In recent years, Colombia has recorded deficits in primary current account income because income from its foreign assets has not been sufficient to offset the interest payable on its foreign liabilities. 

According to preliminary figures from the federal government, in the second quarter of 2023 Colombia reported a deficit in primary current account income of US$3,401 million. 

However, in the second quarter of 2023, the secondary income category had income of US$3.017 billion. 

Current account

Also in the second quarter of 2023, the services category posted a deficit of US$427 million, an improvement over the same period in 2022.

Likewise, in the second quarter of the current year, Colombia recorded a current account deficit of US$2,524 million, 49% less than the deficit for the same period of 2022. 

According to preliminary figures, total Foreign Investment registered a deficit of $5,489 million in the second quarter of 2023, compared to a deficit of $3,734 million in the same period of 2022.

Colombia is the fourth largest country in South America, with a territory of 441,020 square miles (1 million 141,748 square kilometers). 

Located in the northwest corner of the South American continent, Colombia is bordered by Panama and the Caribbean Sea to the north, Peru and Ecuador to the south, Venezuela and Brazil to the east and the Pacific Ocean to the west. 

According to the National Administrative Department of Statistics (Departamento Administrativo Nacional de Estadística, or «DANE«) based on the latest available population statistics, Colombia’s population was 51.7 million in 2022. 

The latest available population statistics also estimated that 7.8 million people live in Bogota, Colombia’s capital city. 

In addition, in 2022, Medellin and Cali, the second and third largest cities, are estimated to have populations of approximately 2.6 million and 2.3 million, respectively. 

Of the total population, 76.0% live in populated municipal centers and 24.0% in dispersed rural areas.