The market size of currency circulating in Colombia's economy made up about nine percent of the country's GDP. This so-called CIC/GDP ratio is meant to roughly measure the use of cash in the country. Due to the anonymity of cash transactions, sources struggle to find exact volumes on this. The ratio mentioned here is quite popular in that regard, as the data it needs is relatively easy to find. Some industry experts mention, however, that this ratio is too general and does not necessarily reflect retail payments.
Share of currency in circulation (CIC) to the nominal GDP of Colombia from 2001 to 2022
The numbers provided have been calculated from two sources:
Currency in circulation in national currency from the IMF;
Nominal GDP in current prices and national currency from the World Bank.
The CIC to GDP ratio roughly reflects the overall use of cash in a country. Note, however, that this is quite general (as it looks at the overall market for cash) and does not exclusively look at the component of consumers.
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Statista. (March 8, 2024). Share of currency in circulation (CIC) to the nominal GDP of Colombia from 2001 to 2022 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1455519/cic-to-gdp-ratio-in-colombia/
Statista. "Share of currency in circulation (CIC) to the nominal GDP of Colombia from 2001 to 2022." Chart. March 8, 2024. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1455519/cic-to-gdp-ratio-in-colombia/
Statista. (2024). Share of currency in circulation (CIC) to the nominal GDP of Colombia from 2001 to 2022. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1455519/cic-to-gdp-ratio-in-colombia/
Statista. "Share of Currency in Circulation (Cic) to The Nominal Gdp of Colombia from 2001 to 2022." Statista, Statista Inc., 8 Mar 2024, https://www.statista.com/statistics/1455519/cic-to-gdp-ratio-in-colombia/
Statista, Share of currency in circulation (CIC) to the nominal GDP of Colombia from 2001 to 2022 Statista, https://www.statista.com/statistics/1455519/cic-to-gdp-ratio-in-colombia/ (last visited December 21, 2024)
Share of currency in circulation (CIC) to the nominal GDP of Colombia from 2001 to 2022 [Graph], Statista, March 8, 2024. [Online]. Available: https://www.statista.com/statistics/1455519/cic-to-gdp-ratio-in-colombia/
