Expenditure on Education as a % of GDP in Colombia
The expenditure on education as a % of GDP in Colombia was 9.6% in 2020, an increase of 22.1% from the previous year. Between 2010-2020, the expenditure on education as a % of GDP in Colombia grew by 39.1%. In 2020, Colombia spent more than $26 billion on education, with private education expenditure of $11 billion and public education expenditure of $15 billion.
Education Expenditure Overview
Spending on education as a proportion of Gross Domestic Product (GDP) refers to the overall amount spent on education in a nation in a particular year, expressed as a percentage of GDP. The overall amount spent on education is referred to as educational expenditure. It is the total of a country's annual public and private education spending.
Private education expenditure refers to education expenditure by non-governmental (private) sources, with the exception of international agencies and other foreign sources. Expenditure includes all expenditure that is directly related to instruction and education. Government (public) education expenditure is the current and capital public expenditure on education plus subsidies for private education.
Impact of Education Spending
The fight against poverty depends heavily on education. Spending on education contributes to economic growth and raises a nation's GDP. It contributes to lowering neonatal mortality, raising the average lifespan, and lowering school and college dropout rates.
Outlook on Global Expenditure on Education
As per Global Data estimates, the annual spending on education worldwide was $3.5 trillion in 2020. Some of the top countries with the highest spending on education include the United States, Japan, Germany, the United Kingdom, Canada, France, and Australia. The countries with lowest expenditure on education include Latvia, Croatia, Estonia, Iceland, Cyprus, and Lithuania.
Canada, Chile, Colombia, Norway, Denmark, and Australia are among the top nations with regards to education spending as a percentage of GDP. The nations with the lowest percentage of GDP allocated to education are Croatia, Romania, Latvia, Ireland, and Luxembourg.
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