Colombia: Informal economy, MIMIC method

* indicates monthly or quarterly data series
 Colombia

Informal economy, MIMIC method

 Latest value 36.70
 Year 2020
 Measure percent
 Data availability 1993 - 2020
 Average 36.68
 Min - Max 34.40 - 39.10
 Source Informal economy database
For that indicator, we provide data for Colombia from 1993 to 2020. The average value for Colombia during that period was 36.68 percent with a minimum of 34.4 percent in 2016 and a maximum of 39.1 percent in 2000. The latest value from 2020 is 36.7 percent. For comparison, the world average in 2020 based on 158 countries is 32.74 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Colombia - Informal economy, MIMIC method - Recent values chart

Historical chart
Colombia - Informal economy, MIMIC method - historical chart - 1993-2020




Definition: The MIMIC model of the World Bank uses the following variables as determinants of the informal economy: 1) size of government, 2) share of direct taxation, 3) fiscal freedom index, 4) business freedom index, 5) unemployment rate and GDP per capita, and 6) government effectiveness. It proposes that the following variables are affected by the informal economy: 1) growth rate of GDP per capita, 2) the labor force participation rate, and 3) currency as a ratio of M0. These variables are used in a Structural Equation Model (SEM) with a latent variable that is a measure of the size of the informal economy. See, for example, Schneider, Buehn, and Montenegro (International Economic Journal, 2010).


 Related indicators Latest value Reference Measure
 Rule of law -0.43 2022 points
 Government effectiveness 0.01 2022 points
 Control of corruption -0.36 2022 points
 Regulatory quality 0.14 2022 points
 Voice and accountability 0.17 2022 points
 Political stability -0.64 2022 points
 Corruption perceptions - Transparency International 39 2022 points
 Political rights 2 2024 points
 Civil liberties 3 2024 points
 Competitiveness 62.70 2019 points
 Cost of starting a business 14.10 2019 percent of per capita GNI
 Shadow economy 25.25 2015 percent
 Informal economy, MIMIC method 36.70 2020 percent
 Informal economy, DGE method 28.70 2020 percent
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