National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Colombia
COLNAEXKP01STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
245,718,212,198,545.00
Year-over-Year Change
21.67%
Date Range
1/1/2005 - 7/1/2023
Summary
The National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Colombia measures the total economic output of Colombia, adjusted for inflation, providing a key indicator of the country's economic health and growth.
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 trend represents the total real gross domestic product (GDP) for Colombia, calculated by the national statistical agency using expenditure-based national accounting methods. It is a widely-tracked metric for evaluating Colombia's macroeconomic performance and development.
Methodology
The data is collected through surveys of businesses, households, and government agencies, then aggregated and adjusted for inflation.
Historical Context
Policymakers and analysts use this GDP metric to assess Colombia's economic conditions and guide fiscal and monetary policies.
Key Facts
- Colombia's GDP reached $271 billion in 2021.
- The GDP growth rate was 5.1% in 2021, rebounding from a 6.8% contraction in 2020.
- Services account for over 60% of Colombia's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total real gross domestic product (GDP) of Colombia, which represents the country's overall economic output and size.
Q: Why is this trend relevant for users or analysts?
A: Colombia's GDP is a key indicator of the country's macroeconomic performance and growth, making it highly relevant for policymakers, investors, and economists analyzing the Colombian economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses, households, and government agencies, then aggregated and adjusted for inflation by Colombia's national statistical agency.
Q: How is this trend used in economic policy?
A: Policymakers and central banks use this GDP metric to assess Colombia's economic conditions and guide fiscal, monetary, and other policies to promote economic growth and stability.
Q: Are there update delays or limitations?
A: The GDP data is typically published on a quarterly basis with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Colombia (COLNAEXKP01STSAQ), retrieved from FRED.