• Colombia

Overview

Colombia, officially the Republic of Colombia (República de Colombia) is a sovereign state in the northwest of South America, with territories in Central America. The country shares a border to the northwest with Panama, to the east with Venezuela and Brazil and to the south with Ecuador and Peru. It shares its maritime limits with Costa Rica, Nicaragua, Honduras, Jamaica, Haiti and the Dominican Republic. It is a unitary, constitutional republic comprising thirty-two departments.

Historically an agrarian economy, Colombia urbanized rapidly in the 20th century, by the end of which just 15.8% of the workforce were employed in agriculture, generating just 6.8% of GDP; 19.6% of the workforce were employed in industry and 64.6% in services, responsible for 34.0% and 59.2% of GDP respectively. The country’s economic production is dominated by its strong domestic demand.

The nation is rich in natural resources, and its main exports include mineral fuels, oils, distillation products, fruit and other agricultural products, sugars and sugar confectionery, food products, plastics, precious stones, metals, forest products, chemical goods, pharmaceuticals, vehicles, electronic products, electrical equipment, perfumery and cosmetics, machinery, manufactured articles, textile and fabrics, clothing and footwear, glass and glassware, furniture, prefabricated buildings, military products, home and office material, construction equipment, software, among others.

The financial sector has grown favorably due to good liquidity in the economy, the growth of credit and the positive performance of the Colombian economy. The Colombian Stock Exchange through the Latin American Integrated Market (MILA) offers a regional market to trade equities. Colombia is now one of only three economies with a perfect score on the strength of legal rights index, according to the World Bank.

The electricity production in Colombia comes mainly from renewable energy sources (69.97% is obtained from the hydroelectric generation). Colombia’s commitment to renewable energy was recognized in the 2014 Global Green Economy Index (GGEI), ranking among the top 10 nations in the world in terms of greening efficiency sectors.

Colombia has multiple Free trade Zones (FTZ), such as Zona Franca del Pacifico, located in the Valle del Cauca, and the Zona Franca de Bogota incentivized areas for foreign investment.

2019 Colombia Public Holidays

DateNational Holiday
January 1, 2019New Years Day
January 7, 2019Epiphany Holiday
March 25, 2019Saint Joseph’s Day
April 18, 2019Maundy Thursday
April 19, 2019Good Friday
May 1, 2019Labour Day
June 3, 2019Ascension Day Holiday
June 24, 2019Corpus Christi Holiday
July 1, 2019Sacred Heart Day
July 1, 2019Feast of Saint Peter and Saint Paul
July 20, 2019Independence Day
August 7, 2019Battle of Boyacá Day
August 19, 2019Assumption Day Holiday
October 14, 2019Columbus Day Holiday
November 4, 2019All Saints’ Day Holiday
November 11, 2019Independence of Cartagena Holiday
December 8, 2019Immaculate Conception
December 25, 2019Christmas Day

Previous Year: 2018

Fast Facts

  • Capital

    Bogota

  • Population

    49,364,592 (2017 estimate)

  • Gross Domestic Product

    $720.151 billion (2017 estimate)

  • Inflation Rate

    4.09% (December 2017)

  • Currency

    Colombian Peso (COP)

  • Calling Country Code

    +57

  • Time Zone

    UTC -5:00

ITOS provides Payroll and Employer of Record (PEO) solutions in Colombia and throughout Latin America. As an international business alliance of service companies we offer fully integrated human resources and payroll solutions that promote collaboration, connectivity and communication throughout an organization.

We serve a variety of multinationals from all over the world in a wide range of industries. Our in country experts ensure your operations are compliant in each country so you can focus on growing the business.

Whether you are looking for better control, increased compliance, and standardized processes across the region or you are expanding to new markets in Colombia, ITOS welcomes you and would be pleased to serve you.