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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
In 2020, Colombia’s agriculture, livestock, forestry, hunting and fisheries sector increased its share in overall GDP to 7.6%, from 6.4% in 2019. Between 2015 and 2020, the sector’s GVA rose at a CAGR of 3.2% in real terms. ...
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According to figures from Colombia’s statistics office, DANE, the country’s ICT sector was responsible for 2.9% of Colombia’s GDP, amounting to COP 28.98tn in 2020, as well as 2.2% of its imports and 1.2% of its exports in ...
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In 2021, Colombia’s financial sector recovered from the shock of the COVID-19 pandemic. During 2020, financial entities had to increase their provisioning expenses, which affected their profitability, and there was a decline in their loan ...
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The region of Latin America and the Caribbean has always been a prominent player in the global oil and natural gas industry, accounting for 19% of the world’s crude oil reserves and for 4.3% of natural gas reserves as of end2020. Its relative ...
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Latin America plays a minor role in the global metal processing sector, mainly due to the relatively low penetration of heavy industries in the region and the sluggish economic performance of the region’s economies ever since the end of the ...
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The COVID-19 pandemic generated a sizeable drop in tourism revenue in Colombia. The different restrictions on travelling imposed around the world and domestically were reflected in a drop in the sector’s share in the overall ...
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The Colombian oil and gas sector is a traditionally export-oriented industry of great importance for the country’s foreign trade and economic activity. In 2020, the sector accounted for 4.3% of the country’s GDP and 28.1% of ...
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In line with global trends, Colombia has been seeking to make its economy greener by developing its renewable energy resources. The country has made great strides in this direction, as more than two thirds of its electricity is from ...
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