According to the figures of the World Bank, over the last 60 years, Colombia has shown a significant increase in real annual growth of its GDP with respect to other Latin American countries such as Chile, Brazil, Mexico, Peru, and Argentina. Bogota has not been oblivious to these macroeconomic behaviors, given that its GDP has increased by 71% over the last 20 years, with an average growth of 4.2% per year, and an average share with respect to total country GDP of 32% for the same period.
Bogota’s GDP growth – 2001 – 2021
Source: DANE, CEPAL, District Office of Economic Development of Bogota. Prepared by the research and market intelligence team of Invest in Bogota.
*International Monetary Fund projection, October 2021.
Likewise, according to the figures of DANE (the National Statistics Department), the GDP of Bogota in the first half-year of 2021 showed a total value of 29.6 billion USD. This is 8.5% higher with respect to the same span in 2020 and shows the economic reactivation process undertaken by the city after a complex 2020 and the strength of its economy. Its share in the total country average is 23%, with a variation that is under the expectations set for other countries in the region.
Evolution of inflation in Bogota for 2007 – 2020
Source: DANE, CEPAL, District Office of Economic Development of Bogota. Prepared by the research and market intelligence team of Invest in Bogota.
* CEPAL calculations for accumulated inflation between January and September 2020. Figures for Haiti, Argentina, Venezuela, and Surinam are excluded.
Inflation levels in Bogota for the last 5 years have been minimal, even staying under the average inflation rate of Latin America (2.7% as the accumulated inflation rate in January and September 2020). Thanks to this good performance, Bogota ranks as one of the continent cities with the best cost-of-living index, according to the ranking made by the consulting firm Mercer for the year 2020.