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Economy of Colombia

Colombia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Colombia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Colombia exports around $58.7 billion and imports roughly $53.5 billion. 9.2% of population in the country are unemployed. The total number of unemployed people in Colombia is 4,550,751. In Colombia, 27.8% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Colombia is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.8% of GDP. The Gini Index of the country is 53.5. Colombia is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Colombia has a Human Development Index (HDI) of 0.711. Colombia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Colombia is 2.72. The strength of legal rights index for Colombia is 12. Overall, it is considered to be rather strong - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible.

Currency

The currency of Colombia is Colombian peso. The plural form of the word Colombian peso is pesos. The symbol used for this currency is $, and it is abbreviated as COP. The Colombian peso is divided into Centavo; there are 100 in one peso.

Credit rating

The depth of credit information index for Colombia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Colombia has a credit rating score of BBB, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Colombia has a credit rating score of BBB, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Colombia has a credit rating score of Baa2, and the prospects of this rating are stable.

Central bank

The prime lending rate of Colombia's commercial banks is 10.9. In Colombia, the institution that manages the state's currency, money supply, and interest rates is called Bank of the Republic. Locally, the central bank of Colombia is called Banco de la República. The average deposit interest rate offered by local banks in Colombia is 4.1%.

Public debt

Colombia has a government debt of 75% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Colombia is set at 33%. Personal income tax ranges from 0% to 33%, depending on your specific situation and income level. VAT in Colombia is 16%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Colombia is $642469 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Colombia was last recorded at $13 million. PPP in Colombia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Colombia is 378,148 billion. Based on this statistic, Colombia is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Colombia. The Gross Domestic Product (GDP) per capita in Colombia was last recorded at $8 million. The average citizen in Colombia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Colombia averaged 5% in 2014. According to this percentage, Colombia is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Colombia.

Industry

Major industries in the country are textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement, gold, coal, emeralds. The total labor force of Colombia is 26,421,870 people, wherein 9.2% of population in the country are unemployed. The total number of unemployed people in Colombia is 4,550,751. The Industrial Production growth rate of Colombia is 4.5%.To read more about industrial information within Colombia click on industry of Colombia.

Agriculture

There are 20878 km2 of arable land in Colombia, and it comprises 2% of the country's total territory. There are 35108 km2 of cultivated land in Colombia. The country's major agricultural crops and products are coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables, forest products, shrimp.To read more about agriculture click on agriculture of Colombia.