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Economy of Colombia
The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product and the third-largest economy in South America. 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 third largest in Latin America by nominal GDP. As of 2024, the GDP (PPP) per capita has increased to over US$19,000, and real gross domestic product at chained PPPs increased from US$250 billion in 1990 to over US$1 trillion in 2024. 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.
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. 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.
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. Colombia is only behind Mexico in cultural exports and is already a regional leader in cosmetic and beauty exports.
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. 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.
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) and social assistance is very low. Many people in their 70s and 80s are forced to continue working or beg. The country is said to be the most unequal in the Organisation for Economic Co-operation and Development (OECD).
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 Jimenez de Quesada, Sebastián de Belalcazar, and Nikolaus Federmann.
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Economy of Colombia
The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product and the third-largest economy in South America. 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 third largest in Latin America by nominal GDP. As of 2024, the GDP (PPP) per capita has increased to over US$19,000, and real gross domestic product at chained PPPs increased from US$250 billion in 1990 to over US$1 trillion in 2024. 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.
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. 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.
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. Colombia is only behind Mexico in cultural exports and is already a regional leader in cosmetic and beauty exports.
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. 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.
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) and social assistance is very low. Many people in their 70s and 80s are forced to continue working or beg. The country is said to be the most unequal in the Organisation for Economic Co-operation and Development (OECD).
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 Jimenez de Quesada, Sebastián de Belalcazar, and Nikolaus Federmann.