Inflation Rate for 2012 at 2.44%

The 2012 rate is 1.29% less than the inflation rate for 2011(3.73%).  The education sector had the greatest inflation rate (4.59%), and entertainment the lowest (0.53%).  The 2012 inflation goal for the Colombian Central Bank was 2 to 4%.  For 2013, the Central Bank expects an inflation rate near 3%.

 2012 Foreign Direct Investment in Hydrocarbons and Mining More than US $13 Billion

According to the Colombian Central Bank, FDI in this sector will surpass US $13 billion in 2012, an 8.38% increase over 2011.  Some economic think tanks have expressed concern about the concentration of resources in sectors that do not generate industrial growth and employment.  In 2011, non-oil and mining FDI represented only 14% of total FDI.

2012 Key Year for Colombian Trade Negotiations

In 2012, the U.S.-Colombia Free Trade Agreement entered into force, Colombia signed a trade agreement with the EU, concluded negotiations with South Korea, and began negotiations with Israel, Costa Rica, and Japan.  It has ongoing negotiations with Panama and Turkey.  Colombia has eight trade agreements with fifteen countries with the goal of reaching sixteen trade agreements in force with a total of over 50 countries (including the 27 EU members) by 2014.

 Colombia to Host the Largest Cruise Conference and Trade Show

The twentieth Annual Florida-Caribbean Cruise Association (FCCA) Cruise Conference and Trade Show will take place in Cartagena from September 30-October 4, 2013.  The FCCA conference is considered the premier industry event of the year.  Approximately 192 port calls in Cartagena, two in Santa Marta, and about 400,000 passengers are expected before the end of the cruise season in May 2013.  This represents an increase of over 17% compared to the previous season.  Colombia expects to receive ships from cruise lines such as Disney Cruise Lines, Carnival Cruise Line Residensea, Phoenix-Reisen, Paul Gaugin, and Kristina Cruises.