Editing Economy of Colombia (section)

==Overview==
{{prose|section|date=July 2016}}
In the early 21st century, the Colombian economy grew in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Growth slowed to 1.4 percent in 2017, and then increased to 3.3 percent in 2019.<ref>{{Cite web|title=Overview|url=https://www.worldbank.org/en/country/colombia/overview|access-date=2020-06-10|website=World Bank|language=en}}</ref>

[[Álvaro Uribe|President Uribe]], who was in office from 2002 to 2010, examined opportunities including reforming the pension system, reducing high unemployment, achieving congressional passage of a fiscal transfers reform, and [[Hydrocarbon exploration|exploring for new oil]] or producing [[Ethanol fuel|ethanol]]. Colombia's [[Gini coefficient]], a measure of inequality, was one of the highest in South America.<ref>{{Cite web|last=El Tiempo|first=Casa Editorial|date=2015-03-28|title=¿Qué hay detrás de la rápida disminución de la pobreza en Colombia?|url=https://www.eltiempo.com/archivo/documento/CMS-15482137|access-date=2020-06-10|website=El Tiempo|language=es}}</ref> International and domestic financial analysts warned of the growing central government deficit, which hovered at 5% of GDP. Nonetheless, confidence in the economy grew.<ref name="CIAWFCO" />

The [[middle class]] will represent 25% of the population in 2020 according to a survey by the daily newspaper ''[[El Tiempo (Colombia)|El Tiempo]]''. Official data indicate that 42.5% of the population lives below the poverty line. The social elevator is one of the slowest in the world, as it takes an average of eleven generations for a family to rise out of poverty.<ref>{{Cite web |last=Tiempo |first=Casa Editorial El |date=2021-12-14 |title=¿Pertenece a la clase media? Estos son los criterios según el Dane |url=https://www.eltiempo.com/economia/sectores/es-de-clase-media-estos-son-los-criterios-segun-ingresos-en-colombia-638706 |access-date= |website=El Tiempo |language=spanish}}</ref>

The [[tax system]] is one of the causes of Colombia's deep social inequalities. The [[income tax]] (IRPP) is not very progressive (almost all taxpayers pay it at a rate of between 19% and 28%, and the rate rises only slightly thereafter) and is levied mainly on salaries, with other categories of income being largely underreported. Redistribution through the Colombian tax system is thus the lowest in Latin America, even though it is on average very limited.<ref>Juan Pablo Jiménez, ''Desigualdad, concentración del ingreso y tributación sobre las altas rentas en América Latina'', CEPAL, 2015.</ref>

===Development of main indicators===
The following table shows the main economic indicators in 1980–2019 (with IMF staff stimtates in 2020–2025). Inflation below 5% is in green.<ref>{{Cite web|url=https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=228&s=NGDP_RPCH%2CPPPGDP%2CPPPPC%2CPCPIPCH%2CLUR%2CGGXWDG_NGDP&grp=0&a=&pr.x=60&pr.y=1|title=Report for Selected Countries and Subjects|website=www.imf.org|language=en-US|access-date=11 September 2018}}</ref>
{{static row numbers}}{{sticky header}}
{| class="wikitable sortable sticky-header" style="text-align:center;"
! Year !! GDP<br><small>(in bil. US$PPP)</small> !! GDP per capita<br><small>(in US$ PPP)</small> !! GDP<br><small>(in bil. US$nominal)</small> !! GDP per capita<br><small>(in US$ nominal)</small> !! GDP growth<br><small>(real)</small> !! Inflation rate<br><small>(in percent)</small> !! Unemployment<br><small>(in percent)</small> !! Government debt<br><small>(in % of GDP)</small>
|-
| 1980 || 78.5 || 2,840.6 || 46.5 || 1,681.7 || {{Increase}}4.4% || {{IncreaseNegative}}25.9% || 5.4% || n/a
|-
| 1981 || {{Increase}}87.9 || {{Increase}}3,110.9 || {{Increase}}50.6 || {{Increase}}1,792.3 || {{Increase}}2.3% || {{IncreaseNegative}}27.4% || {{IncreaseNegative}}6.6% || n/a
|-
| 1982 || {{Increase}}94.2 || {{Increase}}3,262.8 || {{Increase}}54.2 || {{Increase}}1,878.1 || {{Increase}}0.9% || {{IncreaseNegative}}24.9% || {{IncreaseNegative}}7.1% || n/a
|-
| 1983 || {{Increase}}99.4 || {{Increase}}3,371.2 || {{Decrease}}53.9 || {{Decrease}}1,827.2 || {{Increase}}1.6% || {{IncreaseNegative}}19.5% || {{IncreaseNegative}}8.7% || n/a
|-
| 1984 || {{Increase}}106.5 || {{Increase}}3,534.9 || {{Decrease}}53.2 || {{Decrease}}1,767.2 || {{Increase}}3.4% || {{IncreaseNegative}}16.3% || {{IncreaseNegative}}9.0% || n/a
|-
| 1985 || {{Increase}}113.3 || {{Increase}}3,785.6 || {{Decrease}}48.6 || {{Decrease}}1,623.0 || {{Increase}}3.1% || {{IncreaseNegative}}23.9% || {{DecreasePositive}}8.7% || n/a
|-
| 1986 || {{Increase}}122.3 || {{Increase}}4,003.7 || {{Steady}}48.6 || {{Decrease}}1,592.2 || {{Increase}}5.8% || {{IncreaseNegative}}18.8% || {{DecreasePositive}}7.7% || n/a
|-
| 1987 || {{Increase}}132.0 || {{Increase}}4,234.3 || {{Increase}}50.6 || {{Increase}}1,623.4 || {{Increase}}5.4% || {{IncreaseNegative}}23.3% || {{DecreasePositive}}7.4% || n/a
|-
| 1988 || {{Increase}}142.2 || {{Increase}}4,468.2 || {{Increase}}54.6 || {{Increase}}1,714.2 || {{Increase}}4.1% || {{IncreaseNegative}}28.1% || {{DecreasePositive}}6.5% || n/a
|-
| 1989 || {{Increase}}152.9 || {{Increase}}4,704.3 || {{Increase}}55.0 || {{Decrease}}1,693.4 || {{Increase}}3.4% || {{IncreaseNegative}}25.9% || {{IncreaseNegative}}6.8% || n/a
|-
| 1990 || {{Increase}}165.4 || {{Increase}}4,987.8 || {{Increase}}56.0 || {{Decrease}}1,690.4 || {{Increase}}4.3% || {{IncreaseNegative}}29.1% || {{DecreasePositive}}6.6% || n/a
|-
| 1991 || {{Increase}}175.0 || {{Increase}}5,171.3 || {{Increase}}57.9 || {{Increase}}1,711.7 || {{Increase}}2.4% || {{IncreaseNegative}}30.3% || {{DecreasePositive}}6.4% || n/a
|-
| 1992 || {{Increase}}186.8 || {{Increase}}5,411.2 || {{Increase}}68.6 || {{Increase}}1,985.7 || {{Increase}}4.4% || {{IncreaseNegative}}27.0% || {{DecreasePositive}}5.9% || n/a
|-
| 1993 || {{Increase}}202.2 || {{Increase}}5,746.1 || {{Increase}}77.7 || {{Increase}}2,208.3 || {{Increase}}5.7% || {{IncreaseNegative}}22.4% || {{DecreasePositive}}5.0% || n/a
|-
| 1994 || {{Increase}}217.1 || {{Increase}}6,061.4 || {{Increase}}97.6 || {{Increase}}2,725.7 || {{Increase}}5.1% || {{IncreaseNegative}}22.9% || {{DecreasePositive}}4.9% || n/a
|-
| 1995 || {{Increase}}233.2 || {{Increase}}6,401.5 || {{Increase}}110.5 || {{Increase}}3,034.1 || {{Increase}}5.2% || {{IncreaseNegative}}20.9% || {{IncreaseNegative}}5.6% || n/a
|-
| 1996 || {{Increase}}242.3 || {{Increase}}6,546.2 || {{Increase}}116.1 || {{Increase}}3,135.8 || {{Increase}}2.1% || {{IncreaseNegative}}20.8% || {{IncreaseNegative}}7.8% || 23.3%
|-
| 1997 || {{Increase}}255.0 || {{Increase}}6,798.3 || {{Increase}}127.4 || {{Increase}}3,398.0 || {{Increase}}3.4% || {{IncreaseNegative}}18.5% || {{IncreaseNegative}}7.9% || {{IncreaseNegative}}25.3%
|-
| 1998 || {{Increase}}259.3 || {{Increase}}6,808.2 || {{Decrease}}117.7 || {{Decrease}}3,089.7 || {{Increase}}0.6% || {{IncreaseNegative}}18.7% || {{IncreaseNegative}}9.7% || {{IncreaseNegative}}27.5%
|-
| 1999 || {{Decrease}}251.9 || {{Decrease}}6,530.5 || {{Decrease}}103.1 || {{Decrease}}2,672.6 || {{Decrease}}-4.2% || {{IncreaseNegative}}10.9% || {{IncreaseNegative}}13.1% || {{IncreaseNegative}}34.0%
|-
| 2000 || {{Increase}}265.1 || {{Increase}}6,772.2 || {{Decrease}}99.2 || {{Decrease}}2,534.5 || {{Increase}}2.9% || {{IncreaseNegative}}9.2% || {{IncreaseNegative}}13.3% || {{IncreaseNegative}}38.0%
|-
| 2001 || {{Increase}}275.7 || {{Increase}}6,951.6 || {{Decrease}}97.6 || {{Decrease}}2,460.3 || {{Increase}}1.7% || {{IncreaseNegative}}8.0% || {{IncreaseNegative}}15.0% || {{IncreaseNegative}}41.1%
|-
| 2002 || {{Increase}}287.0 || {{Increase}}7,146.5 || {{Decrease}}97.3 || {{Decrease}}2,423.4 || {{Increase}}2.5% || {{IncreaseNegative}}6.4% || {{IncreaseNegative}}15.6% || {{IncreaseNegative}}47.5%
|-
| 2003 || {{Increase}}304.1 || {{Increase}}7,479.0 || {{Decrease}}94.0 || {{Decrease}}2,312.6 || {{Increase}}3.9% || {{IncreaseNegative}}7.1% || {{DecreasePositive}}14.1% || {{DecreasePositive}}45.0%
|-
| 2004 || {{Increase}}328.9 || {{Increase}}7,990.2 || {{Increase}}116.3 || {{Increase}}2,826.0 || {{Increase}}5.3% || {{IncreaseNegative}}5.9% || {{DecreasePositive}}13.7% || {{DecreasePositive}}41.5%
|-
| 2005 || {{Increase}}355.2 || {{Increase}}8,523.9 || {{Increase}}145.6 || {{Increase}}3,494.0 || {{Increase}}4.7% || {{IncreaseNegative}}5.0% || {{DecreasePositive}}11.8% || {{DecreasePositive}}38.5%
|-
| 2006 || {{Increase}}390.8 || {{Increase}}9,266.3 || {{Increase}}161.8 || {{Increase}}3,836.7 || {{Increase}}6.7% || {{Increase}}4.3% || {{IncreaseNegative}}12.0% || {{DecreasePositive}}36.0%
|-
| 2007 || {{Increase}}428.4 || {{Increase}}10,041.6 || {{Increase}}206.2 || {{Increase}}4,834.4 || {{Increase}}6.7% || {{IncreaseNegative}}5.5% || {{DecreasePositive}}11.2% || {{DecreasePositive}}32.7%
|-
| 2008 || {{Increase}}450.9 || {{Increase}}10,453.7 || {{Increase}}242.5 || {{Increase}}5,622.1 || {{Increase}}3.3% || {{IncreaseNegative}}7.0% || {{IncreaseNegative}}11.3% || {{DecreasePositive}}32.4%
|-
| 2009 || {{Increase}}459.0 || {{Increase}}10,524.8 || {{Decrease}}232.5 || {{Decrease}}5,330.8 || {{Increase}}1.1% || {{Increase}}4.2% || {{IncreaseNegative}}12.0% || {{IncreaseNegative}}35.4%
|-
| 2010 || {{Increase}}485.4 || {{Increase}}11,009.5 || {{Increase}}286.5 || {{Increase}}6,498.6 || {{Increase}}4.5% || {{Increase}}2.3% || {{DecreasePositive}}11.8% || {{IncreaseNegative}}36.5%
|-
| 2011 || {{Increase}}529.9 || {{Increase}}11,893.0 || {{Increase}}335.0 || {{Increase}}7,518.3 || {{Increase}}6.9% || {{Increase}}3.4% || {{DecreasePositive}}10.8% || {{DecreasePositive}}35.8%
|-
| 2012 || {{Increase}}553.8 || {{Increase}}12,305.5 || {{Increase}}370.7 || {{Increase}}8,237.3 || {{Increase}}3.9% || {{Increase}}3.2% || {{DecreasePositive}}10.4% || {{DecreasePositive}}34.0%
|-
| 2013 || {{Increase}}591.8 || {{Increase}}13,024.8 || {{Increase}}382.1 || {{Increase}}8,409.7 || {{Increase}}5.1% || {{Increase}}2.0% || {{DecreasePositive}}9.7% || {{IncreaseNegative}}37.6%
|-
| 2014 || {{Increase}}625.0 || {{Increase}}13,627.1 || {{Decrease}}381.2 || {{Decrease}}8,312.1 || {{Increase}}4.5% || {{Increase}}2.9% || {{DecreasePositive}}9.1% || {{IncreaseNegative}}43.3%
|-
| 2015 || {{Increase}}630.4 || {{Decrease}}13,611.5 || {{Decrease}}293.5 || {{Decrease}}6,337.0 || {{Increase}}3.0% || {{Increase}}5.0% || {{DecreasePositive}}8.9% || {{IncreaseNegative}}50.4%
|-
| 2016 || {{Increase}}672.1 || {{Increase}}14,351.7 || {{Decrease}}282.7 || {{Decrease}}6,037.1 || {{Increase}}2.1% || {{IncreaseNegative}}7.5% || {{IncreaseNegative}}9.2% || {{DecreasePositive}}49.8%
|-
| 2017 || {{Increase}}700.1 || {{Increase}}14,763.9 || {{Increase}}311.9 || {{Increase}}6,577.3 || {{Increase}}1.4% || {{Increase}}4.3% || {{IncreaseNegative}}9.4% || {{DecreasePositive}}49.4%
|-
| 2018 || {{Increase}}735.2 || {{Increase}}15,234.6 || {{Increase}}334.1 || {{Increase}}6,923.6 || {{Increase}}2.6% || {{Increase}}3.2% || {{IncreaseNegative}}9.7% || {{IncreaseNegative}}53.6%
|-
| 2019 || {{Increase}}772.9 || {{Increase}}15,647.2 || {{Decrease}}323.4 || {{Decrease}}6,546.6 || {{Increase}}3.3% || {{Increase}}3.5% || {{IncreaseNegative}}10.5% || {{DecreasePositive}}52.3%
|-
| 2020 || {{Decrease}}729.1 || {{Decrease}}14,473.4 || {{Decrease}}271.6 || {{Decrease}}5,390.9 || {{Decrease}}-6.8% || {{Increase}}2.5% || {{IncreaseNegative}}16.1% || {{IncreaseNegative}}65.4%
|-
| 2021 || {{Increase}}812.8 || {{Increase}}15,921.8 || {{Increase}}300.8 || {{Increase}}5,892.1 || {{Increase}}7.6% || {{Increase}}3.2% || {{DecreasePositive}}14.5% || {{IncreaseNegative}}66.7%
|-
| 2022 || {{Increase}}867.2 || {{Increase}}16,802.9 || {{Increase}}319.3 || {{Increase}}6,186.7 || {{Increase}}3.8% || {{Increase}}3.5% || {{DecreasePositive}}13.8% || {{IncreaseNegative}}67.6%
|-
| 2023 || {{Increase}}916.7 || {{Increase}}17,576.6 || {{Increase}}336.2 || {{Increase}}6,446.9 || {{Increase}}3.3% || {{Increase}}3.0% || {{DecreasePositive}}13.1% || {{IncreaseNegative}}69.7%
|-
| 2024 || {{Increase}}969.6 || {{Increase}}18,401.4 || {{Increase}}354.3 || {{Increase}}6,723.4 || {{Increase}}3.4% || {{Increase}}3.0% || {{DecreasePositive}}12.4% || {{DecreasePositive}}68.3%
|-
| 2025 || {{Increase}}1,024.8 || {{Increase}}19,257.0 || {{Increase}}373.4 || {{Increase}}7,016.1 || {{Increase}}3.4% || {{Increase}}3.0% || {{DecreasePositive}}11.8% || {{DecreasePositive}}66.7%
|-
| 2026 || {{Increase}}1,082.6 || {{Increase}}20,148.7 || {{Increase}}393.7 || {{Increase}}7,326.7 || {{Increase}}3.5% || {{Increase}}3.0% || {{DecreasePositive}}11.1% || {{DecreasePositive}}64.7%
|}

===Graphics===

{{Pie chart
 | caption= Colombia GDP by sector in 2017<ref name="dane.gov.co">{{cite web|url=http://www.dane.gov.co/index.php/cuentas-economicas/cuentas-trimestrales |publisher=dane.gov.co |title=NACIONALES TRIMESTRALES -PIB- Composición del PIB Colombiano por demanda y Composición del PIB Colombiano Oferta |language=es |access-date=29 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150929203637/http://www.dane.gov.co/index.php/cuentas-economicas/cuentas-trimestrales |archive-date=29 September 2015}}</ref>
 | label1 = Agriculture, livestock, hunting, forestry and fishing
 | value1 = 6.3 | color1 = #0247FE
 | label2 = Mining and quarrying
 | value2 = 6.1 | color2 = #CC0000
 | label3 = Manufacturing
 | value3 = 10.9 | color3 = #3B7A57
 | label4 = Electricity, gas and water supply industry
 | value4 = 3.3 | color4 = #915C83
 | label5 = Construction
 | value5 = 7.2 | color5 = #7CB9E8
 | label6 = Trade, hotels, restaurants and repairs
 | value6 = 12.2 | color6 = #FFAA1D
 | label7 = Transport, storage and communications
 | value7 = 7 | color7 = #A67B5B
 | label8 = Financial services industry
 | value8 = 21.2 | color8 = #F0E130
 | label9 = Social services sector
 | value9 = 15.6 | color9 = #9955BB
 | label10 = Total taxes
 | value10 = 10.2 | color10 = #555D50
 }}

{{bar box
|title= Composition of the Colombian GDP by demand side. Second quarter of 2015.<ref name="dane.gov.co" />
|titlebar=#DDD
|width=400px
|bars=
{{bar pixel|Household final consumption expenditure|#7CB9E8|64.72|%}}
{{bar pixel|Government final consumption expenditure|#CC0000|17.24|%}}
{{bar pixel|Gross fixed capital formation|#3B7A57|28.30|%}}
{{bar pixel|Inventory investment|#915C83|0.41|%}}
{{bar pixel|Exports|#F0E130|15.32|%}}
{{bar pixel|Imports|#FFAA1D|26.98|%}}
}}[[File:Colombia - Selected Macroeconomic Indicators.png|thumb|left|Colombia – macroeconomic indicators 2002–2011]]
{{Clear}}