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Financial Outlook

Having passed a 12.2% budget increase for the 2012/13 tax year, the government of Colombia has decided to increase the 2014 budget by a further 7.3% over 2013 to US$108.1 billion, though the intention is still to reduce the overall level of debt. Around 2–3% of the funding for the budget is expected to come from an extension of the tax on financial transactions into 2014. The tax, which was scheduled to be reduced, is currently 0.4% of such transactions, including withdrawals from deposit accounts at banks. One of the reasons for increasing the budget for 2014 is to help the agricultural sector. Poor infrastructure is hindering farmers by increasing the cost of getting produce to consumers in domestic markets, and there are plans to invest in rural infrastructure to alleviate this. The government expects growth in 2014 to be around 4.5%, with oil, coal, and coffee continuing to be major contributors to the economy.

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Further reading on Colombia


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