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2012ECONOMIC AND POLITICAL ANALYSI TUTOR: ANDRES FALQUEZ

Camila Burbano, Mariuxi Castro,Leonidas Yagcha,Juan Xavier Gutierrez

INDEX

1. BACKGROUND OF COLOMBIA2. ECONOMIC INDICATORS

2.1 SALLARY2.2 REMITTENCES2.3 DEBT2.4 GDP2.5 COLOMBIA UNEMPLOYMENT RATE2.6 GOVERNMENT BUDGET2.7 REVENUES2.8 INTEREST2.9 COLOMBIA EMERGING MARKET BOND2.10 INFLATION COLOMBIA (2006 – 2011)2.11 EXPENSES OF COLOMBIA BUDGET2.12 PRIVATE LOANS COLOMBIA2.13 PURCHASING POWER PARITY2.14 SUBSIDIES2.15 DEBT

3. APPENDIX4. REFERENCES

1. BACKGROUND

Colombia officially the Republic of Colombia, is a unitary constitutional

republic comprising thirty-two departments. The country is located in

northwestern South America, bordered to the northwest by Panama; to the

north by the Caribbean Sea; to the east by Venezuela and Brazil to the south

by Ecuador and Peru, and to the west by the Pacific Ocean. Colombia is

the 26th largest country by area and the fourth largest in South America after

Brazil, Argentina and Peru. With over 46 million people, Colombia is the 27th

largest country in the world by population and has the second largest population

of any Spanish-speaking country in the world, after Mexico. Colombia is

a middle power, and is now the fourth largest economy in Latin America, and

the third largest in South America. Colombia produces coffee, flowers,

emeralds, coal, and oil. These products comprise the primary sector of the

economy

Soon after, Colombia achieved a relative degree of political stability, which

was interrupted by a bloody conflict that took place between the late 1940s and

the early 1950s, a period known as La Violencia.

From 1953 to 1964 the violence between the two political parties decreased first

when Gustavo Rojas deposed the President of Colombia in a coup d'état and

negotiated with the Guerrillas, and then under the military junta of

General Gabriel París Gordillo.

After Rojas' deposition, the Colombian Conservative Party and

Colombian Liberal Party agreed to create the "National Front", a coalition which

would jointly govern the country. Under the deal, the presidency would alternate

between conservatives and liberals every 4 years for 16 years; the two parties

would have parity in all other elective offices. Despite the progress in certain

sectors, many social and political problems continued, and guerrilla groups

were formally created such as the FARC, ELN and M-19 to fight the

government and political apparatus.

In 2002 vilonce in Colombia will change. Alvaro Uribe was elected

president and He would not forgive the guerrillas for all the damage they have

done. He started with an aggressive judicial policy against crimes, guerillas and

drug cartels.

His security program was based on a policy of democratic security, aiming to:

In 2004, 50% of homicides, kidnaps, drug cartels decreased. The first time in the history of Colombia.

2. ECONOMIC INDICATORS

gradually restore police presence in all municipalities

increase judicial action against crimes of high social impact,

strengthen public institutions

reduce human rights violations

dismantle terrorist organizations (specially armed rebel groups, the main one is the FARC-EP),

reduce kidnappings and extortion

reduce homicide levels

prevent forced displacement and facilitating the return of forcefully-displaced people

continue to fight the illegal drug trade through interdiction, eradication and judicial action.

2.1 SALLARYIn Colombia since 2004 Sallaries in Colombia has been raised around 5%

per year. In the current year the minimum wage is USD354 with a subsidy of

around USD25 in transportation. In the graph of sallary we can see how the line

is increasing with the time passing.

BENNEFIT USD

Transportation (if earn less

than 2 minimum sallaries

$25

PAY ROLL

CONTRIBUTION: Family

subsidy bureau, Sena and

the Colombian Family

Welfare Institute

9% of nominal sallary

Vacations 15 working days

2 Bounuses 15 days salary each. June

and December

2.2 REMITTENCESColombia armed conflict has caused a high emigration to other countries. In

1999 the financial crisis made Colombians go live overseas. Around 3.378.345

of Colombians live overseas. In 2010 remittances were about US$4.023

millions. Most of the population is living in Venezuela. This represents the 45%

of the population. Then we have USA and Ecuador.

In south America, the majority of Colombian migrants were found in

neighboring countries. In Venezuela and Ecuador. Colombian migration to

Venezuela started on large scale in 1970´s because of the high demand of

labor thanks to the oil boom.

In North America the majority of Colombians are found in USA. In Erope

approximately half of Colombian migrants are in Spain. Then in UK and finally in

Italy.

2.3 DEBT

2.3.1 Colombia Government External Debt

Government External Debt in Colombia increased to -76.39 COP Billion in

July of 2012 from -120.71 COP Billion in June of 2012, according to a report

released by the Banco De La Republica, Colombia. Historically, from 1995 until

2012, Colombia Government External Debt averaged 241.86 COP Billion

reaching an all-time high of 3449.87 COP Billion in July of 2011 and a record

low of -3130.97 COP Billion in April of 2005. 

2.4 GDP

The Gross Domestic Product (GDP) in Colombia was worth 331.66 billion

US dollars in 2011, according to a report published by the World Bank. The

GDP value of Colombia is roughly equivalent to 0.53 percent of the world

economy. Historically, from 1960 until 2011, Colombia GDP averaged 65.76

Billion USD reaching an all time high of 331.66 Billion USD in December of

2011 and a record low of 4.04 Billion USD in December of 1960. The gross

domestic product (GDP) measures of national income and output for a given

country's economy. The gross domestic product (GDP) is equal to the total

expenditures for all final goods and services produced within the country in a

stipulated period of time. This page includes a chart with historical data for

Colombia GDP.

2.5 Colombia Unemployment Rate

The unemployment rate in Colombia was last reported at 9.9 percent in

September of 2012. Historically, from 2001 until 2012, Colombia Unemployment

Rate averaged 12.5 Percent reaching an all-time high of 17.9 Percent in

January of 2002 and a record low of 9.0 Percent in October of 2011. The

unemployment rate can be defined as the number of people actively looking for

a job as a percentage of the labor force.

INFORMAL EMPLOYMENT

The phenomenon of informality has been worked through different forms

of measurement. From a business approach, the production units may belong

to the formal sector or informal, according to their tax characteristics, legislative,

accounting or size of establishment. Since the focus of employment, we review

the characteristics, according to receiving social benefits (vacations, bonuses,

etc..), its social security coverage in health and pension.

The definition adopted by the DANE, for the measurement of informal

employment refers to the 1993 OIT resolution of and DELHI group's

recommendations, which are taken from elements that meet labor market

conditions Colombian. As an approach to a definition of informal employment

variables are integrated establishment size and occupational status. Thus as

employed include informal:

Individual employees and workers who work in establishments,

businesses or enterprises employing up five people in all agencies and

branches, including the employer and / or member;

Unpaid family workers or unpaid workers in companies or businesses

other households who work in establishments, business enterprises

employing up to five people;

Day laborers or laborers who work in establishments, businesses or

enterprises employing up five people;

The bosses or employers in companies with five employees or less;

excluded are workers or government employees.

Manizales (45.2%), Bogotá DC (47.3%) and Medellin A.M

2.6 Colombia Government Budget

Colombia reported a Government Budget deficit equal to 2.90 percent of

the country's Gross Domestic Product in 2011. Historically, from 2001 until

2011, Colombia Government Budget averaged -3.95 Percent of GDP reaching

an all-time high of 0.23 Percent of GDP in December of 2005 and a record low

of -8.47 Percent of GDP in December of 2004. Government Budget is an

itemized accounting of the payments received by government (taxes and other

fees) and the payments made by government (purchases and transfer

payments). A budget deficit occurs when an government spends more money

than it takes in. The opposite of a budget deficit is a budget surplus.

2.7 Revenues: excluding grants (% of GDP) in Colombia

The Revenue; excluding grants (% of GDP) in Colombia was last reported at

18.20 in 2010, according to a World Bank report published in 2012. Revenue is

cash receipts from taxes, social contributions, and other revenues such as

fines, fees, rent, and income from property or sales. Grants are also considered

as revenue but are excluded here. Colombia is a free market economy with

major commercial and investment ties to the United States. Transition from a

highly regulated economy has been underway for more than 15 years.

Colombia's average annual economic growth rate of over 5% from 2002 to 2007

can be attributed to an increase in domestic security, resulting in greater foreign

investment; prudent monetary policy; and export growth.

2.8 Deposit interest rate (%) in Colombia

The Deposit interest rate (%) in Colombia was last reported at 3.66 in 2010,

according to a World Bank report published in 2012. Deposit interest rate is the

rate paid by commercial or similar banks for demand, time, or savings deposits.

Colombia is a free market economy with major commercial and investment ties

to the United States. Transition from a highly regulated economy has been

underway for more than 15 years. Colombia's average annual economic growth

rate of over 5% from 2002 to 2007 can be attributed to an increase in domestic

security, resulting in greater foreign investment; prudent monetary policy; and

export growth.

2.9 Inflation Colombia (2006 – 2011)

Between October 2006 and September 2007 we conducted the Survey of

Income and Expenditure in the Great macro Integrated Household Survey, with

coverage of 42,733 homes for the 24 major cities, which to calculate changes in habits

consumption and expenditure structure of the Colombian population. With the results of

this survey, under the work of an interdisciplinary group of experts and the advice of

the statistical agency of Canada, is developing a new methodology for calculating the

CPI, which is applied from January 2009. Created a new basket with a two-tier

structure, one fixed and one flexible, which allows you to update the basket of goods

and services, changes in final consumption in a relatively. In addition to expanding the

basket, the new IPC-08 expanded its geographical coverage to 24 cities.

With inflation 2011 and closed, we can make a future projection. For example in

2011 the family basket of Colombians was increased by 3.73%, while the increase for

those who earn the minimum wage real progress was made 1.45 points. This, as the

minimum increase was 5.8%, while price increases for low socioeconomic population

were 4.35% in the year. The truth is that the minimum has gained purchasing power in

the last decade. At the end of 2000, amounted to 485,000 pesos today. This means

that, at current prices, those who earn the minimum today have a purchasing power of

more than 82,000 pesos in 2000. The price increase for the entire population was 0.56

percentage points higher than in the previous year (3.17%) and higher than expected

by analysts, who estimated it at 3.5%.

For upper class families, the inflation rate was 2.7%, while for the middle

stratum of the index was 3.63%, Among other things, we must not forget to maintain

the interest rate at 4.25% intervention, as the economy continues to show "signs of

strengthening fueled by consumer confidence and strengthening business investment."

Following important data, the minimum wage is set at 2012 $ 566,700, resulting in a

rise of 5.8% in relation to the minimum wage of 2011. From 1 January 2012 the

minimum wage will increase from $ 535,600 to $ 566,700. Therefore, the 18.1 million

Colombians who earn the minimum wage receive 31,100 pesos.

2.10 Colombia Emerging Market Bond

The emerging market debt capped a good solid month with a weaker tone on

while bond prices fell again as investors showed doubts about taking more risky

assets. Fears over the outlook for the global economy affected the market sentiment as

for most of the month. A series of gloomy economic indicators published in the United

States set the tone for trading during the period. The risk premium as measured by the

Index Bond Global Emerging Markets JP Morgan a yield around 2.28% in the month.

The premium on the index widened to 325 basis points or 3.25 percentage points over

Treasurys U.S., having started the month around 300 basis points. Values highly rated

countries such as Brazil, Colombia, Malaysia and Indonesia recorded modest gains in

the month while traditionally riskier investments like bonds of Venezuela and Argentina

recorded declines in prices in the month.

The emerging markets index (EMBI +) tracks the total return of the bonds of

emerging market debt. Instruments include Brady Bonds denominated in foreign

currency, loans and Eurobonds, while local dollar-denominated instruments. The EMBI

+ is mainly concentrated in the three instruments of major Latin American countries

(Argentina, Brazil and Mexico), reflecting the size and liquidity of these markets

external debt. The non-Latin countries are represented in the index by Bulgaria,

Morocco, Nigeria, Philippines, Poland, Russia and South Africa. The instruments of the

EMBI + must be at least $ 500 million of debt outstanding.

Know that the Issuer reiterated that this year end inflation target of 3%. In

December last year the cost of living index was at 3.7% voids and now stands at

around 3%, so it could end the year in this figure. According to Uribe, the number of

IPC helps avoid fluctuations in production and is consistent with monetary policy that

seeks objective inflation and exchange rate flexibility. Regarding the complaint of

employers who call for greater intervention in the dollar market (going from 20 to 40

million dollars a day), to curb the appreciation and said that eight years have tripled

reserve levels.

2.11 Expenses of Colombia Budget

2006:

The Budget Act of 2006 was signed by President Alvaro Uribe Velez, for a total

of 105.4 billion pesos. The government's goals for next year are optimistic and

ambitious; it shows an increase of 13%, which contrasts with the 5% most optimistic

figures of the country's economic growth this year. Of total revenue and resources

planned for 2006, 45.4 billion correspond to capital resources of the nation, such as

asset disposals, surplus, financial yields foreign and domestic credit. Income of public

facilities is 10.1 trillion, and special fund revenues are 4.5 Billion parafiscal.

The Budget 2006 developed 11 key points: The 2006 budget consolidates a

responsible fiscal policy, consolidates democratic security includes increased

resources for social programs, budget focuses resources in grants to improve the

situation of poverty and destitution of the poor population, meets the pensioners and

pension obligations, Budget strengthens democracy, The 2006 budget consolidates

justice, The 2006 budget favors investment in infrastructure, 2006 budget meets

government officials in wages, The 2006 budget favors investment, $ 13 billion, 4.3% of

GDP, The 2006 budget guarantees the timely execution of the debt service.

2008:

The initiative, which happens to sanction by President Alvaro Uribe, is called

"Security and Trust for Social Development", and has a total of 125 billion 700

thousand pesos. The Congress approved the 2008 budget draft entitled "Security and

Trust for Social Development" for a total of 125.7 billion pesos. The 2008 budget is a

clear and transparent budget which includes an unprecedented breakthrough for the

country's economic and social development. The project will first strengthen the

democratic security policy, and second, to maintain investor confidence in the country

and this means economic growth and employment, and third, to promote an agenda of

ambitious social development for the country.

The total amount approved by 125.7 billion dollars, 64.5 billion will be operating

costs where more than 70 percent are transfers that the Government turn regions to be

invested in education, health and drinking water and basic sanitation and general

purposes. Other 39.1 billion pesos will be sent to the service and the amortization of

debt capital, similar amount budgeted in 2007.And as for the starting amount for

investment was 21.9 billion pesos, representing a growth of 13 percent over the

previous year and maintains the proportion of gross domestic product, as required by

the Constitution.

2009:

President Alvaro Uribe signed the Budget Law for 2009, amounting to 140

billion 494 billion pesos. This figure of 140.5 billion is higher by 13.1 percent compared

to 2008, which is 124.2 billion, after 1.5 billion cuts ordered by the Government. The

three big budget items are: Operation, to be a game of 73.5 billion, debt service, with

37 billion, and investment, with 29.9 billion pesos, the presidency said in a statement.

In operation, the change from the 2008 budget is 14.4 percent, accounted for 11.5

percent increase in allocations for personnel expenses, and 7.2 percent in overhead

costs, due to higher staff costs Justice, the increase in the plant of the Attorney

General, the National Prison Institute (INPEC), and the laws of Childhood, and Justice

and Peace, among others.

Also increased 14.2 percent in the General System of Units (GSP) for regional

authorities, and higher costs of 20.3 percent in the payment of monthly pensions to

retirees. In the category of Other Transfers growth of 10.4 percent, sustained through

payment and acknowledgment of contingencies and judgments by 3.2 billion pesos.

With respect to the Debt Service is a decrease of 4.8 percent, mainly due to lower

depreciation will have to make. Investment is an increase of 42.2 percent. The bulk of

the resources of this area are aimed at a more competitive infrastructure being

implemented throughout the country, departmental water plans and promotion

communications, agriculture, industry and trade.

2010:

Alvaro Uribe's government privatization provides $ 695 million for next year.

Colombia presented the Government's expenditure budget of 2010 for a value of 148.3

billion pesos (U.S. $ 73,641,000), representing an increase of 7% compared with that

for 2009. The project, to be submitted to Congress for approval, provides for

privatization by 1.4 billion pesos in 2010 ($ 695 million), among which are the sales of

the energy distribution of Boyacá and Meta, as well as Gecelca generator. Are

projected defense spending and security totaling 21.12 billion pesos (U.S. $ 10.487

million), accounting for 14.2% of the total budget and the third largest with more weight

behind the debt service and social protection.

2011:

The 2011 expenditure budget by about 4 billion pesos (U.S. $ 2,154 million),

within the state of emergency decreed to address the tragedy caused by rains, sources

said Tuesday market. The addition to the budget will be covered by the sale of shares

in state oil company Ecopetrol for about 1.5 billion pesos (U.S. $ 807.8 million) this

year, while the remaining resources will be obtained with higher taxes that the

government decreed last month, within the state of emergency.

The government dismissed the additional issue of domestic or foreign debt to

cover the largest amount of the budget, originally graduated in 147.3 billion pesos (U.S.

$ 79,330 million), the government announced the extension to more people from

paying an estate tax and the extension of a tax on financial transactions to raise 5.3

billion pesos (U.S. $ 2,854 million) between 2011 and 2014 for meet the emergency

caused by the rains. Within the state of emergency the government authorized the sale

of up to 10% of Ecopetrol, share valued at about 17 billion pesos (U.S. $ 9,155 million).

2.12 Private Loans Colombia:

Colombian banks are selling the most peso bonds in at least five years to

finance a lending boom amid the fastest economic growth since 2007. Colombian

Banks are among that led a 32 percent jump in Colombian lenders’ bond sales in the

first nine months of the year to 5.04 trillion pesos ($2.5 billion). Private bank lending

rose 29 percent in Colombia in August of 2011, compared with 20 percent in Brazil and

12 percent in Mexico. The economy is doing well and people and companies remain

optimistic about future growth, leading to this surge in lending Loan growth has fueled

the biggest jump in retail sales in more than a decade and faster-than-expected

inflation

Those results are making Colombia one of the most important Latin American

countries where traders expect interest-rate increases this year. While policy makers

left the key rate unchanged today at 4.5 percent for a third month, Colombia Economy

are lending fuel growth of as much as 6.5 percent in Latin America’s fifth-largest

economy, which would be up from 4.3 percent in 2010. Inflation accelerated to 3.73

percent in September, compared with the 3.43 percent median estimate, The central

bank is targeting inflation of between 2 percent and 4 percent this year. Deposits in

private banks grew 20 percent in August from a year ago compared with 29 percent

growth in loans outstanding, Bonds placed by lenders in Colombia account for 83

percent of the 6.1 trillion pesos issued.

2.13 Purchasing Power ParityA nation's GDP at purchasing power parity (PPP) exchange rates is the

sum value of all goods and services produced in the country valued at prices prevailing in the United States. In the graph that follows we can see the rising trend of the GDP at purchasing power parity.

PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current international dollars.

GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current international dollars.

2.14 SubsidiesSubsidies, grants, and other social benefits include all unrequited,

nonrepayable transfers on current account to private and public enterprises; grants to foreign governments, international organizations, and other government units; and social security, social assistance benefits, and employer social benefits in cash and in kind.

2.14 DebtDebt is the entire stock of direct government fixed-term contractual

obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because

debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.Present value of debt is the sum of short-term external debt plus the discounted sum of total debt service payments due on public, publicly guaranteed, and private nonguaranteed long-term external debt over the life of existing loans. Data are in current U.S. dollars.

Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator.

3. APPENDIX

0

100

200

300

400

500

600

700 REMESA PROMEDIO POR PRINCIPALES PAÍSES DE ORIGENACUMULADO ANUAL 2009-2011*

Total 2009 Total 2010 Total 2011*

Dó

lare

s

po

r

gir

o

(*) 2011 Información preliminarFuente: Encuesta trimestral de remesas - Banco de la RepúblicaCálculos Sector Externo- DTIE

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

0

20

40

60

80

INTERNAL DEBT DOLLARS

INTERNAL DEBT DOLLARS

2007 2008 2009 2010 2011

$-

$20,000.00

$40,000.00

$60,000.00

$80,000.00

$100,000.00

FDI MILLIONS

FDI MILLIONS

Inflation Colombia 2006 – 2011

Mes 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Enero 2,51 1,65 1,79 2,21 1,29 1,05 0,80 1,17 0,89 0,82 0,54 0,77 1,06 0,59 0,69 0,91

Febrero 4,01 3,11 3,28 1,70 2,30 1,89 1,26 1,11 1,20 1,02 0,66 1,17 1,51 0,84 0,83 0,60

Marzo 2,10 1,55 2,60 0,94 1,71 1,48 0,71 1,05 0,98 0,77 0,70 1,21 0,81 0,50 0,25 0,27

Abril 1,97 1,62 2,90 0,78 1,00 1,15 0,92 1,15 0,46 0,44 0,45 0,90 0,71 0,32 0,46 0,12

Mayo 1,55 1,62 1,56 0,48 0,52 0,42 0,60 0,49 0,38 0,41 0,33 0,30 0,93 0,01 0,10 0,28

Junio 1,14 1,20 1,22 0,28 -0,02 0,04 0,43 -0,05 0,60 0,40 0,30 0,12 0,86 -0,06 0,11 0,32

Julio 1,51 0,83 0,47 0,31 -0,04 0,11 0,02 -0,14 -0,03 0,05 0,41 0,17 0,48 -0,04 -0,04 0,14

Agosto 1,10 1,14 0,03 0,50 0,32 0,26 0,09 0,31 0,03 0,00 0,39 -0,13 0,19 0,04 0,11 -0.03

Septiembre 1,19 1,26 0,29 0,33 0,43 0,37 0,36 0,22 0,30 0,43 0,29 0,08 -0,19 -0,11 -0,14

Octubre 1,15 0,96 0,35 0,35 0,15 0,19 0,56 0,06 -0,01 0,23 -0,14 0,01 0,35 -0,13 -0,09

Noviembre 0,80 0,81 0,17 0,48 0,33 0,12 0,78 0,35 0,28 0,11 0,24 0,47 0,28 -0,07 0,19

Diciembre 0,72 0,61 0,91 0,53 0,46 0,34 0,27 0,61 0,30 0,07 0,23 0,49 0,44 0,08 0,65

En año corrido 21,63 17,68 16,70 9,23 8,75 7,65 6,99 6,49 5,50 4,85 4,48 5,69 7,67 2,00 3,17 2,67

Inflation Column Bar:

Expenses of Colombia (2006 – 2011)

Private Loans:

4. REFERENCES:Banco, I. d. (15 de January de 2012). Interamericano de Desarrollo Banco. Obtenido de Interamericano de Desarrollo Banco: http://www.iadb.org/es/acerca-del-bid/financiamiento-del-bid/prestamos-del-sector-privado-,6049.html

Bank, W. (18 de November de 2012). World Bank. Obtenido de http://datos.bancomundial.org/indicador/FS.AST.PRVT.GD.ZS

Colombia, B. d. (18 de November de 2012). Banco de la Republica de Colombia. Recuperado el 18 de November de 2012, de Banco de la Republica de Colombia: www.banrep.gov.co

ColombiaPortafolio. (29 de June de 2012). ColombiaPortafolio. Recuperado el 18 de November de 2012, de ColombiaPortafolio: http://www.portafolio.co/economia/bonos-colombia-entran-los-indices-del-citi

DANE. (20 de September de 2012). DANE. Recuperado el 18 de November de 2012, de DANE: http://www.dane.gov.co/index.php?option=com_content&view=article&id=114&Itemid=66

ELAC. (10 de October de 2011). ELAC. Recuperado el 18 de November de 2012, de ELAC: http://www.eclac.org/publicaciones/xml/1/45581/Capitulo4_Sector_Externo1.pdf

ELAC. (14 de October de 2011). ELAC. Recuperado el 18 de November de 2012, de ELAC: http://www.eclac.org/noticias/paginas/8/33638/presentacion-estudio-economico-es.pdf

IRC. (01 de February de 2012). IRC. Recuperado el 18 de November de 2012, de IRC: http://www.irc.gov.co/irc/es/infodeudapublica/infogeneral/deudainternapf

Ministerio, F. D. (31 de January de 2012). Ministerio de Finanzas. Obtenido de http://www.afin.com.co/BancoConocimiento/I/Indices_de_Mercados_Emergentes/Indices_de_Mercados_Emergentes.asp?CodSeccion=12

SlideShare. (14 de July de 2011). SlideShare. Recuperado el 18 de November de 2012, de http://www.slideshare.net/MinHacienda/presentacion-presupuesto-2013