Colombia’s foreign debt increased both in absolute terms and as a percentage of the gross domestic product (GDP), due to increased government debt.
Total foreign debt rose to US$51.2 billion, 22% of GDP, in September, compared to US$45.4 billion, 19% of GDP, in the same month in 2008, the central bank said Tuesday.
Government debt had increased to US$35.0 billion from US$28.1 billion a year earlier, while private companies’ burden fell to US$16.2 billion, from US$16.9 billion.
GDP was also smaller than in the previous year. According to the country’s statistics department DANE, the Colombian gross domestic product at the end of 2008 was COP478 trillion (US$240 billion). The economy shrank in the first three quarters of 2009.