The monthly minimum wage in Colombia is USD 277. Colombia has a public debt equivalent to 75% of the country's gross domestic product (GDP) as of 2012. In relation to consumer prices, the inflation rate in Colombia is 2.2%. The currency of Colombia is Colombian Peso. The plural form of the word Colombian peso is pesos. The symbol used for this currency is $ and is abbreviated as COP. The Colombian peso is divided into centavos; there are 100 in a peso. Every year, consumers spend around $230,725 million. The ratio of consumer spending to GDP in Colombia is 0.06% and the ratio of consumer spending to world consumer market is 54%. Corporate income tax in Colombia is 33%. Personal income tax ranges from 0% to 33% depending on your specific situation and income level. VAT in Colombia is 16%. In 2013, Colombia received US$764.4 million in foreign aid. In 2014, foreign aid amounted to $1017.6.
Gross domestic product
The total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Colombia is US$642,469 billion. The gross domestic product (GDP) per capita calculated in Purchasing Power Parity (PPP) in Colombia was last $12,988,439. PPP in Colombia is considered very good compared to other countries. A very good PPP shows that citizens in this country find it easy to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with very good PPP are safe investment locations. The total gross domestic product (GDP) in Colombia is 378.148 billion. Based on this statistic, Colombia is considered as a large economy. Countries with large economies support a variety of industries and businesses and offer numerous opportunities for investment. Large economies support a significant financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good investment opportunities in Colombia. Gross domestic product (GDP) per capita in Colombia was last seen at $7,644,808. The average citizen in Colombia has very high net worth. Countries with very high per capita wealth have a longer life expectancy and a very high standard of living. Highly skilled labor can be found in many industries and labor is very expensive in these countries. Very wealthy countries offer safe investment opportunities as they are often backed by a diverse and thriving financial sector. The annual growth rate of GDP in Colombia averaged 5% in 2014. Corresponding to this percentage, Colombia is currently experiencing significant growth. Significant growth countries offer the best opportunities for a significant return on investment, as the GDP growth rate is the most important indicator of economic health. As GDP grows, so do businesses, jobs and personal income.
