Colombia’s foreign debt reached $116 billion in October, equivalent to 40% of the country’s GDP, according to a report published Wednesday by the country’s state-run central bank.
As of 2015, the country’s GDP is estimated at $292.8 billion according to the World Bank, the lowest it’s been since 2010.
Colombia’s GDP is the third highest in South America, behind Brazil and Argentina.
The central bank report registered the country’s public debt at $69.63 billion, or 24.6% of the GDP.
The private sector’s external debt was recorded at $46.38 billion, or 16.4% of the GDP.
The debt grew by $6.47 billion in the past year since October 2015, an effective increase of 3.4% against the GDP.