Balance of Payments: Services: Expenditure for Colombia
COLB6DBSE03STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.19
Year-over-Year Change
14.62%
Date Range
1/1/2000 - 10/1/2024
Summary
The 'Balance of Payments: Services: Expenditure for Colombia' trend measures the value of services expenditures in Colombia's international balance of payments. This metric is crucial for economists and policymakers to understand the country's trade and financial position.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series tracks Colombia's expenditures on services as part of its overall balance of payments with other countries. Services can include tourism, transportation, insurance, and other business activities. The data provides insights into Colombia's trade performance and competitiveness in the global services market.
Methodology
The data is collected and calculated by Colombia's national statistics agency based on surveys and administrative sources.
Historical Context
Policymakers use this metric to monitor Colombia's external sector and make informed decisions about trade, exchange rate, and broader economic policies.
Key Facts
- Colombia's services expenditure was $4.75 billion in 2021.
- Services expenditure accounts for around 20% of Colombia's total balance of payments.
- The data is released quarterly with a 3-month lag.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value of services expenditures in Colombia's international balance of payments, including categories like tourism, transportation, and business services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into Colombia's trade performance and competitiveness in the global services market, which is crucial information for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by Colombia's national statistics agency based on surveys and administrative sources.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to monitor Colombia's external sector and make informed decisions about trade, exchange rate, and broader economic policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a 3-month lag.
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Citation
U.S. Federal Reserve, Balance of Payments: Services: Expenditure for Colombia (COLB6DBSE03STSAQ), retrieved from FRED.