Consulate General of Colombia
Jairo Augusto Abadia Mondragon
Phone: (604) 558-1775
Mailing Address: Suite 1340, 1090 West Georgia Street
Vancouver, B.C. V6E 3V7
email:cvancouver@cancilleria.gov.co
Colombia is an upper-middle income economy in Latin America with a diversified mix of agriculture, industry, and services. The services sector dominates its GDP, followed by industry, while agriculture remains important for employment and export mix.
Key Economic Indicators & Trends
- In 2024, the economy grew by 1.7 %, recovering from weaker growth in 2023 (~0.7 %).
- The World Bank projects growth of 2.4 % in 2025, approaching an estimated potential of ~2.9 % by 2027.
- Inflation has moderated, and interest rates have eased, helping restore some consumer momentum.
- Exports (2023): Colombia’s top exports include crude petroleum, coal products, gold, coffee, and refined petroleum.
- Trade balance: In March 2025, Colombia’s trade deficit widened ~37.9% compared to the prior year — imports rose 15.9%, exports 12.2%.
- Renewables & energy mix: Hydroelectricity remains dominant; solar and wind are growing from a low base, but regulatory and grid challenges persist.
- Oil & extractives: Oil remains a major export revenue source; extractive sector reforms are ongoing to attract foreign investment.
- Credit / fiscal pressure: In mid-2025, major ratings agencies downgraded Colombia’s debt on account of weakening fiscal performance, higher deficits, and uncertain revenue forecasts.
- Pro‑investment reforms focused on competitiveness
- Growing tech and services sector; near‑/friend‑shoring potential
- Strong agrifood and renewable resources base
Priority sectors BPO/IT services, Agrifood, Renewables, Infrastructure, Tourism
Entry points
Watch‑outs Regional security variation; permitting in select areas
Why now Services offshoring momentum + sustainable value chains
