Colombia’s Sports Economy Reaches 1.15% of GDP as Football Drives Growth

In 2024, Colombia's sports economy reached 1.15% of the country's Gross Domestic Product (GDP), according to the first official Satellite Account of Sport published by the Sports Ministry and DANE, Colombia's national statistics agency. This figure rose to US$10.2 billion, a significant increase of 76.3% between 2018 and 2024, from US$5.8 billion. Football, broadcasting, betting, media, and tourism are the primary drivers of this burgeoning industry.

Football's economic impact is multifaceted, extending far beyond the field. Broadcasting rights, sponsorships, ticket sales, tourism, retail, and regulated sports betting contribute to the revenue stream. The Colombian Football Federation, in particular, is a powerful marketing asset, attracting major brands and companies as sponsors.

Media agencies, audiovisual production companies, and digital sports content creators have also grown, capitalizing on the rise in video consumption across streaming platforms. Additionally, regulated gambling, managed by Coljuegos, plays a significant role in the sports economy, directing its revenue into the health system. Online sports betting has further fueled this growth, with both internationally licensed operators and Colombian capital companies participating.

Player transfers are another major contributor to Colombia's sports economy. In 2022 alone, Colombian player transfers moved over US$203.6 million across 711 operations, placing the country among the top 10 exporters of sporting talent globally. The International Centre for Sports Studies found that Colombia posted the third-largest increase in player exports worldwide between 2017 and 2022, with a 41% growth rate.

Tourism also plays a crucial role in the sports economy, with match day activities generating substantial revenue through transportation, food service, hotels, and official merchandise sales around stadiums. The Ministry of Information and Communications Technology has worked alongside the regulator to prevent unauthorized betting sites, ensuring both public revenue collection and consumer protection.

The growth in Colombia's sports economy has been remarkable, with services leading national growth in 2024. This boom in gyms, sports venues, mass events, and competition organizing has supported the growth of industries such as footwear and apparel manufacturing, sporting goods, infrastructure construction, and sports tourism. As a result, the sports industry in Colombia is now worth more than US$9.35 billion, even without a ball in play.