Balance of Payments: Services: Expenditure for Colombia
COLB6DBSE01CXCUQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,083,791,000.00
Year-over-Year Change
11.83%
Date Range
1/1/2000 - 10/1/2024
Summary
The 'Balance of Payments: Services: Expenditure for Colombia' measures Colombia's spending on services from foreign sources. This key economic indicator provides insights into the country's international trade and service sector performance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series tracks Colombia's expenditures on services imports, such as travel, transportation, and business services. It is an important component of the country's balance of payments and offers valuable insights into its international economic relationships and competitiveness.
Methodology
The data is collected and reported by Colombia's central bank, Banco de la República.
Historical Context
Policymakers and analysts use this metric to assess Colombia's external economic position and the health of its service industry.
Key Facts
- Colombia's services expenditure was $6.58 billion in 2021.
- Services account for over 60% of Colombia's GDP.
- The services trade deficit was 1.7% of GDP in 2021.
FAQs
Q: What does this economic trend measure?
A: This data series tracks Colombia's expenditures on imported services, such as travel, transportation, and business services. It is a key component of the country's balance of payments.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into Colombia's international trade in services, which is an important driver of its overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and reported by Colombia's central bank, Banco de la República.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Colombia's external economic position and the health of its service industry, which is crucial for informing trade and economic policies.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedule of Banco de la República and may have some delay in availability.
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Citation
U.S. Federal Reserve, Balance of Payments: Services: Expenditure for Colombia (COLB6DBSE01CXCUQ), retrieved from FRED.