Largely cut off from foreign investment during the 1980s and 1990s due to security concerns, Colombia developed a wide variety of local manufacturing businesses and brands. However, the opening of the economy over the past decade has forced local firms to compete with international imports. Moreover, the rapid growth of the oil and mining industries has shrunk manufacturing’s importance in the...
Colombia’s construction sector remains an engine of economic development, both as a driver for employment and a significant contributor to GDP. In 2014 the sector grew by 9.9%, and accounted for over 1.4m direct jobs, according to Colombia’s National Statistics Bureau. Much is now resting on a new stimulus package launched in May 2015, the Plan for Production and Employment. The $6.2bn plan,...
In the current context of lower commodity prices, the need to improve national transport networks has become even more important, as Colombia works to boost its competitiveness at the international level. Although the transport sector grew by 4.1% in 2014, in June 2015 the National Association of Financial Institutions forecasted that the sector would grow by 2.9% that year, a reflection of...
Colombia’s mining industry continues to feel the effects of the recent drop in commodity prices, particularly of gold. Gold production remains high, having risen by 7.7% to 519,472 oz in the third quarter of 2015, according to the National Mining Agency. Moreover, two new major gold projects received environmental permits in 2015 and are expected to add 60,000 oz and 450,000 oz, respectively,...
Over the past decade the oil industry has been at the centre of Colombia’s economic growth. The sector accounted for nearly one-fifth of all foreign direct investment over the past 10 years, approximately half of all export revenues and, through taxes and royalties, provided up to 30% of government income. Consequently, the fall in the oil price from more than $100 per barrel in mid-2014 to...
Colombia’s insurance sector has been enjoying strong growth, supported by the country’s underlying rate of economic expansion, a growing middle class, product development and the entry of new players into the industry, with growth being strongest in the life insurance segment of the market. However, penetration and density rates remain low. According to the Colombian Insurers Association,...
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