Balance of Payments: Services: Expenditure for Colombia
COLB6DBSE02STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18.77
Year-over-Year Change
9.00%
Date Range
1/1/2000 - 10/1/2024
Summary
The 'Balance of Payments: Services: Expenditure for Colombia' trend measures the value of services expenditures by Colombia in its international transactions. This metric is crucial for analyzing the country's trade balance and overall economic 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 economic indicator tracks Colombia's spending on services imports, such as travel, transportation, and business services. It provides insight into the nation's service trade flows and contributes to a broader understanding of its balance of payments position.
Methodology
The data is collected and calculated by Colombia's central bank and national statistics agency.
Historical Context
Policymakers and analysts use this trend to assess Colombia's international competitiveness and adjust trade and fiscal policies accordingly.
Key Facts
- Colombia is a major emerging market economy in Latin America.
- Services account for over 60% of Colombia's GDP.
- The services trade balance is an important component of the country's overall current account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value of services expenditures by Colombia in its international transactions, providing insight into the country's service trade flows.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for analyzing Colombia's trade balance and overall economic performance, allowing policymakers and analysts to assess the nation's international competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by Colombia's central bank and national statistics agency.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess Colombia's international competitiveness and adjust trade and fiscal policies accordingly.
Q: Are there update delays or limitations?
A: The data is published regularly by Colombia's central bank, with updates provided on a periodic basis.
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Citation
U.S. Federal Reserve, Balance of Payments: Services: Expenditure for Colombia (COLB6DBSE02STSAQ), retrieved from FRED.