Colombia Current Account to GDP Ratio
Colombia's current account deficit narrowed to 1.8% of GDP in 2024 from -2.2% in 2023. This improvement was driven by a 20% increase in remittances and a reduced services trade balance deficit. Net income outflows also decreased. The goods trade deficit widened due to a 3% contraction in exports and 1% growth in imports but higher transfers offset these effects. Colombia's record low current account to GDP was -6.3% in 2015 and record high was -1.8% in 2024.
Yearly Historical Data (2015-2024)
(in %)Colombia Current Account to GDP Ratio : Definition
The Colombia current account to GDP ratio measures the current account balance relative to the nation's total economic output. It is calculated by dividing the current account balance-the sum of net trade in goods and services, net income and net current transfers-by Colombia's Gross Domestic Product (GDP). This ratio shows external financial flows as a percentage of the economy.