National Accounts: GDP by Expenditure: Current Prices: Government Final Consumption Expenditure for Colombia
COLNAEXCP03STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58,547,460,140,044.40
Year-over-Year Change
36.24%
Date Range
1/1/2005 - 7/1/2023
Summary
This economic trend measures government final consumption expenditure in Colombia at current prices. It is a key component of gross domestic product (GDP) and provides insights into the role of the public sector in the Colombian economy.
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
Government final consumption expenditure represents spending by government entities on goods and services. This metric is used to analyze the size and composition of government activity and its contribution to overall economic output.
Methodology
The data is collected and calculated by Colombia's national statistics agency, DANE.
Historical Context
Policymakers and analysts use this trend to monitor fiscal policy and the government's role in driving economic growth.
Key Facts
- Colombia's government consumption expenditure reached $31.6 billion in 2021.
- Government spending accounts for around 15% of Colombia's total GDP.
- Real government consumption grew by 3.2% in 2021 after a pandemic-related decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures government final consumption expenditure in Colombia at current prices, which represents spending by government entities on goods and services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the size and role of the public sector in the Colombian economy and is used to analyze fiscal policy and its contribution to overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by Colombia's national statistics agency, DANE.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor fiscal policy and the government's role in driving economic growth in Colombia.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revision policies of Colombia's national statistics agency.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Current Prices: Government Final Consumption Expenditure for Colombia (COLNAEXCP03STSAQ), retrieved from FRED.