To understand the relevance of the Bogota Region market, it is worth comparing the size of its gross domestic product with other countries in Latin America. In 2020, the Bogotá economy showed revenues of 75 million USD. This figure is greater than the results shown in Costa Rica, Uruguay, and Panama, which are great players in the Latin American scenario, quite relevant in the services sector.
Current GDP prices in Latin America – 2020 (USD million)
Source: CEPAL projections for Latin America in 2020. National Accounts, DANE (the National Statistics Department).
*This is the current GDP number for Bogota alone, without considering Cundinamarca. USD figure calculated using the average market representative exchange rate for December 2020, 3468 COP to 1 US dollar.
This amount represents 26% of the total GDP shown by Colombia for the same period and a GDP of 10,896 USD, this is to say 3,000 USD over and above the average figure assigned to the country.
Likewise, stability and good macroeconomic performance enable the Bogota Region to have a large market, equivalent to 42% of the population (more than 3,3 million people), which exceeds the ratios shown in other country regions such as Valle del Cauca and Santander.
Proportion of the middle class in Colombia, 2020
Source: DANE. Preparation and calculation: Invest in Bogota.