Fiscal Balance in Colombia
Colombia's fiscal deficit from 2013 to 2022 mirrored its economic and political dynamics. The country managed moderate deficits initially, supported by oil revenues. However, oil price falls led to deficit growth in the middle of the decade. The 2020 pandemic exacerbated fiscal pressures, leading to higher deficits. By 2022, amidst economic recovery, Colombia managed to narrow the fiscal deficit, though it remained wider than pre-pandemic levels.
The fiscal balance in Colombia averaged -4.1% of GDP in the decade to 2022, above the Latin America average of -4.7% of GDP. The fiscal balance in 2022 was -5.3% of GDP. For more fiscal balance information, visit our dedicated page.
Colombia Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Colombia from 2014 to 2023.
Source: Macrobond.
Colombia Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -2.5 | -7.8 | -7.0 | -5.3 | -4.3 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Colombian fiscal balance projections for the next ten years from a panel of 32 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Colombian fiscal balance.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Colombian fiscal balance projections.
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