Colombia recorded a Government Budget deficit equal to 2.40 percent of the country's Gross Domestic Product in 2014. Government Budget in Colombia averaged -3.63 percent of GDP from 2001 until 2014, reaching an all time high of 0.23 percent of GDP in 2005 and a record low of -8.47 percent of GDP in 2004. Government Budget in Colombia is reported by the Ministry of Finance and Public Credit Republic of Colombia.

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. This page provides - Colombia Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. Colombia Government Budget - actual data, historical chart and calendar of releases - was last updated on February of 2016. 

 

Colombia’s congress approves government budget for 2015

 

Colombia’s Congress on Wednesday approved the 2015 government budget, which will come into effect January 1, 2015 and has been set at $108 billion.

The budget by Colombia’s congress reflects austerity, saving, and the defense of the middle class from more taxes, according to a Senate press release. A huge point of debate was the financing of the budget and whether that cost would fall on Colombia’s “middle class.”

The financial situation is more delicate than originally thought. It is barely viable because the budget for 2015 that is being discussed does not have included the costs of post-conflict. That must be financed in 2015,” said former agriculture minister Juan Camilo Restrepo, according to El Espectador.

According to Colombia’s tax authority DIAN, over $15 billion of Colombian riches has been stashed away in offshore tax havens. DIAN announced that it will work to hunt down Colombian capital abroad.

Most voted in favor of the budget except for the Democratic Center Party members, led by senator and former president Alvaro Uribe, who have been adamantly opposed to the proposed tax reforms, big government, and contracts.