish)
  14. ↑ Colombia produjo en promedio 854.121 barriles de crudo diarios en 2017 eltiempo.com, accessed on January 23, 2018 (Spanish)
  15. ^ Countries - US Energy Information Administration (EIA). Retrieved March 8, 2015 .
  16. ↑ Colombia produjo en promedio 854.121 barriles de crudo diarios en 2017 eltiempo.com, accessed on January 23, 2018 (Spanish)
  17. ↑ Manfred Fuchs, Tilman Schiel: The price of coal: a comparative study of coal mining in Colombia, South Africa and Poland. C. H. Beck, 1997, p. 14.
  18. ^ Deutsche Welle: Human rights violations by coal mining , November 20, 2008.
  19. ↑ Handelsblatt online: The coal is stained with blood , April 28, 2013.
  20. ↑ The 10 largest coffee- growing countries tenoftheday.de, accessed on January 23, 2018
  21. ↑ Christian Seiler: The banana is a stick. Portrait of our favorite fruit. Das Magazin, Tamedia, Zurich October 1, 2016, page 13
  22. ↑ Flowers from Bogotá . nzz.ch. Accessed March 6, 2017
  23. ↑ UNWTO 2017. World Tourism Organization, accessed August 14, 2018 .
  24. ↑ Country profile Colombia . gate-germany.de. Accessed March 5, 2017 (English)

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