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The Colombian Economy

The Colombian Economy. Main facts . Population: approx. 46.5 million Surface area: 1,141,748 Km2 Official language: Spanish Capital city: Bogotá D.C. Index. GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure

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The Colombian Economy

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  1. TheColombianEconomy

  2. Main facts • Population: approx. 46.5 million • Surface area: 1,141,748 Km2 • Official language: Spanish • Capital city: Bogotá D.C.

  3. Index GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure Trade, foreign investment, and tourism

  4. Historical GDP Growth (%) Historically, Colombia has exhibited a moderate, relatively constant rate of GDP growth. The only recession observed during the past decades occured in the year 1999. Source: World Development Indicators

  5. GDP per capita (current US dollars) Source: International Monetary Fund

  6. GDP Growth in the Last Decade Annual GDP Growth (%) 1,7% 2,5% 3,9% 5,3% 4,7% 6,7% 6,9% 3,5% 1,7% 4,0% 5,9% Colombian GDP grew 5,9% 2011. Source: DANE

  7. GDP Growth by Regions Annual GDP Growth (%) The emerging markets have had higher GDP growth than advanced economies throughout the last decade. Moreover, Colombia resisted the global crisis better than the rest of its region. Source: International Monetary Fund

  8. Composition of GDP by Demand Composition of GDP by Demand, 2011 (% of GDP) Source: World Development Indicators

  9. GDP Growth – Demand Side Annual Growth in 2011 (%) Annual Growth in 2011-IV (%) Current GDP growth is led by a strong private demand. Source: DANE

  10. Household Consumption Household Consumption, Annual Growth (%) Household consumption, which represents almost two thirds of Colombian GDP, decelerated during the past global crisis. However, it is now growing at pre-crisis levels. Source: DANE

  11. Composition of GDP by Supply Composition of GDP by Supply, 2011 (% of GDP) Source: DANE

  12. GDP Growth – Supply Side Annual Growth in 2011 (%) Annual Growth in 2011-IV (%) All the sectors of the economy expanded during 2011. Source: DANE

  13. Mining Mining, Annual Growth (%) Oil production (kbpd) The mining activity has been going through a boom during the past years, due mainly to higher oil production. Source: DANE, ANH

  14. Commerce Commerce, Annual Growth (%) The commercial sector experienced a fast recovery following the global crisis and is currently growing at pre-crisis levels. Source: DANE

  15. Industry Industry, Annual Growth (%) The manufacturing industry is also expanding, but at a slower rate than before the crisis. Source: DANE

  16. Index GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure Trade, foreign investment, and tourism

  17. Unemployment Unemployment Rate (%) General Participation Rate (%) Colombia‘s unemployment rate increased slightly during the global crisis, but has been recovering since. Source: DANE

  18. Poverty Incidence of Poverty (%) Incidence of Extreme Poverty (%) Poverty in Colombia remains elevated, but has been falling during the decade. The Government expects to reduce the incidence of poverty to 32% and extreme poverty to 9,5% by 2014. Source: National Planning Department

  19. Inequality Gini Index* *: The index varies between 0 (total equality) and 1 (total inequality). Income inequality is still elevated and has not changed much in the past decade. Source: National Planning Department

  20. Index GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure Trade, foreign investment, and tourism

  21. Central Bank Colombia has an independent central bank, Banco de la República, in charge of maintaining price stability. The central bank adopted inflation targeting in 1999.

  22. Annual Inflation (%) Annual inflation currently stands within the central bank‘s inflation target range (2% to 4%). Source: Central Bank

  23. Index GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure Trade, foreign investment, and tourism

  24. Fiscal Balance (% of GDP) Colombia has a relatively low fiscal deficit. Source: Ministry of Finance

  25. Gross Public Debt (% of GDP) Source: Ministry of Finance

  26. Main Reforms: Fiscal Sustainability The concept of Fiscal Sustainability has been included as one of the criteria in the Political Constitution of Colombia. From now on, the economic aspect will have a weight on the government spending decisions. This way, the government will be able to satisfy the citizen‘s fundamental rights not just in the present but also in the future.

  27. Main Reforms: Fiscal Rule The Fiscal Rule intends to institutionalize the government‘s fiscal discipline. Superavitary income must be saved, and will be used to reduce the public debt or as countercaclical spending. The structural deficit must be below 1% by 2022.

  28. Main Reforms: Royalties The Royalties coming from the exploitation of oil and mining will have a better administration. Resources will be distributed to the regions where they are most needed, and will be used to finance proyects with regional impact. 10% of the resources will be destined to the Science, Technology, and Innovation Fund. Royalties amounted to EUR 2,860 million in 2011, and are expected to reach EUR 3,971 million in 2012.

  29. Index GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure Trade, foreign investment, and tourism

  30. Coal production (million tonnes) Colombia is the largest producer of coal in Latin America and the 10th largest in the world. *: Year to date until Q3 2011. Source: UPME, Ministry of Foreign Affairs

  31. Renewable Energy Source: Ministry of Foreign Affairs • In 2008, Colombia‘s renewable energy production was 46,403 GWh in hydro generation, 590 GWh in solid biomass, and 54GWh in wind generation. • Colombia‘s geographical diversity makes it well suited to renewable energy production: • The Magdalena, La Guajira, San Andrés and Providencia are well suited to solar energy production. • Empresas Públicas de Medellín (EPM) has put the first windfarm into operation (Jepirachi) in the Guajira, with 15 turbines providing 19.5 MW to the National Grid. • 1.5 million tonnes of sugarcane biomass and 450,000 tonnes of rice husks biomass could potentially be used for energy production.

  32. Distribution of power generation in Colombia Source: XM

  33. New infrastructure 2012-2020 RIOHACHA PARAGUACHON SANTA MARTA BARRANQUILLA CARTAGENA VALLEDUPAR CUESTECITAS Over 6,000 km of new roadways will receive concessions: Approx. USD 80 billion BUENAVISTA SAN JUAN CARMEN DE BOLIVAR SAN ROQUE LA PAZ SINCELEJO SAN PELAYO PONEDERA CRUZ DEL VISO CARRETO ACHÍ TOLUVIEJO NECOCLÍ MONTERIA SAN MARCOS PALO DE LETRAS LA YE CAUCACIA CUCUTA SIMITÍ AGUACLARA OCANA PLANETA RICA PAMPLONA EL TIGRE B/MANGA ARAUCA BARRANCAB. REMEDIOS Tunel de Occidente Santa fé de Ant. PTO BERRÍO TAME MEDELLIN Camilo C Bolombolo BARBOSA SOGAMOSO SOGAMOSO PTO. SALGAR TUNJA TUNJA Tres Puertas YOPAL ZIPAQUIRA MANIZALES SOPO SISGA VILLETA EL SECRETO CARTAGO Pto. Arimena CALERA BOGOTA PEREIRA ARMENIA CÁQUEZA LA PAILA IBAGUE PUERTO GAITAN ESPINAL VILLAVICENCIO GIRARDOT BUENAVENTURA CALI VILLAVICENCIO BUGA STDER. QUILICHAO NEIVA CALI POPAYAN CHACHAGÛÍ MOCOA RUMICHACA Source: National Infrastructure Agency PASTO

  34. Index GDP Unemployment, Poverty and Inequality Inflation and Monetary Policy Fiscal Policy Mining, energy, and infrastructure Trade, foreign investment, and tourism

  35. Overall Trade Balance (USD Million) Source: DANE

  36. Trade with Germany Source: DANE Exports to Germany experienced an annual growth of 67.8% in 2011, reaching USD 419 million (0.7% of total exports during the period). Imports from Germany experienced an annual growth of 33.6% in 2011, reaching USD 2,215 million (4.1% of total exports during the period).

  37. Trade with Germany Trade Balance with Germany (USD Million) according to DANE There is a significant difference between bilateral trade figures published by the authorities of Colombia (DANE) and Germany (DESTATIS), as Colombia reports exports according to port of destination and Germany according to country of origin. In 2011, DANE reported exports of Colombia to Germany of USD 419 million (EUR 325 million), whereas DESTATIS reported imports of Germany from Colombia of EUR 1,571 million. According to German figures, Colombia has been traditionally within the top three providers of carbon to Germany.

  38. Free Trade Agreements In 2012, Colombian exporters will have a market of around 850 million consumers around the world. Source: Ministry of Commerce, Industry, and Tourism

  39. Foreign Direct Investment Source: OECD, Central Bank Of the total stock of Foreign Direct Investment of Germany in the rest of the world, 0.07% has gone to Colombia. In 2010, 0.01% of total FDI in Colombia came from Germany.

  40. Tourism in Colombia Number of tourists entering Colombia (thousands) 2011 was a record year for tourism in Colombia. Close to 1.6 million tourists visited the country, a record amount and a 7,3% increase with respecto to the previous year. Source: Ministry of Commerce, Industry, and Tourism

  41. Tourism from Germany German tourists visiting Colombia Last year, 41.166 Germans visited Colombia, an increase of 39,3% with respect to 2010. In 2011, Germany became the second biggest source of tourism to Colombia from the European Union, second only to Spain. Source: Ministry of Commerce, Industry, and Tourism

  42. Contact data José Alzate Beauftragter für Wirtschaft und Handel Botschaft der Republik Kolumbien j.alzate@botschaft-kolumbien.de +49 30 26396110

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