Ansicht der Stadt Cartagena an der kolumbianischen Karibikküste

Economic situation Growth in the agriculture and construction sectors

Thanks to its vast resources (coal, oil), Colombia is the third-largest economy in Latin America (after Brazil and Mexico). However, this also means that world market prices for commodities have a direct impact on economic development and government revenue. 

While the Colombian economy grew by more than four per cent in 2013 and 2014, the growth rate was only 2.6 per cent in 2018, but rose again to 3.4 per cent in 2019. The International Monetary Fund (IMF) expects that growth over the coming years will be robust, with possibly even higher growth rates.

Large investment programme

Economic growth can be found, above all, in agriculture and in the construction sector. The construction industry is benefitting, in particular, from large government contracts, for instance highway construction. The National Development Plan 2018–2022 envisages government investments of about 350 billion US dollars. Among other things, 520,000 social housing units are to be built.