Annual share of GDP of incoming personal remittances in Colombia 1970-2022
Incoming remittances continued to make up an increasing share in Colombia's GDP in 2022, although its growth did slow down to a 3-year CAGR of 7.7 percent. This is according to a calculation that looks at the share of remittance inflow in the country's GDP over time, and looks at this share's CAGR development. Note that the figures shown here are "personal" remittances and not "total" remittances. While technically different, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Remittances had the most impact on Colombia's economy in 2003, when incoming money transfers from abroad made up roughly 3.25 percent of the country's GDP.