General Information

The Colombian economy is highly vulnerable to the prices of energy and mining products, which constitute the bulk of its income. Oil & derivatives and coal account for an important part of the country's exports. The country is the third largest oil exporter in Latin America and the third largest coffee exporter in the world. Colombia also has the same problem of under-investment in infrastructure as Brazil, with its complicated geography, which divides it into several markets. Its agriculture has potential, but suffers from underinvestment.

As a result of the COVID-19 pandemic, Colombia’s GDP fell sharply by -7.2% in 2020 (the largest drop since 1999). As for Chile and other Latin American countries, the economy then enjoyed a good recovery with growth at 10.8% which moderated in the following years. According to the IMF, GDP growth was just 0.7% in 2023, and 1.7% in 2024. For 2025, GDP is expected to continue to grow at a rate of 2.4%, then between 2.7 and 2.8% in 2026 and 2027.

The monetary policy rate, disclosed by the Colombian Central Bank, in April 2025 is 9.25% (i.e. -2 points compared to 2024 and -4pts compared to 2023). Inflation was 11.7% in 2023, 6.6% in 2024 and is expected to fall to 4.7% at the end of 2025 (Forecast).

Colombia stands out as one of the most integrated countries in international trade in Latin America, thanks to a great policy of trade openness and integration into international bodies. The country has signed several free trade agreements, including at the regional level and with the United States, Canada, the EU (in force since 2014). Colombia and France have signed two investment promotion and protection agreements to avoid double taxation, and the country has a relatively open exchange rate regime.

Regarding cultural specificities, Colombians appreciate physical contact (be prepared to shake hands). Meetings often include discussions on topics such as sport and the family.