Moderate economic growth

Last update – January 2024
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP USD343.9bn (World ranking 44, World Bank 2022)
Population 51.9mn (World ranking 28, World Bank 2022)
Form of state
Presidential republic
Head of state Gustavo Petro (President)
Next elections
2026, presidential
  • Natural resource base: agricultural, energy and minerals
  • Strong medium-term growth
  • Pro-business environment
  • Fiscal sustainability principle included in the Constitution
  • Support from international financial institutions
  • Independent monetary authorities
  • Sensitive to commodity price fluctuations and the U.S. business cycle
  • Difficult security situation with long running domestic insurgency and drug trafficking
  • Rule of law and control of corruption remain areas of concern
  • High informality in the job market
  • Skewed income distribution

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  Exports Rank Imports  
United States 27.1% 1 25.0% United States
Panama 10.3% 2 24.6% China
Netherlands 5.5% Netherlands.png 3 7.2% Brazil
India 4.4% 4 5.5% Mexico
Brazil 4.1% 5 France.png 3.2% France

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Exports Rank Imports
Petroleum, petroleum products and related materials  35.4%
1 8.0% Petroleum, petroleum products and related materials
Coal, coke and briquettes 24.4%
2 7.1% Road vehicles
Coffee, tea, cocoa, spices, and manufactures thereof 8.5%
3 6.4% Organic chemicals
Gold, non-monetary (excluding gold ores and concentrates 3.8%
4 6.3% Telecommunication and sound recording apparatus
Crude animal and vegetable materials, n.e.s. 3.4%
5 5.3% Cereals and cereal prparations
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Economic Research Team