Colombia Economy 5-17-24

Nominal GDP $363.835B, Per capita GDP $6,976, Population 52,882,000, Debt to GDP 52.52%, Average Wage $4,140, Inflation 20.4% Unemployment 10.2%, Exports $28.7B, Imports $24.8B. Trade Surplus 3.9B. Lane area 440,831 sq miles, Urban 81.74% Rural 18.26%, Arable land is 1.8%. Agricultural land is 38.5%. Labor Force Participation is 75.7% for men and 51.4% for women over 15 years of age. 

Exports crude petroleum or bituminous mineral oils, and thermal coal, reaching an export value of $12.4B billion U.S. dollars and $7.65 billion dollars, respectively.

Imports gasolines without tetraethyl lead, reaching an import value of $2.55 billion U.S. dollars. Planes and other aircrafts were the second most imported product by Colombia, accounting for roughly two billion U.S. dollars. Food imports are 30%.

Imports The top imports are Refined Petroleum ($6.26B), Cars ($2.73B), Broadcasting Equipment ($2.64B), Corn ($2.02B), and Packaged Medicaments ($1.77B), importing mostly from United States ($19.4B), China ($18.1B), Brazil ($5.16B), Mexico ($3.6B), and Germany ($2.24B)

The production of hydropower contributes the most, generating over 54 TWh. Simultaneously, fossil fuels such as gas, coal, and oil cumulatively contribute nearly 29 TWh.

Literacy is 99%. Poverty is 36%. Homelessness is 9%. Armed groups continue to commit serious abuses against civilians. Reports of child recruitment and kidnappings increased in 2023. Security forces and judicial authorities have often failed to effectively protect the population, ensure victims' access to justice, and prosecute and dismantle criminal groups. Colombia is also host to 3 million Venezuelan migrants.

Education is occupational and practical. The most popular disciplines offered at universities in Bogota include business administration, economics international business and engineering. Medicine and health sciences are also common disciplines offered.

Bogotá is Colombia's largest economic center and the headquarters of major commercial banks. Because of its status as site of the country's capital, it is home to a number of government agencies, which represent a major component of the city's economy. Major international companies with offices in Bogotá include: Oracle, IBM, PwC, Unilever, Huawei Technologies, Citibank, Hewlett-Packard, Microsoft, Nokia, and others.

Colombia has the third biggest economy in South America, and is sitting on significant deposits of minerals such as oil, gold and natural gas. Bogotá is also the major center for the import and export of goods and is the home of Colombia's tire, chemical, and pharmaceutical industries.

Comments

It looks like the population in Colombia is doing all it can to add to GDP. The goal is to produce everything you consume and maintain a trade surplus. Growing more corn to reduce corn imports and lower gasoline costs in 2025 are needed.

Norb Leahy, Dunwoody GA Tea Party Leader