Colombian Economy Key Facts
Posted By colab On Friday, 3 May 2019
- In 2018 Colombia’s construction industry reached a value of USD 22.5 billion, which means Colombia has the third largest construction industry in Latin America, positioning itself higher then countries like Argentina (USD 20 billion), Chile (19 billion) and Perú (USD 13.8 billion). (Business Monitor International).
- Between 2003 and 2018 Colombia was host to 20 inward FDI projects in the construction materials sector after Brazil (33), and above Argentina (16), México (12), Chile (8), Ecuador (5), Panama (5), Peru (5), Costa Rica (4). (Fdi Markets)
- According to FDI Benchmark, Colombia´s construction material industry´s labor costs are more competitive than those observed in Peru, Mexico, Costa Rica and Brazil. Labor costs in Colombia for this industry are approximately 5 times lower than those of the United States.
- The low motorization rate represents an investment opportunity for vehicle assemblers. In Colombia, there are 121 vehicles per 1,000 inhabitants. The average for the LATAM region is 173 vehicles per 1,000 inhabitants.
- In 2018, the sales of vehicles were 256.662 units 7,7% higher than 2017. Total vehicle fleet in Colombia was 14.5 million in 2018. Is expected an average rate of growth of 6% for the next six years in vehicle sales in Colombia.
- The bus segment represents an investment opportunity for assemblers and spareparts producers. 1,400 new buses are expected to be in operation in the BRT system in Bogota in the next years. Bus sales are expected to have a growing trend between 2019 and 2024 of 5%.
- With 6 million units of motorbikes in circulation, Colombia has the second largest motorbike fleet in the region, following Brazil (25,5 million units), and above countries like Mexico (2 million units), Guatemala (1,1 million units).
- Electric and hybrid vehicles have gained presence in the Colombian vehicle market. During 2018 the sales of this type of vehicles reached 932 units which represents a growth of more than 300% in sales of this segment.
- Colombia has preferential access to a regional market of USD 84.222 million of machinery and parts.
- Colombia ranks first in Latin America and number eight worldwide in renewable energy according to the Energy Architecture Performance Índex (EAPI) of the World Economic Forum.