Balance of Payments: Current account balance (credit less debit) for Colombia
COLBCAGDPBP6 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-3.62
Year-over-Year Change
-13.90%
Date Range
1/1/1980 - 1/1/2030
Summary
The Balance of Payments: Current account balance (credit less debit) for Colombia measures the difference between the value of a country's imports and exports of goods, services, and capital. This metric is crucial for understanding a nation's economic health and external financial position.
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
The current account balance reflects a country's net trade in goods and services, as well as net earnings on cross-border investments and net transfer payments. Analyzing this data provides insights into a nation's international competitiveness, trade dynamics, and ability to service its foreign debt.
Methodology
The data is collected by Colombia's central bank through surveys and administrative records.
Historical Context
Policymakers and analysts use the current account balance to assess a country's economic stability and external sustainability.
Key Facts
- Colombia's current account balance was -$7.7 billion in 2020.
- The current account deficit represented 3.4% of Colombia's GDP in 2020.
- Colombia's current account deficit widened in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Balance of Payments: Current account balance (credit less debit) for Colombia measures the difference between the value of the country's imports and exports of goods, services, and capital.
Q: Why is this trend relevant for users or analysts?
A: Analyzing the current account balance provides insights into Colombia's international competitiveness, trade dynamics, and ability to service its foreign debt, which are crucial for understanding the country's economic health and external financial position.
Q: How is this data collected or calculated?
A: The data is collected by Colombia's central bank through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use the current account balance to assess Colombia's economic stability and external sustainability, which informs decision-making and policy interventions.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule of Colombia's central bank and may have a slight delay in availability.
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Stock Market Total Value Traded to GDP for Colombia
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Citation
U.S. Federal Reserve, Balance of Payments: Current account balance (credit less debit) for Colombia (COLBCAGDPBP6), retrieved from FRED.