Colombia PESTLE Insights – A Macroeconomic Outlook Report

Pages: 44 Published: May 16, 2023 Report Code: GDER0035

Mining, manufacturing and utilities contributed 22.1% to gross value added (GVA) in 2022, followed by financial intermediation, real estate and business activities (21.9%) and wholesale, retail and hotels (13.7%), according to GlobalData. In nominal terms, the three sectors are forecast to grow by 6.2%, 7.8% and 6.6%, respectively, in 2023.

Bogota, Cali and Medellin are among the best performing cities of Colombia. These areas contributed 33.2% of GDP and comprised 33.6% of Colombia’s population in 2022.


In 2023, the Colombian government will spend $3.3 billion on infrastructure. About 70% of the sector's funding has already been allocated to the portfolio of fourth- and fifth-generation road projects.

Key Highlights

The overall COLCAP Index exhibited a decreasing trend over last year. As of April 26, 2023, the index stood at 1197.7, compared to 1,575.4 on April 26, 2022.

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Key Players


Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape


List of Tables

Exhibit 1: Colombia's performance in country risk analysis in comparison to Latin America and World average

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: COLCAP Index (April 2022 – April 2023)

Exhibit 5: Key sectors contribution to the economy (2018-25f)

Exhibit 6: FDI total (2018-22) and FDI by sector (2021-22)

Exhibit 7: FDI by country (2021-22) & quarter wise FDI by country (Q1 2022 – Q4 2022)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2018-25f)

Exhibit 10: Real GDP growth rate comparison (2022)

Exhibit 11: Export, import and trade balance (2018-25f)

Exhibit 12: Current account balance (2018-25f)

Exhibit 13: Top three commodity exports, % of total exports (2018-22)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation, % of world total exports (2021)

Exhibit 15: Interest rates (April 2018 – April 2023)

Exhibit 16: Exchange rate and inflation (2018-25f)

Exhibit 17: General government deficit (2018-25f)

Exhibit 18: General government debt (2018-25f)

Exhibit 19: Unemployment rate (2018-25f)

Exhibit 20: Average annual wages (2018-25f)

Exhibit 21: Labor cost index (2018-25f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2022)

Exhibit 26: Number of patents granted per million population (2021)

Exhibit 27: High-technology exports, % of manufactured exports (2021)

Exhibit 28: Rule of law (rankings), 2022

Exhibit 29: Corruption perceptions index (rankings) (2022)

Exhibit 30: Renewable energy capacity (2017-21)

Exhibit 31: CO2 emissions (2017-21)

List of Figures

Exhibit 1: Colombia’s Performance in the Country Risk Analysis in Comparison to Latin America and the World

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: COLCAP Index (March 2021 – March 2022)

Exhibit 5: Key sectors; contribution to the economy (2017-2024f)

Exhibit 6: FDI flows and FDI stock (2016-2020)

Exhibit 7: Key infrastructure indicators

Exhibit 8: Real GDP and household consumption growth rate (2017-2024f)

Exhibit 9: Real GDP growth rate comparison (2021)

Exhibit 10: Exports, imports and trade balance (2017-2024f)

Exhibit 11: Current account balance (2017-2024f)

Exhibit 12: Top three commodity exports, % of total exports, (2016-2020)

Exhibit 13: Oil seeds and oleaginous fruits, % share of World’s total (2020)

Exhibit 14: Interest rates (January 2018 – January 2022)

Exhibit 15: Exchange rate and inflation rate (2017-2024f)

Exhibit 16: Revenue, expenditure and budget deficit (2017-2024f)

Exhibit 17: Public debt (2017-2024f)

Exhibit 18: Unemployment rate (2017-2024f)

Exhibit 19: Average annual wages (2017-2024f)

Exhibit 20: Labor cost index (2017-2024f)

Exhibit 21: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 22: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 23: Gender split (1995, 2005, 2015, 2025)

Exhibit 24: Internet users as a % of total population, mobile and broadband penetration rates (2021e)

Exhibit 25: Number of patents granted per million people (2020)

Exhibit 26: High technology exports (% of manufactured exports) (2020)

Exhibit 27: Doing business in Colombia 2020

Exhibit 28: Corruption perception index (rankings) (2021)

Exhibit 29: Renewable energy, installed capacity (2016-2020)

Exhibit 30: CO2 emissions (2016-2020)


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