- GDP nominal: 377 billion USD
- Unemployment rate: 10.1%
- Population: 47 million
- Ease-of-doing-business rank: 54th
Colombia over this last decade has experienced a historic economic boom:
In 1990, Colombia was Latin America's 5th largest economy and had a GDP per capita of only 1,500 USD, by 2015 it became the 4th largest, and the world's 31st largest. Poverty levels were as high as 65% in 1990, but decreased to under 24% by 2015.
The economy continues to grow in part because of focused efforts to reduce public debt levels, an export-oriented growth strategy, and an improved security situation in the country.
Direct Selling in Colombia
- GDP Growth Constant USD 2014: 4.6%
- YoY Industry Growth Constant USD 2014: 10.4%
Colombia is the second biggest market in Latin America for the Direct Selling industry representing 3.1 billion USD in 2014. Colombia is 4 times smaller than the number 1 market in the region (Brazil) in terms of revenue but the Colombian market is growing at a faster rate (7.5% CAGR). The industry is represented by 2 million distributors which represents 4% of the population (against 2.5% only for Brazil).
The particularity of Colombia is that the Beauty category accounts for 50% of the products sold through the channel and Apparel accounts for another 25%. The Wellness category is under represented at 10%. Single-level marketing companies providing beauty and skin care products are the industry leaders but Multi-level marketing companies are developing actively.
Sources: ASENSHIA, World Bank, WFDSA, Euromonitor, Wikipedia
CAGR: Compound Annual Growth Rate expressed in Constant USD 2014, between 2011 and 2014