Economy

Colombia’s GDP and GNI

by Colombia Reports

The size and growth of Colombia’s can be estimated using its gross domestic product (GDP), which estimated the total value of the produced goods and services, and the gross national income (GNI), which estimates a country’s earnings both domestically and abroad.

Colombia’s GDP

GDP at purchaser’s prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant 2015 prices, expressed in U.S. dollars. Dollar figures for GDP are converted from domestic currencies using 2015 official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

(Definition: World Bank)

GDP (constant 2015 USD)

GDP growth

Colombia’s GNI

Gross national income (GNI) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.

(Definition: World Bank)

GNI (constant 2015 USD)

GNI growth

GNI per capita (current USD)

GNI per capita growth

Colombia’s GDP per sector

Contrary to popular belief, oil and mining only make up a small percentage of Colombia’s GDP. Commerce, public services and manufacturing make up almost half of the country’s economy.

While most business sectors have grown steadily over the past decades, this has not been the case for sectors that largely depend on exports. The commodity boom inflated the price of the peso and reduced the competitiveness on the global market of commerce, manufacturing and agriculture.

GDP per sector (millions of 2015 pesos)

Regional GDP distribution

Colombia’s GDP is largely concentrated in the country’s capital Bogota, and in cities like Medellin and Cali. Chronic state neglect has left the economies of other, mostly rural regions of the country severely underdeveloped.