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As an emerging metropolis in South America, Bogota accounted for 27% of Colombia's total GDP in 2016. The city is considered to have one of the most competitive business environments in the region, thanks to competitive cost structure and government incentives. Bogota is a hub of back-office services in the fields of IT, finance, accounting, human resource management, engineering and architecture design.
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The high availability of skilled labour in Bogota brings about a 21% labour productivity premium ahead of the rest of Colombia in 2016. Foreign investment, technology and know-how boost Bogota's value-added produced per employee.
Higher labour productivity, combined with a greater rate of employment (76% of the working-age population was employed in Bogota in 2016, versus 64% in the rest of Colombia), drive up average household earnings in the city. In 2016, disposable income per household in Bogota was 78% higher than in the rest of the country.
The significant disposable income premium elevates household expenditure, which, excluding housing and transport, was 95% greater in Bogota compared to the rest of the country in 2016. Education, communications, and hotels and restaurants were among the budget categories that experienced the greatest differential in expenditure between households in Bogota and the rest of the country in 2016.
Bogota is quite an expensive place to live by Colombian standards, with combined expenditure on transport and housing being 107% higher in the city compared to the rest of the country in 2016. A growing middle-income class is driving up purchases of passenger vehicles in Bogota, while accelerating real estate prices is reflected in increasing housing costs.
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