Study Id48424 Colombia

Including COVID-19
economic impact
Featuring
risk indexes
Colombia
Statista Country Report
June 2020
The Statista Country Reports
Dear Reader,
find out more about Colombia in our report focusing on the general
economy, trade, investment, society, infrastructure, consumers, politics,
and the environment.
The Statista Country Report provides a comprehensive overview about

the economy in Colombia, with information relevant to manufacturing, Maike Schlumbohm Volker Staffa
foreign direct investment, and the import and export business. Gain
insights into the major trends in Colombia in order to assess the risks
and opportunities relevant for international business.
We hope our report proves to be useful and informative for you.
Maike Zeppernick Joline Franken
2
Agenda
01 Introduction 04 Fitch Solutions risk indexes 07 Infrastructure

▪ Overview ▪ Development ▪ Digital
▪ Executive summary ▪ High and low performer ▪ Transport
▪ Business culture survey ▪ Global and regional comparison
02 Economy 05 Society 08 Environment

▪ Economic conditions ▪ Population ▪ CO2 emissions
▪ Public finances ▪ Income ▪ Particulate exposure
▪ Labor force ▪ Human Development Index ▪ Energy shares
03 Trade & investment 06 Retail & consumption 09 Politics

▪ Merchandise trade ▪ Retail structure ▪ Political profile
▪ Commercial services ▪ Consumer behavior ▪ Political environment
▪ Investments ▪ eCommerce & FinTech
3
INTRODUCTION
4
Colombia blooms despite decades of drug trafficking
Colombia enjoys free trade with over a dozen countries
Colombia has proved to be resilient over the years

Colombia has the fourth-largest population and the third-largest
economy in Latin America. The country features a wide range of
architectural styles, ranging from Spanish colonial to Caribbean to
Baroque. Despite decades of violent conflict related to drug cartels
and outlawed armed groups, the country has been able to
exercise prudent macroeconomic and fiscal management. After
the considerable slowdown of its GDP growth to 1.4% in 2017, it
rebounded in 2019 in the wake of strong private consumption and
investment to achieve a growth rate of 3.4%. Growth over the
medium term is expected to plateau at 3.75% and drive related
investments, with higher profitability in the oil & gas sector.
Furthermore, budgetary policies, such as incentives for minerals
and hydrocarbons exploration as well as infrastructure
development and tax breaks for innovation-related investments,
are expected to propel growth over the next few years.
▪ The 2017 fall in GDP growth was mainly due to declining global
oil prices and insurgent attacks on the pipeline infrastructure.
▪ Colombia has free trade agreements with more than a dozen

countries.
▪ The country is a founding member of the Pacific Alliance, a
regional trade block consisting of Chile, Mexico, and Peru.
▪ Colombia has seen the biggest influx of Venezuelan immigrants.
5 Source:: BBC, Worldbank, The Heritage Foundation

COVID-19 outbreak: How Colombia could be affected
Colombia faces the dual problem of falling oil prices and a crisis in neighboring Venezuela
How will COVID-19 influence the economy in Colombia? Adjusted GDP forecast in million US$ in Colombia
Colombia is particularly vulnerable to the economic impact of COVID-19
on account of its prior challenges. To cite one example, the oil price war
between Russia and Saudi Arabia has resulted in a global slump in oil Original 2020 forecast COVID-19 forecast
prices and driven down the profitability of the Colombian oil wells. Since
the country relies heavily on oil-related income, depressed trade activity
will almost certainly increase the current account deficit, which is already 342,327
330,282
among the highest in Latin America. Moreover, this puts the country at a -2.4%
risk of an investment downgrade that would result in a significant
outflow of investment and most likely a stock market crash.
Currency devaluation is another matter of concern for the government.

With the Colombian peso inching close to 4,000 for a dollar, food
imports remain expensive, thereby straining an already stressed
economy. Adding to Colombia’s economic grievances is the sharp fall in
domestic consumer and business activity and probability that tax
collections will fall by as much as 10% in 2020. Colombia has also been
overrun by individuals crossing the border from Venezuela to escape 322,402
the political and economic crisis there. This could prove to be
particularly devastating from a healthcare perspective, insofar as
Colombia is already struggling to meet the needs of its own citizens.
The government has announced a bailout package of roughly US$3.7

billion with most of the money coming from its oil-related savings
programs. The country has also announced that it would not assume
additional debt to navigate the current crisis.
2019 2020
6 Source: The Bogota Post, Reuters, International Monetary Fund 2020, Statista 2020
Colombia
Overview (1/3)
General information
Capital: Bogota
Official language: Spanish
Main religion: Catholic
Main ethnic group: Mestizo and white
Population: 50,339,443
Area: 1,138,910 sq km
Population density: 44.7 people per sq km
Total real GDP1 in 2019: US$330.3bn
GDP1 per capita: US$6,561.1
Profit tax: 21.1%
Currency: Colombian pesos (COP)
Exchange rate: USD/COP = 3,207.65
Time zone: UTC-5
Calling code: +57
1: Constant US$, see glossary for definition of current and constant

7 Source: CIA 2020, World Bank 2019, United Nations 2020, International Monetary Fund 2020, Columbia University 2020, Statista 2020
With a population of 11 million, Bogota is the largest
urban area in Colombia
Overview (2/3)
Religious affiliation in % of population Ethnic groups in % of population

Christians Unaffiliated Folk Religions Other Mestizo and white
3.4%
10.4% 2.0% Afro-Colombian
Amerindian
Unspecified
0.8%
92.3%
6.7%
84.2%
0.2%
Population in major urban areas in millions Land use in % of total area

Arable land Forest area Permanent cropland Other
11.0
4.0 1.5% 52.7% 1.7% 44.1%

2.8 2.3
1.3 1.1
Bogota Medellin Cali Barranquilla Bucara- Cartagena

manga
8 Source: Pew Research Center 2015, CIA 2020, World Bank 2019
Colombia sports 4 major airports – flight time from
the U.S. ca. 5 -8 hours
Overview (3/3)
Major airports in Colombia1 Flight times from regional hubs in hours (no. of stops)2
El Dorado International Airport, Bogotá Region Hub BOG MDE CLO CTG
▪ Airport code: BOG
North New York City, 5:37 5:43 7:41 5:05
▪ Distance to city center: 13 km America the U.S. (JFK) (0) (0) (1) (0)
José María Córdova International Airport, Medellín Latin
São Paulo, 6:03 8:39 8:33 8:59
▪ Airport code: MDE America &
Brazil (GRU) (0) (1) (1) (1)
Caribbean
▪ Distance to city center: 36 km
Europe & London, the UK 11:10 13:24 13:37 14:34
Alfonso Bonilla Aragón International Airport, Cali Central Asia (LHR) (0) (1) (1) (1)
▪ Airport code: CLO Hong Kong,

East Asia & 21:30 24:32 25:23 24:33
Hong Kong
▪ Distance to city center: 20 km Pacific (1) (2) (2) (2)
(HKG)
Rafael Núñez International Airport, Cartagena Delhi, India 24:00 26:14 26:11 25:16
South Asia
(DEL) (1) (2) (2) (2)
▪ Airport code: CTG
▪ Distance to city center: 8 km Middle East

Dubai, the UAE 21:10 24:39 21:31 24:34
& North
(DXB) (1) (2) (1) (2)
Africa
Sub- Johannesburg,
25:03 26:51 26:41 25:46
Saharan South Africa
(1) (2) (2) (2)
Africa (JNB)
1: Busiest airports by number of Passengers-Civil Aeronautics of Colombia 2: Most direct and fastest routes are considered. Flight times for 17th July
2019-Google Flights; Information will be updated after flight schedule disruptions related to COVID-19 have been resolved
Note: Distances to city center are based on the shortest route calculated by Google Maps and rounded to full kilometers
9 Source: Google Flights 2019, Google Maps 2019
Colombia is an upper middle-income country with a
population growth of 1.1% in 2020
Executive summary (1/2)
Economy Trade & investment

▪ Real GDP is forecast to increase by 3.7% p.a. from 2019 to 2024 ▪ Colombia registered a lower export trade flow than the regional
average in 2018
▪ Colombia had a fiscal deficit of 6.1% of GDP in 2018
▪ In 2018, total merchandise exports amounted to US$41,774 million
▪ Household consumption expenditure in Colombia was higher than
regional average ▪ The share of travel in services-related exports is higher than the
regional average in 2018
▪ Unemployment rate was 10.5% in 2019 and is projected to be 9.1% in
2025 ▪ In 2018, total services-related exports amounted to US$9,125 million
▪ It takes 10.0 days to start a business in Colombia compared to the ▪ Inward FDI amounted to US$11,009.9 million in 2018
regional average of 42.6 days
▪ In the "labor market" area, Colombia is 8.3 points behind the regional
high performer
▪ With an index score of 50.9, the operational risk in Colombia is

relatively high
10
In global comparison, Colombia has a high level of
human development
Executive summary (2/2)
Society, retail & consumption Environment & politics

▪ Population projected to reach 55.3 million by 2040 ▪ Colombia had the 42nd highest CO2 emissions in 2018
▪ In global comparison, Colombia has a high level of human ▪ In a 2017 global comparison, Colombia had a rather low exposure to
development particulates
▪ The retail market in Colombia is maturing ▪ Compared to the average of the continent, Colombia has a higher
share in renewables
▪ Consumers in Colombia spend the most in the area of "Food, non-
alcoholic beverages" ▪ Colombia is a presidential republic
▪ With US$4,032.1m and a share of 58.2%, eCommerce generated the ▪ Rule of Law in Colombia is low
highest digital revenues in 2019
▪ Control of corruption is rated as medium
▪ The total FinTech transaction value is forecast to grow by 15.6% from
2019 to 2024 ▪ Regulatory quality in Colombia is on a high level
▪ 67.9% used the internet and there were 132.1 mobile cellular ▪ High risks of violence and/or terrorism due to political instability
subscriptions per 100 people
11
Things you didn‘t know about Colombian business
culture
Doing business (1/2)
Communication standards Business meeting procedures
▪ Direct communication is preferred when it comes to business ▪ Business meetings are scheduled in advance, however delays in the
discussions in Colombia. Communication is mostly done over the meeting schedule are not uncommon.
phone, email and virtual applications such as Skype.
▪ Punctuality is appreciated, however it is common for Colombian
▪ Shaking hands and maintaining eye contact are considered important parties to arrive late.
aspects of non-verbal communication. Colombians are very expressive
with their hands and usually loud when they speak about business,
▪ The official language in Colombia is Spanish and is used in most

business ventures. However with the influx of multinational
companies, English is also widely used in the business circle.
Conflict management
▪ Hierarchy is very important.
▪ Bargaining is part of the culture and is common during negotiations. ▪ Business conflicts are resolved through discussions which aim to
arrive at a common consensus that is acceptable to all parties
involved.
▪ Executives from senior management act as moderators to resolve the
conflict.
▪ Legal recourse is considered a last resort to resolving business

conflicts.
Note: Please refer to the appendix for further information on the methodology of data collection
12 Source: Statista 2019
Things you didn‘t know about the Colombian business
culture
Doing business (2/2)
Importance of business networks Gender equality
▪ In Colombia, maintaining a strong business network through personal ▪ Machismo attitudes is prevalent in Colombia with men dominating the
and professional contacts is considered very important to succeed in corporate sector.
business.
▪ However, the situation has improved in the last decade, with women
▪ Business connections help establishing trust between the parties, and now claiming their positions in decision making roles.
reduce the time taken to come to an agreement.
Slow business months Work-life balance

▪ Business is slower than usual during December and January. ▪ It is very important in the Colombian culture to have a strong work-life
balance. Usually, people get together to talk about business while
going out to socialize.
Note: Please refer to the appendix for further information on the methodology of data collection
ECONOMY
14
Real GDP is forecast to increase by 3.7% p.a. from
2019 to 2024
Economic conditions: real GDP (1/3)
Real GDP1 in billion US$2
+3.7%3
396.2
381.9
346.5
+3.7% 330.3 334.5
319.7 322.4
307.6 311.8
292.7 301.3
279.5
267.3
257.2
239.6
229.6
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Statista forecast based on IMF
1: Real gross domestic product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy
in a given year, expressed in base-year prices, and is often referred to as "constant-price," "inflation-corrected" GDP, or "constant dollar GDP"
Unlike nominal GDP, real GDP can account for changes in price level and provide a more accurate figure of economic growth 2: Constant US$,
see glossary for definition of current and constant US$ 3: CAGR: Compound Annual Growth Rate / average growth rate per year
15 Source: International Monetary Fund 2020, Statista 2020 (forecast adjusted for expected impact of COVID-19)
Real GDP per capita at US$6,561.1 was lower than
average in 2019
Real GDP1 growth, real GDP and real GDP per capita in US$2 in South America in 2019
Real GDP growth 2018-2019 in % Regional average Real GDP: US$500 billion
5
Guyana
4
Colombia
3
Bolivia
2 Suriname Peru
Chile
1 Brazil
South America Uruguay
0 Paraguay Ecuador
-1
-2
Argentina
-3
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000
Real GDP per capita in US$ in 2019
Note: Regional average value is calculated using data from the countries covered by the Statista Country Reports and the source
1: See previous slide for definition 2: Constant US$, see glossary for definition of current and constant
16 Source: International Monetary Fund 2020, Statista 2020
Colombia has the 72nd highest real GDP per capita
Real GDP1 per capita in US$2 in 2019 and variation since 2018
# Country Value Change # Country Value Change # Country Value Change # Country Value Change # Country Value Change
1 Luxembourg 107,236.6 → 31 Portugal 22,685.6 ↑ 61 Cuba 8,834.7 ↑ 91 Azerbaijan 4,273.7 ↑ 121 Cambodia 1,549.2 ↑
2 Switzerland 82,070.1 → 32 Bahrain 22,414.5 ↓ 62 Montenegro 8,415.1 ↑ 92 Jordan 4,197.0 → 122 Pakistan 1,533.0 ↑
3 Ireland 78,485.3 ↑ 33 Estonia 22,135.6 ↑ 63 Dominican Republic 8,389.3 ↑ 93 Georgia 4,159.9 ↑ 123 Zambia 1,529.6 ↓
4 Iceland 76,428.9 ↑ 34 Czechia 21,307.3 ↑ 64 Botswana 8,117.4 → 94 Indonesia 4,144.0 ↑ 124 Cameroon 1,460.0 ↑
5 Norway 75,885.4 → 35 Saudi Arabia 20,650.9 ↓ 65 Equatorial Guinea 7,934.4 ↓ 95 El Salvador 4,048.8 ↑ 125 Senegal 1,442.0 ↑
6 United States 62,479.3 ↑ 36 Greece 20,175.7 ↑ 66 Turkmenistan 7,205.4 ↑ 96 Mongolia 3,993.2 ↑ 126 Zimbabwe 1,418.9 ↓
7 Singapore 61,121.4 ↓ 37 Cyprus 19,863.1 ↑ 67 Gabon 7,162.3 → 97 Algeria 3,970.0 ↓ 127 Kyrgyzstan 1,297.6 ↑
8 Qatar 59,861.9 ↓ 38 Slovakia 18,654.3 ↑ 68 Lebanon 7,162.0 ↓ 98 Angola 3,734.3 ↓ 128 Myanmar 1,269.7 ↑
9 Denmark 59,766.9 ↑ 39 Lithuania 18,611.5 ↑ 69 Peru 6,997.9 → 99 Tunisia 3,535.0 ↓ 129 Lesotho 1,260.6 →
10 Australia 57,591.1 → 40 Uruguay 17,518.6 ↓ 70 Thailand 6,975.4 ↑ 100 Bolivia 3,516.0 ↑ 130 Benin 1,221.3 ↑
11 Sweden 55,735.1 → 41 Latvia 16,923.2 ↑ 71 Serbia 6,879.9 ↑ 101 Bhutan 3,383.7 ↑ 131 Tanzania 1,042.9 ↑
12 Netherlands 50,921.3 ↑ 42 Seychelles 16,585.8 ↑ 72 Colombia 6,561.1 ↑ 102 Philippines 3,263.9 ↑ 132 Sudan 1,012.5 ↓
13 Austria 48,491.2 → 43 Hungary 15,942.1 ↑ 73 Fiji 6,281.0 ↓ 103 Morocco 3,167.3 → 133 Nepal 1,005.0 ↑
14 Finland 46,929.5 → 44 Panama 15,707.4 ↑ 74 Ecuador 6,083.7 ↓ 104 Ukraine 2,715.7 ↑ 134 Guinea 907.6 ↑
15 Canada 45,819.5 → 45 Chile 15,387.3 ↓ 75 Belarus 6,044.6 ↑ 105 Laos 2,650.4 ↑ 135 Tajikistan 884.1 ↑
16 Germany 44,791.9 → 46 Poland 15,217.3 ↑ 76 South Africa 6,023.5 ↓ 106 Papua New Guinea 2,645.6 ↑ 136 Rwanda 865.2 ↑
17 New Zealand 44,678.5 ↑ 47 Oman 14,508.5 ↓ 77 Bosnia and Herzeg. 5,829.0 ↑ 107 Vietnam 2,621.0 ↑ 137 Ethiopia 793.6 ↑
18 Israel 44,394.4 ↑ 48 Croatia 14,155.5 ↑ 78 North Macedonia 5,821.1 ↑ 108 Egypt 2,619.3 ↑ 138 Haiti 766.4 ↓
19 Belgium 44,296.3 → 49 Argentina 13,698.1 ↓ 79 Paraguay 5,752.5 ↓ 109 Moldova 2,576.4 ↑ 139 Gambia 720.5 ↑
20 France 41,005.8 ↑ 50 Costa Rica 12,232.5 ↑ 80 Suriname 5,545.3 ↑ 110 Honduras 2,520.9 → 140 Burkina Faso 685.4 ↑
21 United Kingdom 40,203.0 → 51 Romania 11,879.9 ↑ 81 Namibia 5,422.7 ↓ 111 Ghana 2,186.3 ↑ 141 Uganda 667.0 ↑
22 United Arab Em. 39,832.6 ↓ 52 Russia 11,262.6 ↑ 82 Jamaica 5,156.2 → 112 India 2,144.4 ↑ 142 Chad 665.7 ↓
23 Japan 38,771.5 → 53 Mauritius 11,213.3 ↑ 83 Iraq 5,138.1 ↑ 113 Timor-Leste 2,084.0 ↑ 143 Togo 655.7 ↑
24 South Korea 33,207.8 ↑ 54 Malaysia 10,909.1 ↑ 84 Guyana 4,931.3 ↑ 114 Uzbekistan 1,962.3 ↑ 144 Sierra Leone 519.0 ↑
25 Italy 32,562.4 → 55 Turkey 10,607.4 ↓ 85 Belize 4,905.8 ↓ 115 Nicaragua 1,951.8 ↓ 145 Madagascar 464.0 ↑
26 Malta 32,388.5 ↑ 56 Brazil 9,991.4 → 86 Albania 4,820.4 ↑ 116 Nigeria 1,950.9 ↓ 146 Mozambique 438.2 ↓
27 Spain 29,386.4 ↑ 57 China 9,689.1 ↑ 87 Guatemala 4,601.6 ↑ 117 Bangladesh 1,873.0 ↑ 147 Niger 395.6 ↑
28 Brunei Darussal. 29,087.9 ↑ 58 Kazakhstan 9,551.6 ↑ 88 Iran 4,540.4 ↓ 118 Ivory Coast 1,687.3 ↑ 148 Malawi 360.6 ↑
29 Kuwait 28,609.2 ↓ 59 Mexico 9,249.1 ↓ 89 Armenia 4,413.1 ↑ 119 Kenya 1,680.9 ↑ 149 Burundi 306.3 ↓
30 Slovenia 24,906.9 ↑ 60 Bulgaria 8,854.1 ↑ 90 Sri Lanka 4,367.9 ↑ 120 Rep. of the Congo 1,671.1 ↓
Note: Not all countries covered by the Statista Country Reports are considered for the comparison
1: See previous slide for definition 2: Constant US$, see glossary for definition of current and constant
17 Source: International Monetary Fund 2020, Statista 2020
Services accounted for 57.7% of GDP in 2018
Economic conditions: value added by sector
Value added1 by sector in % of GDP

Services Industry Agriculture Other
9.0% 9.2% 9.3%

5.6% 6.0% 6.3%
28.6% 26.7%
33.4%
56.2% 57.7%
52.0%
2012 2015 2018
1: Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making
deductions for the depreciation of fabricated assets or the depletion and degradation of natural resources
18 Source: World Bank 2019
The inflation rate is projected to decrease from 2019
to 2021
Economic conditions: inflation and interest rates
Inflation1 and central bank interest rates2,3

Inflation Central bank interest rates
9.5%
7.5%
7.0%
7.5%
5.8%
4.8%
4.8% 5.0%
4.2% 4.5%
4.3% 4.3% 4.3% 4.3%
3.5% 3.4% 3.3% 3.5% 3.5%
3.0% 3.2% 3.2% 3.2%
2.9%
2.3%
2.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
When interest rates are low, individuals and businesses tend to take more loans. Each bank loan increases the money supply in a fractional reserve
banking system. According to the quantity theory of money, a growing money supply increases inflation. Thus, a lower interest rate tends to result in a
higher inflation. High interest rates tend to lower inflation. Consumers tend to save when interest rates are higher, as returns from savings are higher.
More money put aside into savings means less disposable income. This results in slower economy and decreased inflation. Inflation levels are
estimated after 2019 by the IMF. Due to the high degree of uncertainty in current global economic conditions, the IMF forecast of the inflation rate is
only provided until 2021.
1: Percent change in annual average consumer prices 2: Monetary policy-related interest rate, percent per annum 3: Data is not available for
every year
19 Source: International Monetary Fund 2020
Colombia had a fiscal deficit of 6.1% of GDP in 2018
Public finance: expenditure and revenue (1/3)
Revenues1 and expenses2 in % of GDP

Revenue Expenses
33.3%
30.2%
28.6% 28.7%
27.7%
26.4% 26.8%
25.4% 25.1%
24.3% 24.5% 24.1% 24.2% -6.1%
23.5% 23.4% 23.8%
21.6% 21.6%
2010 2011 2012 2013 2014 2015 2016 2017 2018
1: Revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales.
Grants are also considered as revenue but are excluded here. 2: Expense is cash payments for operating activities of the government in
providing goods and services. It includes compensation of employees (such as wages and salaries), interest and subsidies, grants, social benefits,
and other expenses such as rent and dividends
Household consumption expenditure in Colombia
was higher than regional average
Expenditure in % of GDP in 2018

Colombia South America
68.5% 66.9%
25.1%
21.2% 22.3%
15.3% 15.0% 15.9%
0.1% 0.2% 0.0%
-3.2%
-20.9%
-26.3%
Household General government Gross capital Changes in Exports of goods Imports of goods Other
consumption final consumption formation3 inventories4 and services and services
expenditure1 expenditure2
1: Expenditure by resident households and non-profit institutions providing households with individual consumption goods and services
2: Expenditure on individual consumption goods and services and collective consumption services 3: Including acquisitions minus disposals of
valuables 4: Value of entries into inventories minus the value of withdrawals and value of any recurrent losses of goods held in inventories
21 Source: United Nations 2020, Statista 2020
Government expenditure has reached US$78,751.7
million in 2017
Government expenditure1 in million US$2 in 2017 Government revenue1 in million US$2 in 2017
Total expenditure 78,751.7 Total revenue 81,835.0
Grants and other revenue 24,218.8

Compensation of employees 3,654.0
Social contributions 10,240.0

Goods and services expense 11,720.6
Taxes on goods and services 21,047.1
Interest payments 8,504.4

Taxes on international trade 1,430.8
Subsidies and other transfers 50,965.7 Taxes on income, profits

19,793.6
and capital gains
Other 3,906.9 Other taxes 5,104.8
1: See previous slide for definition 2: Current US$, see glossary for definition of current and constant US$
Debt-to-GDP ratio in Colombia expected to increase
over the observed time period
Public finances: debt
General government gross debt1 in % of GDP

79.4%
76.8%
74.1%
70.0%
64.9%
62.3%
55.7% 56.6%
53.5% 54.8%
52.2%
50.4% 49.8% 49.5% 48.7% 51.0%
46.2%
43.3%
37.6% 41.5%
34.5% 38.1% 38.6%
35.8% 36.0%
34.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Statista forecast based on IMF
1: Gross government debt consists of all liabilities (such as loans, insurance, pensions, and debt securities) that require payment or payments of
interest and/or principal by the debtor (government) to the creditor at a date or dates in the future
23 Source: International Monetary Fund 2020, Statista 2020 (forecast adjusted for expected impact of COVID-19)
Colombia received more development aid in 2018
than in 2008
Public finances: development assistance received
Net official development assistance1 received in % of gross capital formation

+39.8%
5.6%
5.1% 5.0%
4.1%
3.9%
3.5% 3.6%
2.8%
2.5% 2.5%
2.4% 2.3%
2.1%
1.9%
1.8% 1.7%
1.4% 1.3% 1.3%
1.1% 1.0%
0.9%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
1: Net official development assistance (ODA) consists of disbursements of loans made on concessional terms (net of repayments of principal)
and grants by official agencies of the members of the Development Assistance Committee (DAC), by multilateral institutions, and by non-DAC
countries to promote economic development and welfare in countries and territories in the DAC list of ODA recipients. It includes loans with a
24 grant element of at least 25% (calculated at a discount rate of 10%); Source: World Bank 2019, Statista 2020
Total labor force to grow to 28.3 million by 2024
Labor force: development
Total labor force1 in thousand

Male Female
27,870 28,079 28,266
26,788 27,271 27,607
25,865 26,235
25,054 25,431
24,475
23,782 24,040 +30.0%
23,076
22,439
21,751 43.1%
43.0% 43.0% 43.1%
42.9% 43.0%
43.2% 42.9%
43.3% 43.2%
43.0% 43.1% 43.1%
42.3% 42.5%
41.8%
57.1% 57.1% 57.0% 57.0% 57.0% 56.9% 56.9%

56.9% 56.9% 56.7% 56.8% 56.8%
58.2% 57.7% 57.5% 57.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1: The sum of individuals in employment plus individuals in unemployment. Together, these two groups of the population represent the current
supply of labor for the production of goods and services taking place in a country through market transactions in exchange for remuneration
25 Source: International Labour Organization 2019
In 2024, most employees will work in the services
sector
Labor force: employment
Employment in % of total labor force Educational attainment of population aged 15 and

above in 2020
Services Industry Agriculture No education Primary Upper secondary2
Incomplete primary Lower secondary1 Post secondary3
16.7% 16.5% 16.1% 15.7% 4.8%

18.1%
12.2%
20.0% 20.0% 20.1% 20.2%
23.9%
63.3% 63.5% 63.8% 64.1%
29.2%
11.8%
2018 2020 2022 2024
1: Generally prepares students for a direct entry into working life or for upper secondary education 2: Corresponds to the final stage of
secondary education and prepares the students for a working life or tertiary education 3: Includes programs that serve to broaden the
knowledge of students who have already gained an upper secondary education
26 Source: International Labour Organization 2019, Wittgenstein Centre for Demography and Global Human Capital 2018
Unemployment rate was 10.5% in 2019 and is
projected to be 9.1% in 2025
Labor force: unemployment
Unemployment1 in % of total population Unemployment1 in % of total population

Colombia South America Male Female
12.7%
12.6% 11.8%
11.5%
11.9% 11.2%
10.8% 12.2%
11.6% 10.4% 10.5%
10.2%
10.5% 9.2% 9.1% 9.1% 9.1%
9.7%
7.4%
6.9% 7.1%
6.8%
2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019
1: Unemployment refers to the share of the labor force that is without work but available for and seeking employment
27 Source: World Bank 2020, ILO 2020, Statista 2020 (forecast adjusted for expected impact of COVID-19)
It takes 10.0 days to start a business in Colombia
compared to the regional average of 42.6 days
Business environment: administrative framework
Business administration in 2019
Time needed Time needed Time needed to fulfill Time needed to resolve
to start a business1 to register property tax requirements insolvency2
Colombia 10.0 days 15.0 days 255.5 hours 1.7 years
South America 42.6 days 42.4 days 519.1 hours 3.2 years
Delivery in 2019
Time needed Time needed Efficiency of

to export3 to import3 customs clearance4
Colombia 48.0 hours 64.0 hours 2.6
South America 51.0 hours 72.2 hours 2.5
1: Number of calendar days needed to complete the procedures to legally operate a business 2: Number of years from the filing for insolvency
in court until the resolution of distressed assets 3: Time associated with compliance with the documentary requirements of all government
agencies of the origin economy, the destination economy and any transit economies 4: In 2018, includes e.g., speed, simplicity, and predictability
28 of customs clearance (5 = high efficiency, 1 = low efficiency); Source: World Bank 2019, Statista 2020
Colombia takes 57th place in competitiveness
Business environment: competitiveness
Percentile rankings in Global Competitiveness Index 4.0 in 2019

0%-20% 21%-40% 41%-60% 61%-80% 81%-100%
▪ Colombia ranks #57 in a comparison of 141

countries covered by the source.
▪ Percentile rank indicates the country’s place in the

ranking, with 0 corresponding to lowest rank, and
100 to highest rank.
▪ The Global Competitiveness Index 4.0 includes 103

indicators of infrastructure, information and
communications technology adoption,
macroeconomic stability, efficiency enhancers, and
innovation factors that determine the level of
competitiveness of a country.
▪ Competitiveness is a set of institutions, policies,

and factors that determine the level of productivity
of an economy.
▪ Highly competitive economies are more

productive and have higher chances of long-term
prosperity than less competitive economies.
29 Source: World Economic Forum 2019

Score for "starting a business" was higher than
regional average in 2019
Business environment: business formation
New businesses registered Ease of doing business score2 in 2019

Starting a business Enforcing contracts Getting credit
+1.8%1
87,819 90.0
85,582 87.0
82,821
79,413
76,334
74.9
53.5
50.4
34.3
2016 2018 2020 2022 2024 Colombia South America
1: CAGR: Compound Annual Growth Rate / average growth rate per year 2: 0 = lowest performance, 100 = best performance
30 Source: World Bank 2019, Statista 2020
Ecopetrol SA registered the most revenue
Business environment: selected top companies
Rank Company1 Total revenue in million US$ in 2018 2 No. of employees Listing ID
in 2018 2
XBOG:
1 Ecopetrol SA 21,864.7 12,228
ECOPETROL
2 Almacenes Éxito SA 18,616.2 n.a. XBOG: EXITO
XBOG:
3 Grupo Aval Acciones y Valores SA 11,262.4 91,191
GRUPOAVAL
XBOG:
4 Bancolombia SA 7,109.0 31,040
BCOLOMBIA
5 Organización Terpel SA 6,449.0 n.a. XBOG: TERPEL
XBOG:
6 Banco de Bogota SA 5,528.3 39,721
BOGOTA
XBOG:
7 Grupo Bolivar SA 4,894.2 26,253
GRUBOLIVAR
XBOG:
8 Grupo Argos SA 4,629.0 n.a.
GRUPOARGOS
Grupo de Inversiones Suramericana XBOG:
9 SA
4,017.8 n.a.
GRUPOSURA
XBOG:
10 Banco Davivienda SA 3,761.0 17,357
PFDAVVNDA
1: Only stock-listed companies headquartered in Colombia

31 Source: Market data by Xignite
TRADE &
INVESTMENT
32
Colombia registered a lower export trade flow than
the regional average in 2018
Merchandise trade: regional comparison (1/2)
Export trade flows of total merchandise1 Import trade flows of total merchandise1
Colombia South America Brazil
110 2012 = 100% 110 2012 = 100%
100 100
90 90
80 80
70 70
60 60
50 50
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
1: Goods that add or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory
33 Source: World Trade Organization 2020, Statista 2020
The share of manufacturers in merchandise exports is
higher than the regional average in 2018
Merchandise trade: regional comparison (2/2)
Shares in merchandise1 trade export values in 2018 Shares in merchandise1 trade import values in 2018
77.0%
72.4%
66.3%
59.2%
37.7% 38.9%
34.3% 35.2%
24.6%
19.9%
17.5% 17.0% 17.3%
13.5% 13.5% 12.1%
8.6%
6.3%
Manufacturers Fuels & mining Agricultural products Manufacturers Fuels & mining Agricultural products
1: See previous slide for definition
In 2018, total merchandise exports amounted to
US$41,774 million
Merchandise trade: trade flows
Merchandise1 export trade flows in million US$2 Merchandise1 import trade flows in million US$2
Manufacturers Fuels & mining Agricultural products Other
-2.3%3
3,277 2,276 905
-5.9%3 6,493
6,629 6,674 1,600 1,590 727
7,348 6,395 6,350 714
8,524 468
6,019
6,606 7,325 6,918
638 489
1,439 5,991
6,265 6,259 4,404
1,104 918 7,297
4,561 4,506
6,935 7,342
40,265 2,259
39,938 36,513
6,865
44,995
48,107
24,710 44,457
20,916 41,334 39,443
19,291
15,107 33,425 34,822
9,954 9,936 9,396 8,361 7,526 7,721 8,328
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
1: See previous slide for definition 2: Current US$, see glossary for differences between current and constant US$ 3: CAGR: Compound Annual
Growth Rate / average growth rate per year
35 Source: World Trade Organization 2020
Colombia registered a higher export trade flow than
the regional average in 2018
Commercial services: regional comparison (1/2)
Export trade flows of total commercial services1 Import trade flows of total commercial services1
150 2012 = 100% 150 2012 = 100%
140 140
130 130
120 120
110 110
100 100
90 90
80 80
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
1: Comprises all services categories except "government services not identified elsewhere." Commercial services are subdivided into
goods-related services, transport, travel, and other commercial services
The share of travel in services-related exports is
higher than the regional average in 2018
Commercial services: regional comparison (2/2)
Shares in commercial services1 export value in 2018 Shares in commercial services1 import value in 2018
60.8%
46.3%
36.6%
30.4%
27.4% 27.8%
22.6% 22.7%
19.5% 18.3%
17.8% 17.7%
4.0% 3.9%
0.1% 1.3% 0.1% 0.4%
Travel Transport Goods-related services Travel Transport Goods-related services
In 2018, total services-related exports amounted to
US$9,125 million
Commercial services: trade flows
Commercial services1 export trade flows in million US$2 Commercial services1 import trade flows in million US$2
Travel Transport Goods-related services Other
+1.0%3
+6.2%3 1,790
1,638 6 6,208
1,463 1,462 5,353
1,453 1 1,779 6,132
1,560 5,216 4,887 5,051
10
1,359 24 1,632 4,271
23
51 1,510 22
41 1,601 16
1,766 26 15 13 14
1,714 13
1,491 3,339 2,993
2,857 2,604 2,749
3,587 3,155
5,550
4,559 4,900
4,245
3,460 3,611 3,825
4,683 4,321 4,254 4,483 4,826
3,626 3,941
2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018
1: See previous slide for definition 2: Current US$, see glossary for differences between current and constant US$ 3: CAGR: Compound Annual
Growth Rate / average growth rate per year
38 Source: World Trade Organization 2020
With US$254.7 billion, China registered the highest
inward FDI flow in 2018
Investments: global comparison (1/2)
Top global inward FDI1 flows in billion US$2 in 2018
China 254.7
Singapore 77.6
Asia
India 42.3
Indonesia 22.0
Egypt 6.8
South Africa 5.3
Africa
Rep. of the Congo 4.3
Morocco 3.6
Netherlands 69.7
United Kingdom 64.5
Europe
Spain 43.6
France 37.3
USA 251.8
Brazil 61.2
Americas
Canada 39.6
Mexico 31.6
Australia Australia 60.4
& Oceania New Zealand 1.4
Note: Only countries covered by the Statista Country Reports are considered for the comparison
1: Foreign direct investment is an investment made by a resident enterprise in one economy (direct investor or parent enterprise) with the
objective of establishing a lasting interest in an enterprise that is resident in another economy 2: Current US$, see glossary for differences
between current and constant US$
39 Source: United Nations Conference on Trade and Development 2019
China also had the highest outward FDI sum in 2018
with US$215.0 billion
Investments: global comparison (2/2)
Top global outward FDI1 flows in billion US$2 in 2018
China 215.0
Japan 143.2
Asia
South Korea 38.9
Singapore 37.1
South Africa 4.6
Nigeria 1.4
Africa
Algeria 0.9
Morocco 0.7
France 102.4
Germany 77.1
Europe
Netherlands 59.0
United Kingdom 49.9
Canada 50.5
Mexico 6.9
Americas
Colombia 5.1
Chile 3.0
Australia Australia 3.6
& Oceania New Zealand 0.4
1: See previous slide for definition 2: Current US$, see glossary for differences between current and constant US$
Inward FDI amounted to US$11,009.9 million in 2018
Investments: development
FDI1 inward and outward flows in million US$2

Inward flows Outward flows
16,209.4 16,167.0
15,039.3
14,646.8
13,850.1 13,836.2
11,723.2
11,009.9
8,419.8
7,652.1
5,121.8
4,217.7 4,517.4
3,899.0 3,689.6
2011 2012 2013 2014 2015 2016 2017 2018

-606.2
Note: FDI flows with a negative sign indicate that at least one of the three components of FDI (equity capital, reinvested earnings, and/or
intracompany loans) is negative and not offset by positive amounts of the remaining components. These are instances of reverse investment or
disinvestment
1: See previous slide for definition 2: Current US$, see glossary for differences between current and constant US$
FITCH
SOLUTIONS
RISK INDEXES
42
Operational risk breakdown
Methodology
The risk/reward indexes by Fitch Solutions constitute a comparative

regional ranking system that classifies different markets by the ease of Operation risk index
doing business there as well as operational risks and limitations faced by
potential investors. The operational risk index uses quantitative (100%)
measures to compare the challenges of operating in 201 countries
worldwide. The index attributes scores between 0-100 to each country,
with 100 being the lowest risk.
The index focuses on four main risk areas: Labor market Logistics Trade & investment Crime & security
(25%) (25%) (25%) (25%)
▪ Labor market: evaluation of the risks in regard to the size, education
levels, and costs of employing workers in a country
▪ Logistics: evaluation of the quality and extent of the transport Economic

Education Transport network Conflict risk
infrastructure, the ease of trading, and the quality and availability of openness
utilities
▪ Trade & investment: evaluation of the openness of an economy, the Trade procedures Vulnerability
Availability of labor Legal
level of government intervention, and the quality and efficacy of the and governance to crime
legal environment
▪ Crime & security: evaluation of operating conditions with respect to Market size Government
interstate conflict risk, terrorism, and crime, including cybercrime and Labor costs Business crime
and utilities intervention
organized crime
Note: THIS COMMENTARY IS PUBLISHED BY FITCH SOLUTIONS MACRO RESEARCH and is NOT a comment on Fitch Ratings' credit ratings. Any
comments or data included in the report are solely derived from Fitch Solutions Macro Research and independent sources. Fitch Ratings'
analysts do not share data or information with Fitch Solutions Macro Research
43 Source: Fitch Solutions 2019
Overall index score increased in 2019, which means
that the operational risk for Colombia decreased
Development
Development of overall operational risk index1 Development of subindexes1

Labor market Trade & investment
Logistics Crime & security
56.4 56.9
55.0 55.5
53.6
54.4 54.7
50.9 53.7
49.2 49.0
48.3
47.6 50.2 50.1 50.2
43.1
39.2
34.5 34.6
2016 2017 2018 2019 2016 2017 2018 2019
Note: THIS COMMENTARY IS PUBLISHED BY FITCH SOLUTIONS MACRO RESEARCH and is NOT a comment on Fitch Ratings' credit ratings.
Any comments or data included in the report are solely derived from Fitch Solutions Macro Research and independent sources. Fitch Ratings'
analysts do not share data or information with Fitch Solutions Macro Research
1: Scale of 0-100, with 100 being the lowest risk
44 Source: Fitch Solutions 2019
In the "labor market" area, Colombia is 8.3 points
behind the regional high performer
Comparison: high and low performer
Comparison of country scores to highest and lowest regional and worldwide scores1 in 2019
Labor market Logistics Trade & investment Crime & security
Colombia 55.5 Colombia 50.2 Colombia 54.7 Colombia 43.1
Bolivia 42.1 Venezuela 30.0 Venezuela 13.1 Venezuela 26.8

Regional
high/low
Chile 63.8 Chile 62.7 Chile 68.6 Chile 63.8
Sierra Leone 25.5 Yemen 15.8 Venezuela 13.1 South Sudan 4.8
Global
high/low
United States 81.3 Netherlands 88.6 Singapore 88.6 New Zealand 88.3
analysts do not share data or information with Fitch Solutions Macro Research. Not all countries covered by the Statista Country Reports are
considered for the comparison
45 1: Scale of 0-100, with 100 being the lowest risk; Source: Fitch Solutions 2019
Colombia had the 73rd lowest operational risk in 2019
Comparison: global comparison
Operational risk index1 in 2019 and variation since 2018

1 Singapore 82.0 ↓ 31 Israel 67.4 ↑ 61 Panama 55.4 ↑ 91 Lebanon 44.0 → 121 Malawi 35.5 →
2 Denmark 80.4 → 32 Latvia 66.7 ↑ 62 Armenia 55.2 → 92 Kenya 43.9 ↑ 122 Djibouti 34.3 ↓
3 Netherlands 78.4 ↓ 33 Qatar 64.9 → 63 Uruguay 55.0 ↑ 93 Tajikistan 43.7 ↑ 123 Ethiopia 33.6 ↓
4 Sweden 78.0 ↓ 34 Chile 64.7 ↑ 64 Indonesia 54.1 ↑ 94 Kyrgyzstan 43.6 ↑ 124 Mozambique 33.0 ↓
5 Switzerland 77.7 ↓ 35 Malta 64.6 ↓ 65 Morocco 53.8 ↑ 95 El Salvador 43.4 ↑ 125 Angola 32.8 ↑
6 New Zealand 77.5 → 36 Oman 64.5 ↑ 66 Kuwait 53.5 ↓ 96 Uzbekistan 43.2 ↑ 126 Zimbabwe 32.7 →
7 United States 77.2 → 37 Bahrain 64.4 ↑ 67 South Africa 53.5 ↑ 97 Suriname 42.9 → 127 Burkina Faso 32.5 ↓
8 Canada 77.0 ↑ 38 Italy 63.7 → 68 Mexico 53.0 ↑ 98 Iran 42.9 → 128 North Korea 31.3 ↓
9 United Kingdom 76.8 ↓ 39 Slovakia 62.8 ↓ 69 Vietnam 52.2 ↓ 99 Belize 42.5 ↓ 129 Gabon 31.1 ↓
10 Norway 76.2 ↓ 40 Romania 62.7 → 70 India 52.1 ↑ 100 Cambodia 41.4 ↓ 130 Myanmar 30.9 ↓
11 Finland 74.2 ↓ 41 Hungary 62.7 ↓ 71 Mongolia 51.6 → 101 Guatemala 40.8 ↑ 131 Venezuela 29.4 ↑
12 Ireland 73.9 → 42 Croatia 62.7 ↓ 72 Albania 50.9 → 102 Paraguay 40.2 → 132 Timor-Leste 29.4 ↓
13 Austria 73.7 ↓ 43 Saudi Arabia 62.4 ↑ 73 Colombia 50.9 ↑ 103 Zambia 39.9 → 133 Libya 28.9 →
14 Luxembourg 72.8 ↓ 44 Georgia 62.2 ↑ 74 Botswana 50.7 → 104 Pakistan 39.8 ↑ 134 Cameroon 28.8 ↓
15 United Arab Emirates 72.4 ↑ 45 Cyprus 61.9 → 75 Namibia 49.8 ↑ 105 Nicaragua 39.7 ↑ 135 Sierra Leone 28.5 →
16 Germany 72.3 ↓ 46 Bulgaria 61.7 ↑ 76 Jamaica 49.7 ↑ 106 Honduras 39.7 ↑ 136 Syria 27.8 ↑
17 Australia 72.0 ↓ 47 Brunei Darussalam 61.1 → 77 Brazil 49.3 ↑ 107 Cuba 39.7 ↓ 137 Mali 27.6 ↓
18 South Korea 71.9 ↑ 48 Thailand 60.2 ↑ 78 Peru 49.2 → 108 Algeria 39.1 ↓ 138 Republic of the Congo 27.6 ↓
19 Japan 71.8 ↓ 49 Azerbaijan 59.1 ↑ 79 Bhutan 49.1 ↓ 109 Nigeria 38.8 ↑ 139 Iraq 27.4 ↓
20 France 71.8 ↓ 50 Kazakhstan 58.7 ↑ 80 Argentina 49.1 ↑ 110 Bangladesh 38.3 → 140 Equatorial Guinea 26.6 ↓
21 Estonia 71.4 → 51 Belarus 58.0 ↑ 81 Rwanda 48.8 ↓ 111 Gambia 38.1 → 141 Sudan 26.0 →
22 Iceland 71.4 ↑ 52 Greece 58.0 → 82 Moldova 48.7 ↑ 112 Ivory Coast 37.9 → 142 Niger 25.8 →
23 Belgium 71.3 ↓ 53 Serbia 57.6 ↑ 83 Ukraine 48.3 ↑ 113 Turkmenistan 37.6 → 143 Haiti 25.4 ↑
24 Spain 71.3 ↓ 54 Jordan 57.2 ↓ 84 Bosnia and Herzeg. 47.6 ↑ 114 Senegal 37.6 ↑ 144 Afghanistan 24.5 ↑
25 Malaysia 70.0 ↑ 54 Montenegro 57.2 → 85 Dominican Republic 47.2 ↑ 115 Guyana 37.5 → 145 Congo (Dem. Rep.) 24.4 ↓
26 Lithuania 69.6 ↑ 56 Costa Rica 56.6 ↑ 86 Tunisia 47.0 ↓ 116 Bolivia 37.3 ↑ 146 Somalia 22.6 ↓
27 Czechia 69.5 ↓ 57 Russia 56.5 ↑ 87 Philippines 46.6 ↑ 117 Uganda 36.8 ↑ 147 Yemen 22.4 ↓
28 Portugal 69.4 ↓ 58 Mainland China 56.3 → 88 Ecuador 46.5 ↑ 118 Laos 36.7 ↓ 148 Chad 19.8 →
29 Poland 68.9 ↓ 59 North Macedonia 55.9 ↓ 89 Ghana 45.9 ↓ 119 Nepal 36.4 ↓ 149 South Sudan 18.7 ↓
30 Slovenia 68.8 ↑ 60 Turkey 55.8 ↑ 90 Egypt 45.2 → 120 Tanzania 36.3 ↓
With an index score of 50.9, the operational risk in
Colombia is relatively high
Comparison: regional comparison
Operational risk index1 worldwide and in South America in 2019

0-25 26-50 51-75 76-100
▪ In 2019, Colombia ranks #73 in the Fitch operational index score out of the selected 149 countries covered by the Statista Country Reports.
▪ It comes #4 when compared to the other 12 countries in the region South America.
SOCIETY
48
Population projected to reach 55.3 million by 2040
Population (1/4)
Population projection1 in thousand
54,350 54,906 55,336

52,835 53,674
51,513 52,007
50,339 +14.9%
48,175
2016 2019 2022 2025 2028 2031 2034 2037 2040
1: The medium fertility variant assumes that total fertility will eventually converge toward a level of 1.85 children per woman
49 Source: UN DESA 2019, Statista 2020
60.1% of the population were between the age of 20
and 64, more than half of them were women
Population (2/4)
Population distribution in 2019

Male Age group Female
0.7% 80+ 1.1%
0.7% 75-79 0.8%
1.0% 70-74 1.2%
Σ 29.3% Σ 30.8%
1.5% 65-69 1.7%
1.8% 60-64 2.2%
2.4% 55-59 2.7%
2.7% 50-54 3.0%
2.8% 45-49 3.2%
3.2% 40-44 3.5%
3.6% 35-39 3.7%
4.0% 30-34 4.0%
4.4% 25-29 4.3%
4.5% 20-24 4.3%
4.4% 15-19 4.2%
4.0% 10-14 3.8%
3.8% 5-9 3.6%
3.8% 0-4 3.6%
Reading support: 3.5% of the population is female and between the age of 40 and 44.

Population increased by 1.4%, which is above regional
average, to a total of 50.3 million in 2019
Population (3/4)
Population growth, total population, and real GDP per capita in US$1 in South America in 2019
Population growth 2018-2019 in % Regional average Real GDP per capita: US$5,000
2.0
Peru
Ecuador
1.5
Paraguay Bolivia Venezuela
Colombia
Chile
1.0 South America Argentina

Suriname
Brazil
Guyana
0.5
Uruguay
0.0
0 10 20 30 40 50 210 220
Total population in 2019 in million
1: Constant US$, see glossary for definition of current and constant
Colombia had the 29th highest population in 2019
Population (4/4)
Total population in millions in 2019

1 China 1,441.2 → 33 Ukraine 44.0 ↓ 65 Zambia 17.9 ↑ 97 Papua New Guinea 8.8 ↑ 129 Mongolia 3.2 ↑
2 India 1,366.4 ↑ 34 Algeria 43.1 ↑ 66 Guatemala 17.6 ↑ 98 Switzerland 8.6 → 130 Armenia 3.0 →
3 United States 329.1 → 35 Sudan 42.8 ↑ 67 Ecuador 17.4 ↑ 99 Israel 8.5 ↑ 131 Jamaica 2.9 →
4 Indonesia 270.6 ↑ 36 Iraq 39.3 ↑ 68 Netherlands 17.1 → 100 Togo 8.1 ↑ 132 Albania 2.9 ↓
5 Pakistan 216.6 ↑ 37 Poland 37.9 ↓ 69 Cambodia 16.5 ↑ 101 Sierra Leone 7.8 ↑ 133 Qatar 2.8 ↑
6 Brazil 211.0 → 38 Canada 37.4 → 70 Senegal 16.3 ↑ 102 Laos 7.2 ↑ 134 Lithuania 2.8 ↓
7 Nigeria 201.0 ↑ 39 Afghanistan 37.2 ↑ 71 Chad 15.9 ↑ 103 Paraguay 7.0 ↑ 135 Namibia 2.5 ↑
8 Bangladesh 163.0 ↑ 40 Morocco 36.5 ↑ 72 Somalia 15.6 ↑ 104 Bulgaria 7.0 ↓ 136 Gambia 2.3 ↑
9 Russia 145.9 → 41 Saudi Arabia 34.3 ↑ 73 Zimbabwe 14.6 ↑ 105 Serbia 7.0 ↓ 137 Botswana 2.3 ↑
10 Mexico 127.6 ↑ 42 Uzbekistan 33.0 ↑ 74 South Sudan 13.3 ↑ 106 Lebanon 6.9 ↓ 138 Gabon 2.2 ↑
11 Japan 126.9 ↓ 43 Venezuela 32.8 ↑ 75 Guinea 12.8 ↑ 107 Libya 6.6 ↑ 139 Lesotho 2.1 →
12 Ethiopia 112.1 ↑ 44 Peru 32.5 ↑ 76 Rwanda 12.6 ↑ 108 Nicaragua 6.5 ↑ 140 North Macedonia 2.1 →
13 Philippines 108.1 ↑ 45 Malaysia 31.9 ↑ 77 Benin 11.8 ↑ 109 El Salvador 6.5 → 141 Slovenia 2.1 →
14 Egypt 100.4 ↑ 46 Angola 31.8 ↑ 78 Tunisia 11.7 ↑ 110 Kyrgyzstan 6.4 ↑ 142 Latvia 1.9 ↓
15 Vietnam 96.5 → 47 Ghana 30.4 ↑ 79 Belgium 11.5 → 111 Turkmenistan 5.9 ↑ 143 Bahrain 1.6 ↑
16 Congo (Dem. Rep.) 86.7 ↑ 48 Mozambique 30.4 ↑ 80 Burundi 11.5 ↑ 112 Singapore 5.8 → 144 Equatorial Guinea 1.4 ↑
17 Germany 83.5 → 49 Yemen 29.6 ↑ 81 Bolivia 11.5 ↑ 113 Denmark 5.8 → 145 Estonia 1.3 →
18 Turkey 83.4 ↑ 50 Nepal 28.6 ↑ 82 Cuba 11.3 ↓ 114 Finland 5.5 → 146 Timor-Leste 1.3 ↑
19 Iran 82.9 ↑ 51 Madagascar 27.0 ↑ 83 Haiti 11.3 ↑ 115 Slovakia 5.5 → 147 Mauritius 1.3 →
20 Thailand 69.6 → 52 Cameroon 25.9 ↑ 84 Dominican Republic 10.7 ↑ 116 Rep. of the Congo 5.4 ↑ 148 Cyprus 1.2 →
21 United Kingdom 67.5 → 53 North Korea 25.7 → 85 Czechia 10.7 → 117 Norway 5.4 → 149 Djibouti 1.0 ↑
22 France 65.1 → 54 Ivory Coast 25.7 ↑ 86 Greece 10.5 ↓ 118 Costa Rica 5.0 → 150 Fiji 0.9 →
23 Italy 60.6 ↓ 55 Australia 25.2 ↑ 87 Portugal 10.2 ↓ 119 Oman 5.0 ↑ 151 Guyana 0.8 →
24 South Africa 58.6 ↑ 56 Niger 23.3 ↑ 88 Jordan 10.1 ↑ 120 Ireland 4.9 ↑ 152 Bhutan 0.8 ↑
25 Tanzania 58.0 ↑ 57 Sri Lanka 21.3 → 89 Azerbaijan 10.0 → 121 New Zealand 4.8 → 153 Montenegro 0.6 →
26 Myanmar 54.0 → 58 Burkina Faso 20.3 ↑ 90 Sweden 10.0 → 122 Panama 4.2 ↑ 154 Luxembourg 0.6 ↑
27 Kenya 52.6 ↑ 59 Mali 19.7 ↑ 91 United Arab Emirates 9.8 ↑ 123 Kuwait 4.2 ↑ 155 Suriname 0.6 →
28 South Korea 51.2 → 60 Romania 19.4 ↓ 92 Honduras 9.7 ↑ 124 Croatia 4.1 ↓ 156 Malta 0.4 →
29 Colombia 50.3 ↑ 61 Chile 19.0 ↑ 93 Hungary 9.7 ↓ 125 Moldova 4.0 ↓ 157 Brunei Darussalam 0.4 ↑
30 Spain 46.7 → 62 Malawi 18.6 ↑ 94 Belarus 9.5 ↓ 126 Georgia 4.0 ↓ 158 Belize 0.4 ↑
31 Argentina 44.8 → 63 Kazakhstan 18.6 ↑ 95 Tajikistan 9.3 ↑ 127 Uruguay 3.5 → 159 Iceland 0.3 →
32 Uganda 44.3 ↑ 64 Syria 18.5 ↑ 96 Austria 9.0 → 128 Bosnia and Herzeg. 3.3 ↓ 160 Seychelles 0.1 →
52 Source: UN DESA 2019
In 2019, the highest 20% held 54.4% of the income,
while the lowest 20% only held 4.1%
Income (1/2)
Distribution of income
Lowest 20% Fourth 20% Third 20% Second 20% Highest 20%
55.5% 55.1% 54.7% 54.4% 54.1% 53.8% 53.5% 53.3% 53.1%
20.1% 20.2% 20.3% 20.4% 20.5% 20.6% 20.6% 20.7% 20.7%
12.6% 12.7% 12.8% 12.9% 13.0% 13.1% 13.2% 13.2% 13.3%
8.0% 8.1% 8.2% 8.3% 8.3% 8.4% 8.5% 8.5% 8.6%

3.9% 3.9% 4.0% 4.1% 4.1% 4.2% 4.2% 4.2% 4.3%
2016 2017 2018 2019 2020 2021 2022 2023 2024

Statista forecast based on World Bank
53 Source: World Bank 2020, Statista 2020

Income per capita at US$6,392.3 was lower than
regional average
Income (2/2)
Disposable income1 growth, disp. income per capita in US$2, and population in South America in 2017
Disposable income growth 2016-2017 in % Regional average Population: 50 million
16
14 Brazil
Argentina
12
Colombia
Chile
10
Paraguay Peru
8
South America
6
4
2
0
-2
-4
-6
Suriname
-8
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000
Disposable income per capita in US$
1: Gross national disposable income may be derived from gross national income by adding all current transfers in cash or in kind, receivable by
resident institutional units from non-resident units, and subtracting all current transfers in cash or in kind payable by resident institutional units
to non-resident units 2: Current US$, see glossary for definition of current and constant
54 Source: Source: UN SD 2020, UN DESA 2019, Statista 2020
In global comparison, Colombia has a high level of
human development
Human Development Index
Human Development Index in 2019

0.377-0.549 0.560-0.693 0.700-0.799 0.801-0.954
▪ With an index of 0.761, Colombia ranks

#79 out of 189 countries and
territories.
▪ The Human Development Index was

created to emphasize that people and
their capabilities should be the ultimate
criteria for assessing the development
of a country, not economic growth
alone.
▪ The index is a summary measure of

average achievement in key dimensions
of human development: a long and
healthy life, being knowledgeable, and
having a decent standard of living.
55 Source: United Nations Development Programme 2019

RETAIL &
CONSUMPTION
56
The retail market in Colombia is maturing
Retail structure (1/4)
Development stages of retail markets
Opening Maturing Well-developed
▪ Global grocery chains are not present ▪ Global grocery chains start operations in large ▪ Global chains operate in large cities, medium-
cities1 sized cities and rural areas1
▪ National store ownership characterized by
handcart or independent stores ▪ Store ownership is characterized by ▪ Store ownership is characterized by independent
independent stores, national or international stores and national or international chains
▪ Traditional1 payment methods are chains
primarily used ▪ Traditional, electronic and mobile payment
▪ Traditional and electronic payment methods1 methods1 are commonly used
are commonly used
Note: The allocation of the development stages is based on the described method and criteria
1: See glossary for definitions
In Colombia, global grocery chains are represented in
large cities
Presence of international grocery chains
International grocery chains Store location International grocery chains Store location
large cities1

 
 
large cities1

 
1: See glossary for definitions

Note: Grocery chains are sorted by number of operated stores internationally, information based on Statista Fact Check
58 Source: World List Mania 2018, Statista 2019
Characteristics of the grocery market in Colombia
XXX Existence of grocery store types1
Hypermarkets Convenience Discounter Handcart
   
XXXX Store ownership
International chains National chains Independent stores2
  
XXXX Payment methods
Cash Cheques Debit card Credit card Smartphone Other
     
1: See glossary for definitions 2: Tiendas D1
Note: Information based on Statista Fact Check
Insights into the grocery structure and shopping
behavior in Colombia
Insights into a national typic grocery structure
The grocery structure in Colombia is characterized by convenience stores, discounters and handcarts.
People tend to buy their groceries daily in local, owner-operated shops, but this varies greatly from region to region, depending on the availability and
prices offered by mainly national chains, as well as the standard of living and purchasing power of each individual family.
Note: Information based on Statista Fact Check

Consumers in Colombia spend the most in the area of
"Food, non-alcoholic beverages"
Consumer behavior: spending
Consumer spending1 in 2019

21.1%
18.2% 18.1%
16.7%
13.2% 12.5%
11.5% 10.6% 9.6%
8.2%
5.6% 4.6% 4.3%
3.7% 4.7% 2.8% 4.1%
5.7%
3.4%
5.5% 4.7% 5.7%
3.2% 2.6%
Alcohol, Clothing, CommunicationEducation Food, non- House Healthcare Housing, Recreation, Restaurants, Transport Other3
tobacco footwear alcoholic maintenance2 water culture hotels
beverages electricity
Consumer spending1 in US$4
+5.9%5 6,647.1
5,675.3 6,229.4
4,370.2 4,572.8 4,861.9 4,583.6
4,195.6
2016 2017 2018 2019 2020 2022 2023 2024
1: Average consumer spending per capita of private households 2: Furnishings, household equipment and routine maintenance of the house
3: Miscellaneous goods and services (according to the Classification of Individual Consumption Purposes) 4: Current US$, see glossary for
definition of current and constant 5: CAGR
61 Source: Statista Consumer Market Outlook 2020 (forecast adjusted for expected impact of COVID-19)
Consumers in Colombia are mostly interested in
clothing
Consumer behavior: product interest
Interest in product and service categories1
86%
83%
74%
68%
61% 61%
59%
50%
42% 41%
38%
Consumer Food and Cars Clothing Shoes Cosmetics Drugstore Books, Sports and Furniture Travels
electronics drinks and body and health movies, outdoor and
care products music and products household
games goods
1: "Which of these products and services are you interested in?“; Multi Pick; n= 2,096
62 Source: Statista Global Consumer Survey, as of June 2019
Consumers in Colombia value smartphone brands the
most
Consumer behavior: brands
Brand awareness1
Male Female
79%
72%
67%
59% 58%
57%
55%
48%
46%
42% 43%
39%
37%
31% 31%
29%
26% 25% 24% 23%
22% 21%
15% 14%
Smartphones Clothing TV and HiFi Vehicles Household Cosmetics Food Alcoholic Bags and Detergents Furniture Toys and
appliances and and non- drinks accessories and baby
bodycare alcoholic cleaning products
drinks products
1: Brand awareness by category; "In which of these categories do you pay particular attention to brands?"; Multi pick; n= 2,096
63 Source: Statista Global Consumer Survey, as of June 2019
With US$4,032.1m and a share of 58.2%, eCommerce
generated the highest digital revenues in 2019
Consumer behavior: digital expenditures
Digital expenditures1 as share of consumer spending per capita in 2019 Highlights
3.4%
2.8% 3.1%
2.7% ▪ In Americas, digital expenditures as a share of
2.0% consumer spending per capita reached 2.0%
1.4% in 2019
▪ In Colombia, the revenue in the eCommerce

market amounted to US$4,032.1m in 2019
Colombia Asia Africa Europe Americas Australia
& Oceania ▪ The eServices market generated revenues of
US$430.7m in 2019
Total digital revenues1 in this country and breakdown in 2019
▪ In the eTravel market, 2019 revenues totaled
US$1,747.2
eCommerce ▪ Revenue in the digital media market
Digital media amounted to US$718.9 in 2019
25.2%
eServices
eTravel
US$6,928.9m
6.2% 58.2%
10.4%
1: Including all revenues generated within the eCommerce, eTravel, eServices, and digital media markets
64 Source: Statista Consumer Market Outlook 2020, Statista Digital Market Outlook 2020
Compared to its region, user penetration is above
average
eCommerce: overview
eCommerce revenue growth, ARPU1 in US$, and user penetration2 in South America and regions in 2019
eCommerce revenue growth 2018-2019 in % Regional averages ARPU: US$250
80
Emerging Mature
Guyana
70 Suriname
South America
Central Africa
60 Eastern Europe
Southeast Asia
South Asia
50 Australia & Oceania
West Africa Bolivia
40 East Africa Paraguay Peru Colombia Central & Western Europe
Central America Argentina
North Africa North America
30 Central Asia Chile
Ecuador Caribbean World
20 Southern Africa Uruguay West Asia
Brazil East Asia
10
Southern Europe
Delayed Northern Europe Saturated
0
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70
User penetration in %
1: ARPU = average revenue per user 2: Share of active paying customers from the total population
65 Source: Statista Digital Market Outlook 2020
eCommerce revenues are expected to have a positive
annual average growth of 12.0% by 2024
eCommerce: revenue projection
eCommerce revenues in million US$ Products mostly bought online2

Toys, hobby & DIY Electronics & media Male Female
Furniture & appliances Fashion
Food & personal care
7,099.4 56%
+12.0%
2,378.9 44% 43%

41%
36%
4,032.1 33%
1,419.9 28% 28%
1,449.0
575.6
18%
760.1 14%
1,454.1
294.1
809.8
1,270.9
719.1
2019 2024 Bags & Clothing Shoes Consumer Household
accessories electronics appliances
1: CAGR: Compound Annual Growth Rate / average growth rate per year 2: Top 5 product categories purchased primarily online; "Which of these
products do you mostly buy or order online?"; Multi Pick; n=2,096
Source: Statista Digital Market Outlook 2020 (forecast adjusted for expected impact of COVID-19), Statista Global Consumer Survey, as of June 2019
66
The total FinTech transaction value is forecast to grow
by 15.6% from 2019 to 2024
FinTech: transaction projection
FinTech transaction value in million US$ Segment CAGR1 Highlights

Digital payments Alternative lending
Personal finance Alternative financing
▪ The transaction value in the
13,130.4 11.8%
FinTech market amounted to
US$11,889.2m in 2019
11,308.6 ▪ The transaction value is expected
to show an annual growth of
15.6%, resulting in a volume of
9.0% US$24,573.8m by 2024
7,964.8 ▪ The largest segment is the "Digital
payments" segment with a volume
of US$7,964.8m in 2019
▪ User penetration in "Digital

24.1% payments" was 40.6% in 2019 and
3,837.2 is expected to hit 53.2% by 2024
84.1 3.2 129.1 5.6 10.5%
2019 2024
1: CAGR: Compound Annual Growth Rate / average growth rate per year
67 Source: Statista Digital Market Outlook 2020 (forecast adjusted for expected impact of COVID-19)
INFRA-
STRUCTURE
68
67.9% used the internet and there were 132.1 mobile
cellular subscriptions per 100 people
Digital infrastructure (1/2)
Internet penetration1 in 2019 Mobile phone subscriptions2 Fixed broadband subscriptions3

per 100 inhabitants in 2019 per 100 inhabitants in 2019
91.5% 151.4 29.1
132.1
118.3
67.9%
65.2%
13.8 13.3
Colombia South America Bolivia Colombia South America Uruguay Colombia South America Uruguay
1: Share of individuals who have used the Internet (from any location) in the last 3 months 2: Subscriptions to a public mobile telephone service
that provide access to the PSTN using cellular technology 3: Fixed subscriptions to high-speed access to the public internet at downstream
speeds equal to or greater than 256 kbit/s
69 Source: ITU 2019, Statista 2020
Colombia had the 68th highest internet penetration in
the world in 2019
Digital infrastructure (2/2)
Internet penetration1 in % in 2019

# Country Value # Country Value # Country Value # Country Value # Country Value
1 United Arab Emirates 93.9 31 Spain 80.8 61 Philippines 70.6 91 Namibia 58.0 121 Sri Lanka 35.4
2 South Korea 93.7 32 Czechia 80.3 62 Argentina 70.4 92 Uzbekistan 57.7 122 Rwanda 34.1
3 Norway 93.5 33 Albania 79.7 63 Italy 69.7 93 Bhutan 56.4 123 Turkmenistan 32.2
4 Luxembourg 92.9 34 Australia 79.5 64 Belarus 69.3 94 South Africa 54.7 124 Timor-Leste 32.0
5 Iceland 92.7 35 Moldova 79.4 65 Morocco 68.9 95 Jamaica 54.6 125 Cameroon 31.8
6 Netherlands 92.6 36 Oman 79.1 66 Indonesia 68.3 96 Algeria 54.4 126 Lesotho 31.5
7 Qatar 92.5 37 Latvia 78.8 67 Costa Rica 67.9 97 Peru 54.1 127 Equatorial Guinea 30.8
8 Japan 91.5 38 Cyprus 78.8 68 Colombia 67.9 98 Botswana 53.6 128 Bangladesh 30.5
9 Bolivia 91.5 39 Ireland 78.2 69 Iran 67.8 99 Suriname 52.9 129 Kenya 30.5
10 Kuwait 91.4 40 Malta 78.1 70 Dominican Republic 67.7 100 Ivory Coast 52.2 130 Tanzania 29.4
11 Malaysia 90.8 41 Slovakia 78.1 71 Tunisia 67.5 101 Mongolia 51.8 131 Sudan 27.6
12 United Kingdom 90.5 42 Armenia 77.9 72 Turkey 67.3 102 Senegal 51.5 132 Ethiopia 27.5
13 New Zealand 89.1 43 Slovenia 76.7 73 Romania 67.2 103 Belize 51.3 133 Angola 25.9
14 Sweden 89.0 44 Azerbaijan 76.7 74 Montenegro 66.5 104 Myanmar 51.1 134 Benin 24.4
15 Brunei Darussalam 88.6 45 France 76.6 75 Seychelles 65.9 105 Ghana 48.3 135 Tajikistan 24.0
16 Switzerland 87.9 46 Lithuania 76.4 76 Guatemala 65.3 106 Egypt 47.8 136 Gambia 22.8
17 Bahrain 87.8 47 Israel 76.1 77 Brazil 64.8 107 Kyrgyzstan 46.8 137 Malawi 22.1
18 Denmark 87.5 48 Hungary 75.8 78 Georgia 64.1 108 India 46.6 138 Togo 20.5
19 Canada 87.1 49 North Macedonia 75.7 79 Bulgaria 63.9 109 Cambodia 43.7 139 Guinea 20.4
20 Germany 85.9 50 Poland 75.2 80 Jordan 63.8 110 Honduras 42.4 140 Sierra Leone 20.4
21 United States 85.4 51 Croatia 75.0 81 Gabon 63.1 111 Nigeria 41.8 141 Mozambique 19.1
22 Finland 85.3 52 Russia 74.5 82 Cuba 62.9 112 Nepal 41.3 142 Burkina Faso 18.2
23 Saudi Arabia 84.1 53 Bosnia and Herzegovina 73.4 83 Ukraine 62.9 113 Zambia 40.7 143 Pakistan 17.2
24 Austria 83.4 54 Lebanon 73.1 84 Panama 62.0 114 El Salvador 40.2 144 Papua New Guinea 16.5
25 Chile 82.2 55 Portugal 72.4 85 Mainland China 61.7 115 Nicaragua 39.9 145 Niger 13.8
26 Singapore 81.8 56 Thailand 72.3 86 Ecuador 61.3 116 Guyana 39.5 146 Madagascar 13.0
27 Kazakhstan 81.3 57 Serbia 72.1 87 Paraguay 60.9 117 Laos 37.5 147 Chad 11.3
28 Iraq 81.3 58 Greece 71.9 88 Mexico 60.4 118 Zimbabwe 36.6 148 Republic of the Congo 10.3
29 Belgium 80.9 59 Uruguay 71.4 89 Mauritius 59.8 119 Uganda 35.8 149 Burundi 8.7
30 Estonia 80.9 60 Vietnam 71.0 90 Fiji 58.8 120 Haiti 35.5
Note: Not all countries covered by the Statista Country Reports are considered for the comparison
70 Source: ITU 2019, Statista 2020
Quality of trade- and transport-related infrastructure
was higher than the regional average in 2018
Transport infrastructure
Quality of trade- and transport-related infrastructure1 Freight transportation2

2.9
2.8 2.8 2.7
2.6 2.6
3
4.1 million TEU in 2018
1,349.4 million ton-km in 2018
n.a.
2014 2016 2018
1: Logistics Performance Index (5 = high, 1 = low); logistics professionals' perception of a country's quality of trade- and transport-related
infrastructure (e.g., ports, railroads, roads, information technology). Scores are averaged across all respondents 2: Ton-kilometer = cargo weight
transported times distance transported, TEU = Twenty-foot equivalent unit (standard-size container) 3: Container port traffic
ENVIRONMENT
72
Colombia had the 42nd highest CO2 emissions in
2018
CO2 emissions (1/2)
Territorial CO2 emissions1 in million metric tonnes in 2018 and variation since 2017
1 China 10,107.8 ↑ 34 Algeria 155.7 ↑ 68 Switzerland 36.9 ↓ 100 Panama 10.9 ↑ 135 Mauritius 4.9 ↑
2 United States 5,416.3 ↑ 35 Venezuela 138.8 ↓ 69 Azerbaijan 36.8 ↑ 101 Georgia 10.6 ↓ 136 Albania 4.6 ↓
3 India 2,654.1 ↑ 36 Philippines 135.1 ↑ 70 Slovakia 36.0 → 102 Cambodia 10.4 ↑ 137 Madagascar 4.3 ↑
4 Russia 1,710.7 ↑ 37 Nigeria 127.3 ↑ 71 Denmark 34.8 → 103 Yemen 10.1 ↑ 138 Namibia 4.3 ↑
5 Japan 1,162.0 ↓ 38 Czechia 105.9 ↑ 72 New Zealand 34.8 ↓ 104 Kyrgyzstan 10.1 ↑ 139 Burkina Faso 3.9 ↑
6 Germany 759.0 ↓ 39 Qatar 105.6 ↓ 73 Angola 34.5 ↑ 105 Honduras 9.9 ↑ 140 Iceland 3.6 ↑
7 Iran 720.4 ↑ 40 Belgium 99.7 ↑ 74 Tunisia 31.6 ↑ 106 Luxembourg 9.6 ↑ 141 Mali 3.6 ↑
8 South Korea 658.8 ↑ 41 Kuwait 98.1 ↑ 75 Bahrain 31.1 ↓ 107 Nepal 9.4 ↑ 142 Togo 3.4 ↑
9 Saudi Arabia 621.3 ↓ 42 Colombia 97.3 ↑ 76 North Korea 30.2 ↑ 108 Afghanistan 9.4 ↑ 143 Rep. of the Congo 3.2 ↑
10 Indonesia 614.9 ↑ 43 Uzbekistan 91.3 ↓ 77 Cuba 28.6 ↑ 110 Ivory Coast 8.4 ↑ 145 Guinea 3.2 ↑
11 Canada 568.4 ↓ 44 Chile 85.9 ↑ 78 Syria 28.3 ↓ 111 Mozambique 8.3 ↑ 146 Haiti 3.0 ↑
12 Mexico 477.3 ↓ 45 Bangladesh 85.7 ↑ 79 Mongolia 28.1 ↑ 112 Jamaica 8.2 ↑ 148 Lesotho 2.7 ↓
13 South Africa 467.6 ↑ 46 Turkmenistan 79.9 ↑ 80 Myanmar 26.3 ↑ 113 Cameroon 8.1 ↑ 149 Guyana 2.4 ↑
14 Brazil 457.2 ↓ 47 Romania 74.1 ↓ 81 Dominican Republic 24.9 ↑ 114 Costa Rica 8.1 ↑ 150 Niger 2.3 ↑
15 Turkey 428.2 ↑ 48 Greece 73.9 ↓ 82 Lebanon 24.2 ↑ 115 Brunei Darussalam 7.9 ↑ 151 Fiji 2.1 ↑
16 Australia 420.2 ↑ 49 Austria 68.9 ↓ 83 Jordan 24.1 ↓ 116 Papua New Guinea 7.8 ↑ 153 Congo (Dem. Rep.) 2.0 ↑
17 United Kingdom 379.0 ↓ 50 Oman 67.3 ↑ 84 Sri Lanka 23.4 ↓ 117 Cyprus 7.5 ↓ 154 Montenegro 2.0 ↓
18 Poland 343.5 ↑ 51 Morocco 66.3 ↑ 85 Bolivia 22.3 ↑ 118 Paraguay 7.4 ↑ 155 South Sudan 1.9 ↑
19 Italy 338.0 ↓ 52 Belarus 65.5 ↑ 86 Bosnia and Herzeg. 21.7 ↓ 119 North Macedonia 7.3 ↓ 157 Suriname 1.8 ↑
20 France 337.9 ↓ 53 Israel 64.3 ↓ 87 Sudan 21.0 ↑ 120 Latvia 7.2 ↓ 158 Malta 1.6 ↓
21 Kazakhstan 321.8 ↑ 54 Peru 55.5 ↑ 88 Estonia 19.6 ↑ 121 Benin 7.1 ↑ 161 Malawi 1.4 ↑
22 Thailand 288.2 ↑ 55 Libya 54.0 ↑ 89 Laos 19.3 ↑ 122 El Salvador 7.1 ↑ 163 Bhutan 1.2 ↑
24 Spain 268.2 ↓ 56 Portugal 50.9 ↓ 90 Croatia 18.6 ↓ 123 Uruguay 6.9 ↑ 165 Rwanda 1.1 ↑
25 Malaysia 254.5 ↑ 57 Hungary 49.9 ↑ 91 Kenya 18.5 ↑ 124 Botswana 6.7 ↓ 166 Sierra Leone 1.1 ↑
26 Egypt 238.8 ↑ 58 Finland 47.0 ↑ 92 Guatemala 18.4 ↑ 125 Uganda 5.8 ↑ 167 Chad 1.0 ↑
27 Ukraine 225.0 ↑ 59 Serbia 45.4 ↓ 93 Ghana 18.3 ↑ 127 Equatorial Guinea 5.7 ↓ 170 Somalia 0.7 ↑
28 Pakistan 223.5 ↑ 60 Bulgaria 44.5 ↓ 94 Ethiopia 14.9 ↑ 128 Nicaragua 5.6 ↑ 171 Seychelles 0.7 ↑
29 Vietnam 206.7 ↑ 61 Norway 44.3 ↑ 95 Slovenia 14.4 ↑ 129 Armenia 5.6 ↑ 172 Djibouti 0.6 ↑
30 United Arab Emirates 205.6 ↑ 64 Ecuador 41.9 ↑ 96 Lithuania 13.6 ↑ 130 Tajikistan 5.5 ↑ 176 Gambia 0.6 ↑
31 Iraq 204.2 ↑ 65 Sweden 41.0 ↓ 97 Tanzania 12.5 ↑ 132 Gabon 5.4 ↑ 177 Belize 0.6 ↑
32 Argentina 195.5 ↓ 66 Singapore 40.9 ↑ 98 Zimbabwe 12.3 ↑ 133 Zambia 5.2 ↑ 179 Timor-Leste 0.5 ↑
33 Netherlands 161.6 ↓ 67 Ireland 38.9 ↑ 99 Senegal 11.7 ↑ 134 Moldova 5.1 ↑ 180 Burundi 0.5 ↑
Note: Countries not included in the Statista Country Reports are omitted in this table
1: Territorial CO2 emissions are carbon dioxide emissions referring to the country in which they physically occur
73 Source: Global Carbon Atlas 2019, Gilfillan et al. 2019, UNFCCC 2019, BP 2019
In regional comparison, the GDP per capita and the
emissions per capita were lower
CO2 emissions (2/2)
Real GDP per capita in US$1, CO2 emissions in tonnes per capita and population in South America in 2018
CO2 emissions per capita in tonnes Regional average Population: 10 million
5.0
Venezuela Chile
4.5
4.0 Argentina
3.5
Guyana
3.0 Suriname South America
2.5 Ecuador
Bolivia Brazil
2.0 Colombia Uruguay
Peru
1.5
Paraguay
1.0
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000
Real GDP per capita in US$ in 2018
1: Constant US$, see glossary for definition of current and constant US$
74 Source: Global Carbon Atlas 2019, Gilfillan et al. 2019, UNFCCC 2019, BP 2019, United Nations 2020, IMF 2020, Statista 2020
In a 2017 global comparison, Colombia had a rather
low exposure to particulates
Particulate exposure
Mean exposure to PM2.5 in micrograms per cubic metre1 in 2017

36-95 µg/m³ 22-35 µg/m³ 14-21 µg/m³ 0-13 µg/m³
▪ The PM2.5 exposure in Colombia for

the average population is 16.9. The
country ranks #110 in a comparison of
175 countries covered by the source.
▪ PM2.5 are fine liquid or solid particles,

such as dust or smog, which are found
in the air.
▪ "2.5" refers to its size which is <2.5

microns in diameter. As a comparison,
human hair is 50-70 microns in
diameter.
▪ PM2.5 is the air pollutant that poses the

greatest risk to health according to the
World Health Organization.
1: PM2.5 stands for "particulate matter" of size "less than 2.5 microns in diameter." The concentration of PM2.5 in the air is measured in
micrograms per cubic meter or µg/m³
75 Source: OECD 2018
Compared to the average of the continent, Colombia
has a higher share in renewables
Energy shares
Energy shares in Colombia in 2018 Energy shares in Americas in 2018

Oil Coal Gas Nuclear Renewables
22.3%
28.3%
Growth in 35.3% Av. growth in

renewables renewables 42.3%
2.0%
0.0% 3.0% 3.9%

2012-2018 CAGR2 2012-2018 CAGR2
26.8%
23.9%
12.5%
6.6%
Note: Regional average value refers to the countries covered by the Statista Country Reports and the source
1: Renewable energies include hydropower, solar, wind, and other renewable sources 2: CAGR: Compound Annual Growth Rate / average
growth rate per year
76 Source: BP 2019, Statista 2020
POLITICS
77
Colombia is a presidential republic
Political profile
General information Most recent election results:

Colombian House of Representatives, 2018
▪ Government type: presidential republic Columbian Liberal Party National Unity
▪ Freedom House score in 2019: 3 (1 = most free and 7 = least free) Democratic Center Other
Radical Change
▪ Chief of State: President Ivan DUQUE Marquez (since August 7, 2018)
▪ Head of Government: President Ivan DUQUE Marquez (since August

7, 2018)
16.6%
40.6%
Voter turnout
16.0%
n.a.
14.4%
12.4%
78 Source: CIA 2020, Freedom House 2019, International Foundation for Electoral Systems 2020
Rule of Law in Colombia is low
Political environment: rule of law
Percentile rankings in rule of law in 2018

0%-20% 21%-40% 41%-60% 61%-80% 81%-100%
▪ With regard to the rule of law, Colombia ranked #129 in

a comparison of 209 countries and territories covered
by the World Bank Worldwide Governance Indicators in
2018.
▪ Percentile rank indicates the country's rank among all
countries covered by the aggregate indicator, with 0
indicating the lowest rank and 100 to the highest.
▪ Rule of law refers to the influence and authority of law

within society, particularly in terms of its efficacy as a
deterrent against negative behaviors, including those
exhibited by government officials.
▪ This indicator presents information about the level of

confidence that the population of a specific country
places in its legal authorities and law enforcement
system as well as information about the probability of
crime and violence to occur in that country.
▪ The rule of law also measures factors such as the time
and cost for resolving a commercial dispute.

Control of corruption is rated as medium
Political environment: corruption control
Efficiency of corruption control1,2 in 2018

# Country Estimate # Country Estimate # Country Estimate # Country Estimate # Country Estimate
1 Finland 2.2 33 Seychelles 0.7 65 Romania -0.1 97 Peru -0.5 129 Kyrgyzstan -1.0
2 New Zealand 2.2 34 Poland 0.6 66 Belize -0.1 98 Philippines -0.5 130 Iran -1.0
3 Singapore 2.2 35 Cyprus 0.6 67 Bahrain -0.1 99 Ecuador -0.6 131 Laos -1.0
4 Denmark 2.1 36 Spain 0.6 68 Bulgaria -0.2 100 Panama -0.6 132 Madagascar -1.0
5 Sweden 2.1 37 South Korea 0.6 69 Jamaica -0.2 101 Bosnia and Herzegovina -0.6 133 Uganda -1.0
6 Norway 2.1 38 Malta 0.6 70 India -0.2 102 Niger -0.6 134 Guinea -1.0
7 Luxembourg 2.1 39 Rwanda 0.6 71 Belarus -0.2 103 Egypt -0.6 135 Nigeria -1.0
8 Switzerland 2.0 40 Costa Rica 0.6 72 Suriname -0.2 104 Myanmar -0.6 136 Nicaragua -1.1
9 Netherlands 2.0 41 Czechia 0.5 73 Morocco -0.2 105 El Salvador -0.6 137 Uzbekistan -1.1
10 Germany 1.9 42 Lithuania 0.5 74 Guyana -0.2 106 Honduras -0.6 138 Lebanon -1.1
11 Canada 1.9 43 Fiji 0.4 75 Indonesia -0.3 107 Bolivia -0.6 139 Angola -1.1
12 Iceland 1.8 44 Slovakia 0.4 76 Mainland China -0.3 108 Algeria -0.6 140 Cameroon -1.1
13 United Kingdom 1.8 45 Saudi Arabia 0.4 77 Kuwait -0.3 109 Zambia -0.7 141 Zimbabwe -1.2
14 Australia 1.8 46 Namibia 0.3 78 Colombia -0.3 110 Nepal -0.7 142 Haiti -1.3
15 Bhutan 1.6 47 Latvia 0.3 79 Turkey -0.3 111 Mali -0.7 143 Cambodia -1.3
16 Austria 1.6 48 Malaysia 0.3 80 Sri Lanka -0.3 112 Djibouti -0.7 144 Turkmenistan -1.4
17 Ireland 1.5 49 Mauritius 0.3 81 Armenia -0.3 113 Moldova -0.7 145 Republic of the Congo -1.4
18 Belgium 1.5 50 Oman 0.2 82 North Macedonia -0.4 114 Togo -0.7 146 Iraq -1.4
19 Estonia 1.5 51 Italy 0.2 83 Serbia -0.4 115 Malawi -0.7 147 Chad -1.4
20 Japan 1.4 52 Cuba 0.2 84 Benin -0.4 116 Dominican Republic -0.7 148 Tajikistan -1.4
21 United States 1.3 53 Jordan 0.1 85 Thailand -0.4 117 Mozambique -0.7 149 Sudan -1.4
22 France 1.3 54 Croatia 0.1 86 Brazil -0.4 118 Pakistan -0.8 150 Burundi -1.5
23 Uruguay 1.3 55 Hungary 0.1 87 Mongolia -0.4 119 Guatemala -0.8 151 Venezuela -1.5
24 United Arab Emirates 1.2 56 Montenegro 0.0 88 Tanzania -0.4 120 Azerbaijan -0.8 152 Afghanistan -1.5
25 Chile 1.0 57 South Africa 0.0 89 Gambia -0.5 121 Russia -0.8 153 Congo (Dem. Rep.) -1.5
26 Slovenia 0.9 58 Senegal 0.0 90 Timor-Leste -0.5 122 Paraguay -0.8 154 Libya -1.6
27 Portugal 0.8 59 Tunisia -0.1 91 Vietnam -0.5 123 Gabon -0.9 155 Equatorial Guinea -1.6
28 Brunei Darussalam 0.8 60 Greece -0.1 92 Ethiopia -0.5 124 Kenya -0.9 156 North Korea -1.6
29 Israel 0.8 61 Argentina -0.1 93 Sierra Leone -0.5 125 Mexico -0.9 157 Syria -1.6
30 Botswana 0.8 62 Lesotho -0.1 94 Ivory Coast -0.5 126 Ukraine -0.9 158 Yemen -1.6
31 Qatar 0.7 63 Burkina Faso -0.1 95 Kazakhstan -0.5 127 Papua New Guinea -0.9 159 South Sudan -1.7
32 Georgia 0.7 64 Ghana -0.1 96 Albania -0.5 128 Bangladesh -0.9 160 Somalia -1.8
1: Perceptions of the extent to which public power is exercised for private gain, including both petty and grand forms of corruption, as well as
"capture" of the state by elites and private interests 2: Ranked from strong (2.5) to weak (-2.5)
Regulatory quality in Colombia is on a high level
Political environment: regulatory quality
Percentile rankings in regulatory quality in the Americas in 2018

0%-20% 21%-40% 41%-60% 61%-80% 81%-100%
▪ In 2018, Colombia ranked #73 in regulatory quality out

of 209 countries and territories covered by the
Worldwide Governance Indicators.
▪ It placed #8 when compared to the 26 other countries

in its region, the Americas.
▪ Percentile rank indicates the country's rank among all

countries covered by the aggregate indicator, with 0
corresponding to the lowest rank and 100 to the
highest rank.
▪ Regulations are defined as the principles that govern

the everyday life of a country. Regulatory quality refers
to the ability of the government to create and
implement policies as well as procedures that support
economic growth and social welfare.

High risks of violence and/or terrorism due to political
instability
Political environment: governance
Governance against political instability and threat of violence/terrorism1,2 in 2018

# Country Estimate # Country Estimate # Country Estimate # Country Estimate # Country Estimate
1 New Zealand 1.5 33 Qatar 0.7 65 Serbia 0.1 97 Moldova -0.3 129 Ivory Coast -0.9
2 Singapore 1.5 34 Oman 0.7 66 Suriname 0.1 98 North Korea -0.4 130 Israel -0.9
3 Iceland 1.4 35 Namibia 0.7 67 Romania 0.1 99 Brazil -0.4 131 India -1.0
4 Luxembourg 1.4 36 Cuba 0.7 68 United Kingdom 0.0 100 Jordan -0.4 132 Togo -1.0
5 Switzerland 1.3 37 Germany 0.6 69 Dominican Republic 0.0 101 Bosnia and Herzegovina -0.4 133 Bangladesh -1.0
6 Malta 1.3 38 Estonia 0.6 70 Ghana 0.0 102 Armenia -0.4 134 Burkina Faso -1.0
7 Brunai Darussalam 1.2 39 Poland 0.5 71 Argentina 0.0 103 Georgia -0.4 135 Philippines -1.1
8 Norway 1.2 40 South Korea 0.5 72 Belize 0.0 104 Republic of the Congo -0.4 136 Kenya -1.2
9 Portugal 1.1 41 Cyprus 0.5 73 Kazakhstan 0.0 105 Russia -0.5 137 Egypt -1.2
10 Bhutan 1.1 42 Jamaica 0.5 74 Turkmenistan 0.0 106 Saudi Arabia -0.5 138 Niger -1.3
11 Japan 1.1 43 Costa Rica 0.5 75 Gambia 0.0 107 Madagascar -0.5 139 Iran -1.3
12 Uruguay 1.0 44 United States 0.5 76 Sierra Leone 0.0 108 Indonesia -0.5 140 Myanmar -1.3
13 Czechia 1.0 45 Chile 0.4 77 Equatorial Guinea -0.1 109 Guatemala -0.5 141 Turkey -1.3
14 Ireland 1.0 46 Latvia 0.4 78 Ecuador -0.1 110 Honduras -0.6 142 Ethiopia -1.3
15 Canada 1.0 47 Bulgaria 0.4 79 Senegal -0.1 111 Tanzania -0.6 143 Venezuela -1.3
16 Botswana 1.0 48 Laos 0.4 80 Paraguay -0.1 112 Mexico -0.6 144 Cameroon -1.4
17 Australia 1.0 49 Belgium 0.4 81 Benin -0.1 113 Kyrgyzstan -0.6 145 Chad -1.5
18 Denmark 1.0 50 Albania 0.4 82 Djibouti -0.1 114 Nepal -0.6 146 Burundi -1.6
19 Finland 0.9 51 Belarus 0.4 83 Guyana -0.2 115 Haiti -0.6 147 Lebanon -1.6
20 Austria 0.9 52 Italy 0.3 84 Sri Lanka -0.2 116 Papua New Guinea -0.7 148 Ukraine -1.8
21 Sweden 0.9 53 Timor-Leste 0.3 85 North Macedonia -0.2 117 Uganda -0.7 149 Sudan -1.8
22 Slovenia 0.9 54 Panama 0.3 86 Lesotho -0.2 118 Azerbaijan -0.7 150 Mali -2.1
23 Mauritius 0.9 55 Spain 0.3 87 Bolivia -0.2 119 Zimbabwe -0.7 151 Congo (Dem. Rep.) -2.1
24 Netherlands 0.9 56 Malaysia 0.2 88 Gabon -0.2 120 Tajikistan -0.7 152 Nigeria -2.2
25 Mongolia 0.8 57 Vietnam 0.2 89 Peru -0.3 121 Thailand -0.7 153 Somalia -2.2
26 Croatia 0.8 58 Zambia 0.1 90 Mainland China -0.3 122 Mozambique -0.8 154 Pakistan -2.3
27 Hungary 0.8 59 Rwanda 0.1 91 South Africa -0.3 123 Algeria -0.8 155 South Sudan -2.4
28 Lithuania 0.8 60 Kuwait 0.1 92 Uzbekistan -0.3 124 Nicaragua -0.8 156 Libya -2.4
29 Slovakia 0.8 61 France 0.1 93 Angola -0.3 125 Colombia -0.8 157 Iraq -2.6
30 United Arab Emirates 0.7 62 Cambodia 0.1 94 Malawi -0.3 126 Bahrain -0.8 158 Syria -2.7
31 Fiji 0.7 63 Montenegro 0.1 95 Morocco -0.3 127 Guinea -0.9 159 Afghanistan -2.7
32 Seychelles 0.7 64 Greece 0.1 96 El Salvador -0.3 128 Tunisia -0.9 160 Yemen -3.0
1: Measures perceptions of the likelihood of political instability and/or politically-motivated violence, including terrorism 2: Ranked from strong
(1.5) to weak (-3).
APPENDIX
83
Methodology and data used in this report
Data description and methods (1/2)
Data sources
The Statista Country Reports present quantitative data from various private and public sources of information. These sources include the International
Monetary Fund, the World Bank, the United Nations, the OECD, the World Economic Forum, the International Labour Organization, the CIA World
Factbook, the Freedom House, the International Foundation for Electoral Systems, and Statista itself. The data sources are indicated in footnotes
throughout the report.
Real GDP calculation

A country's real GDP is an inflation-adjusted GDP assessment reflecting its net growth. It can be used to compare economy sizes across countries. The
data in this report is presented in U.S. dollars and maintains the growth rates of the real GDP series. The data is expressed in the base year of each
country‘s national accounts, and the year is specified for each country. For more information, please refer to the FAQ section of the World Economic
Outlook Database.
Difference between current and constant US$

Data reported in current US$ reflects the value that the currency has in a specific year. The current data series is influenced by the effect of price
inflation and differences in exchange rates, and the comparability of growth rates between countries is limited.
Data expressed in constant US$ reflects the value of a currency in a specified base year. The individual base year listed in a country’s national accounts
differs from country to country. Constant series are used to measure the true growth of a series by adjusting for the effects of price inflation.
84
Methodology and data used in this report
Data description and methods (2/2)
Business culture data

Data related to country-specific business cultures was collected between January 5 and February 19, 2019. In order to obtain reliable insights into
business cultures for each country, only individuals with business experience in their respective countries were included in the survey.
The survey sample consisted of 381 participants and a total of 127 countries. Due to the small sample size, the information presented in this report
gives the reader a subjective, approximate impression of the business culture in a country and cannot always be generalized.
Statista Fact Check

The Statista Fact Check of international retail structures was carried out between January 5 and February 19, 2019. In order to collect information about
the national retail characteristics, only people living in the country of interest were asked to participate in the Fact Check.
The Statista Fact Check included 254 participants and covered 127 countries worldwide. The information presented by the Statista Fact Check gives the
reader an impression of the retail and eCommerce structures within the country and cannot always be generalized.
Determination of retail market development stages

The development stages of retail markets were identified based on the specific features of each individual retail market. In cases in which only two out
of three features qualified a country for a certain development stage, the country was placed in the transition zone or at the beginning of the higher
development stage. For instance, in Egypt, international chains operate in rural areas as well as medium-sized and large cities, and the grocery market is
characterized by international, national, and independent store ownership (all indicators for a well-developed retail market). But since payment options
do not yet incorporate smartphones and only include traditional and electronic methods (indicator for a maturing market), Egypt was assigned an early
well-developed retail market stage.
85
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About the Statista Global Consumer Survey 2020
50+ 55 6,500+ 700,000+

topics & industries countries int. brands interviews
Marketing & Finance & insurance
The Statista Global Consumer Survey offers a global perspective
social media
on consumption and media usage, covering the offline and online
world of the consumer. It is designed to help marketers, planners,
and product managers understand consumer behavior and
consumer interactions with brands. eCommerce & Health
retail
▪ Cross-tabulation
▪ Customized target groups
Food & nutrition Housing & household
▪ Trend and country comparisons equipment
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Internet & devices Travel
Media & digital media Services & eServices
Mobility Characteristics &

demographics
Find out more on www.statista.com/customercloud/global-consumer-survey

86
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About the Statista Digital Market Outlook
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markets locations years (2017–2024) interactive statistics
The Digital Market Outlook presents up-to-date figures on markets of the

digital economy. The comparable key figures are based on extensive analyses
of relevant indicators from the areas of society, economy, and technology.
What is the size of the eCommerce fashion market in Spain?
How much is spent on social media advertising in India?
The answers to these and many more questions can be found in the Statista
Digital Market Outlook. It provides forecasts, detailed market insights, and key
indicators for the digital economy.
Seven digital verticals: eCommerce, Smart Home, Digital Media,

eServices, FinTech, Digital Advertising, eHealth
Direct access & downloads, fully integrated into the Statista database
Market insights, forecasts, and key performance indicators
Outlook reports with segment-specific topics (top companies, trends,

deep dives)
Find out more on www.statista.com/outlook/digital-markets

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address information for each company.
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department and to get quick insights into new markets, and they can serve
as a starting point for further market assessment.
With the most important company figures
Coverage of most Statista industries
Available for the most important regions
Find out more on www.statista.com/toplists

88
About Statista Research & Analysis
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89
Authors
Maike Schlumbohm Volker Staffa Maike Zeppernick Joline Franken

Head of Country & Industry Reports Senior Analyst Junior Analyst Junior Analyst
m.schlumbohm@statista.com v.staffa@statista.com m.zeppernick@statista.com j.franken@statista.com
Maike Schlumbohm studied Volker Staffa studied Business Maike Zeppernick studied Joline Franken studied Social
Business in Göttingen, Kiel, with a focus on Logistics and Economics, Business, and Economics, which incorporated
Alicante, and Brisbane. Supply Chain Management in Mathematics in Nebraska and business studies, law,
Hamburg and Rhode Island. He Hamburg. economics, and sociology, in
Before joining Statista, she spent has been writing and drafting Hamburg. She earned her
several years working for a Industry Reports for Statista Before joining Statista, she advanced degree in Economic
global chemical company, since 2012. worked for a car rental company and Sociological Studies with a
focusing on the fields of internal where she conducted forecasts concentration on labor,
consulting and market research, Before working as an analyst at in the area of revenue and economy, and society.
and as a research fellow and Statista, Volker gathered capacity management. She also
lecturer in Six Sigma at the experience in the aviation has academic experience in the She joined the ecommerceDB
Leuphana University of industry, working for the subject of health economics. department at Statista in 2017
Luneburg. German Air Traffic Control and and is now part of the
Lufthansa Technik. operations team at Strategic
Market Insights.
www.statista.com

Study Id48424 Colombia

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Including COVID-19

The Statista Country Report provides a comprehensive overview about

We hope our report proves to be useful and informative for you.

Maike Zeppernick Joline Franken

01 Introduction 04 Fitch Solutions risk indexes 07 Infrastructure

02 Economy 05 Society 08 Environment

03 Trade & investment 06 Retail & consumption 09 Politics

Colombia has proved to be resilient over the years

▪ Colombia has free trade agreements with more than a dozen

▪ Colombia has seen the biggest influx of Venezuelan immigrants.

5 Source:: BBC, Worldbank, The Heritage Foundation

Currency devaluation is another matter of concern for the government.

The government has announced a bailout package of roughly US$3.7

1: Constant US$, see glossary for definition of current and constant

Religious affiliation in % of population Ethnic groups in % of population

Population in major urban areas in millions Land use in % of total area

4.0 1.5% 52.7% 1.7% 44.1%

Bogota Medellin Cali Barranquilla Bucara- Cartagena

▪ Airport code: CLO Hong Kong,

▪ Distance to city center: 8 km Middle East

Economy Trade & investment

▪ With an index score of 50.9, the operational risk in Colombia is

Society, retail & consumption Environment & politics

Communication standards Business meeting procedures

▪ The official language in Colombia is Spanish and is used in most

▪ Legal recourse is considered a last resort to resolving business

Importance of business networks Gender equality

Slow business months Work-life balance

Real GDP1 in billion US$2

Value added1 by sector in % of GDP

9.0% 9.2% 9.3%

2012 2015 2018

Inflation1 and central bank interest rates2,3

Revenues1 and expenses2 in % of GDP

2010 2011 2012 2013 2014 2015 2016 2017 2018

Expenditure in % of GDP in 2018

0.1% 0.2% 0.0%

Total expenditure 78,751.7 Total revenue 81,835.0

Grants and other revenue 24,218.8

Social contributions 10,240.0

Taxes on goods and services 21,047.1

Interest payments 8,504.4

Subsidies and other transfers 50,965.7 Taxes on income, profits

Other 3,906.9 Other taxes 5,104.8

General government gross debt1 in % of GDP

Net official development assistance1 received in % of gross capital formation

Total labor force1 in thousand

57.1% 57.1% 57.0% 57.0% 57.0% 56.9% 56.9%

Employment in % of total labor force Educational attainment of population aged 15 and

16.7% 16.5% 16.1% 15.7% 4.8%

Unemployment1 in % of total population Unemployment1 in % of total population

Business administration in 2019

Colombia 10.0 days 15.0 days 255.5 hours 1.7 years

Time needed Time needed Efficiency of

Colombia 48.0 hours 64.0 hours 2.6

South America 51.0 hours 72.2 hours 2.5

Percentile rankings in Global Competitiveness Index 4.0 in 2019

▪ Colombia ranks #57 in a comparison of 141

▪ Percentile rank indicates the country’s place in the

▪ The Global Competitiveness Index 4.0 includes 103

▪ Competitiveness is a set of institutions, policies,

▪ Highly competitive economies are more

29 Source: World Economic Forum 2019

New businesses registered Ease of doing business score2 in 2019