Evaluation of the Influence of the Hydrocarbon Industry on the Competitiveness Index and Its Main Factors in Colombia
Abstract
This article examines the influence of the oil industry on the Competitiveness Index in Colombia’s main regions, using econometric panel data methodology. The variables analyzed include the departmental Competitiveness Index, oil prices, oil and gas production, and royalties paid by companies to each department. The analysis is divided into two periods: 2013-2018 and 2018-2020. The results indicate that, between 2013 and 2018, oil prices had a negative and significant impact on Colombia’s Competitiveness Index. However, the variables related to oil and gas production did not show a statistically significant influence on the Competitiveness Index. In the 2018-2020 period, the variables associated with the oil industry did not have a significant impact on Colombia’s competitiveness. These findings suggest that the role of oil as a determinant of competitiveness is limited during this time interval.
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