Country snapshots 2017-18: Colombia

Growth to pick up

Economic growth is projected to pick up in 2017 and 2018, driven by stronger external demand and a recovery in agriculture following the end of El Niño. The current account deficit remains high, but is projected to narrow gradually as the sharp peso depreciation contains imports and spurs non-traditional exports. Inequalities remain high despite a slight decline in unemployment. 

Inflation remains high but is declining as the effects of temporary shocks, such as the past depreciation and weather-related agricultural price hikes, have started to wane. The central bank raised interest rates earlier in the year and managed successfully to contain inflation expectations. Monetary policy can ease gradually as inflation continues to decline. Approving the financial conglomerates law can help reduce risks. Structural reforms in education, health and infrastructure, and reducing informality with reforms in non-wage labour costs, should make growth broader based and more inclusive. 

GDP growth

2013

Current prices COP trillion

2016

  

2017

% real change

2018

  

710.5 2.1 2.5 2.9

Visit www.oecd.org/eco/economicoutlook.htm

©OECD Observer No 308 Q4 2016   




Economic data

GDP growth: +0.5% Q2 2019 year-on-year
Consumer price inflation: 1.6% September 2019 annual
Trade: -1.9% exp, -0.9% imp, Q2 2019
Unemployment: 5.2% September 2019
Last update: 18 November 2019

OECD Observer Newsletter

Stay up-to-date with the latest news from the OECD by signing up for our e-newsletter :

Twitter feed

Subscribe now

<b>Subscribe now!</b>

Have the OECD Observer delivered
to your door



Edition Q2 2019

Previous editions

Don't miss

Most Popular Articles

NOTE: All signed articles in the OECD Observer express the opinions of the authors
and do not necessarily represent the official views of OECD member countries.

All rights reserved. OECD 2019