Colombia's heterogeneous service sector grew steadily over the three decades ending in 1986. Encompassing both public and private enterprises, the service sector grew to nearly 51 percent of GDP by 1987 and captured a similar portion of the employment market. The expansion of the service sector coincided with a decline in the relative importance of the agricultural sector, an indication of Colombia's economic development.

By 1987 Colombian services had expanded to include private enterprises such as banks, transportation, communications, commerce, hotels, and restaurants, as well as public sector services, which also included some financial institutions and transportation firms, in addition to utilities, public services, and other government activities. There was a strong private sector component in Colombian services, but because of direct government operation and regulatory control, most services were subject to government scrutiny. Banking and air transportation, for example, were considered public services regardless of the type of ownership as such, they were watched closely by the state.

Data as of December 1988