Colombia: Compensation of employees (current LCU)

Key figures

What the numbers say

In 2024, Colombia's compensation of employees (current LCU) rose 14.3% on 2023 (from 51.92 trillion to 59.35 trillion).

Across the 17 yearly changes before that (1999 to 2023), the average change was +9% and a typical year strayed about 18.2% from that (the standard deviation). This year's change was 0.3 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 37.2% in 2018 and the biggest yearly fall was 45.6% in 2012. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 3.54 trillion a year. A straight line explains 92% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Colombia had the 4th highest value of the 89 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Colombia in the 2024 ranking

• Lebanon — 1st of 89: 87.05 trillion
• Korea, Rep. — 2nd of 89: 62.92 trillion
• Paraguay — 4th of 89: 26.49 trillion
• Chile — 5th of 89: 15.2 trillion
• Argentina — 6th of 89: 13.07 trillion

What this measures

Compensation of employees is defined as the total remuneration, in cash or in kind, payable by an enterprise to an employee in return for work done by the latter during the accounting period. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 21 values

Compensation of employees (current LCU) in nearby economies

• Argentina — 13.07 trillion (2024)
• Bahamas, The — 843.34 million (2024)
• Barbados — 807.1 million (2016)
• Belize — 530.42 million (2017)
• Brazil — 240.78 billion (2024)
• Chile — 15.2 trillion (2024)
• Costa Rica — 5.09 trillion (2024)
• Dominican Republic — 453.52 billion (2024)
• Ecuador — 10.1 billion (2022)
• El Salvador — 4.01 billion (2024)

More public sector data for Colombia

• Arms imports (SIPRI trend indicator values) — 22 million (2025)
• Military expenditure (current USD) — 14.5 billion (2025)
• Military expenditure (current LCU) — 58.75 trillion (2025)
• Military expenditure (% of GDP) — 3.2% (2025)
• Military expenditure (% of general government expenditure) — 9.29% (2025)
• Battle-related deaths (number of people) — 225 (2024)
• Intentional homicides, female (per 100,000 female) — 3.44 (2023)
• Intentional homicides, male (per 100,000 male) — 46.95 (2023)
• Intentional homicides (per 100,000 people) — 24.91 (2023)
• Armed forces personnel, total

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Colombia's compensation of employees (current LCU)?

59.35 trillion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1998?

It is up 404.26% from 11.77 trillion in 1998 (6.42% a year on average, compounded). The highest value was 59.35 trillion in 2024 and the lowest 11.77 trillion in 1998.

How does Colombia rank?

4th highest of 89 economies with data for 2024.

Is the latest change in compensation of employees (current LCU) unusual for Colombia?

In 2024, Colombia's compensation of employees (current LCU) rose 14.3% on 2023 (from 51.92 trillion to 59.35 trillion). Across the 17 yearly changes before that (1999 to 2023), the average change was +9% and a typical year strayed about 18.2% from that (the standard deviation). This year's change was 0.3 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator GC.XPN.COMP.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.