Lewes, DE -- (SBWIRE) -- 06/11/2019 -- Colombia's economy is forecasted to grow 3.2 percent in 2019 which is on the higher side than Brazil, Mexico, and Argentina. The central bank of the country also estimates that the economy could grow 3.3 percent a year without calculating the inflation.
Colombia, officially the Republic of Colombia, is a country on the northwestern coast of South America, bordered to the northwest by Panama, to the north by the Caribbean Sea, to the east by Venezuela and Brazil, to the south by Ecuador and Peru, and to the west by the Pacific Ocean. It is a unitary, constitutional republic comprising thirty-two departments.
Colombia had an estimated population of 48.203 million in the year 2016 and expected to reach 51.983 million by 2022. Colombia's unemployment rate was 7.2% of the total labor force.
Colombia's real gross domestic product (GDP) was around COP 541675 billion in 2016 whereas the nominal GDP was COP 862675 billion. This resulted in a GDP deflator 159.261. Per capita GDP was estimated at USD 5792.18 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 14130.18.
In 2016, the Colombian government's revenue was COP 215108.302 billion whereas the expenditure was COP 244361.879 billion. This resulted in Colombian government's net lending / borrowing negative at COP 29253.577 billion in 2016 indicating that enough financial resources were not made available by the government to boost economic growth.
The current account balance for Colombia was estimated to be negative at USD 12.541 billion for the year 2016 and is expected to decrease at a CAGR of 7.35% and reach USD 11.009 by 2022. This negative current account balance indicates Colombia is a net borrower from the whole world.
Scope of Colombia – PESTLE Analysis Report
- This report provides information about key macroeconomic indicators for Colombia.
- This report provides PESTEL (political, economic, social, technological, legal, and environmental ) analysis for Colombia.
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