For a country with three Andean mountain chains and a history of gold and silver production, mining has remained a relatively small contributor to the modern Colombian economy. Between 2012 and 2015 the sector contributed around 2% to GDP and 20% of exports, with the vast majority coming from two giant coal projects: the Cerrejón mine in La Guajira department and La Loma mine in César...
The Colombian energy sector can look forward to increased investment in 2017 and 2018. With a crisis in the electricity sector narrowly avoided, the government is reassessing its strategy to improve energy security. In the hydrocarbons segment, 2017 will see major investments in offshore exploration, which represents the best possibility for the country to maintain energy self-sufficiency,...
Colombia is the fifth-largest insurance market in Latin America by premiums collected. However, it features weak penetration and density – measures of premiums compared to the size of the economy and the population, respectively – compared to other large markets in the region. Nonetheless, the fact that the country has been able to weather the recent economic storms better than many in the...
Although the Colombian economy has been affected by a slowdown in recent years, the country’s banking sector has remained resilient. The majority of the impact has been felt in the external sector, particularly due to changes in the foreign exchange rate. Meanwhile, lending growth remained relatively strong until mid-2016, when the combined effects of weak investment and higher interest rates...
Following congressional approval of a landmark peace agreement and a late-2016 tax reform package, 2017 looks to be a year of significant promise for the Colombian economy. Investment and infrastructure development are expected to be the key drivers of domestic demand, and the trade balance should continue to improve. Although growth has slowed as a result of the oil price shock, the Colombian...
While 2016 marked an important turning point for Colombia, the pace at which the economy accelerates and living standards improve over the coming years will be dictated to a large extent by the government’s success in implementing the peace agreement, swiftly establishing the rule of law across the entire territory and executing its ambitious infrastructure programme. When he leaves office in...
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