Latinamerica Collection
Economy and Business in Colombia

The Colombian economy is a free market with strong ties to the United States. It is an economy that has not experienced such major collapses that many other Latin American countries have. In past years the economy has experienced sustained growth and a reduction in the unemployment rate thanks to an increase in domestic security and the implementation of economic policies.

 

Colombia's economy is made up of nearly 21 million workers of which 23% is employed by the agricultural sector. Of the entire GDP, agriculture accounts for 12% and includes products such as coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, and vegetables. Many of these products are exported to countries such as the United States, Venezuela, and Ecuador.

 

The industrial sector accounts for roughly 35% of the country's GDP and nearly 19% of the labor force. Such commodities include textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement, gold, coal, and emeralds. Of these products, apparel, emeralds, coal, and various others are exported.

 

Finally, the services sector accounts for a large 53% of the economy as well as 59% of the labor force. This sector includes, for example, tourism, which has steadily increased through the years as the country's domestic security has improved. The Colombian economy is currently experiencing a growth rate of nearly 7% though the unemployment rate is still over 11%. However, with the current reforms and policies that are being implemented, this problem should continue to steadily improve.