ACM COLOMBIAN MINING SECTOR DEVELOPMENT 2018 2022 5 ECONOMIC AND TAX COMPETITIVENESS In order to benet from the potential of the mining sector as an engine of the national economy it is required to establish a competitive public policy that incentivizes the attraction of mining capitals in the country and which allows potentiating economic growth exports and investment 21 Mining Economy for development In 2016 the mining sector grew 47 and was the second sector of economy with the highest growth in the year after the nancing establishments consequently pushing the national economy In 2017 it is estimated that the sector shrinks around 6 points due to greater controls in illegal gold mining an adjustment in coal production in the center of the country and the contraction in the demand of construction materials due to the reduction of such activity 2010 2011 2012 2013 2014 2015 2016 2017 CONTRIBUTION TO GROWTH OF MINING EXPORTS C OAL GOLD FERROUS NICKEL ESMERALDAS COPPER IRON AND STEEL PRECIOUS AND NONFERROUS METALS T O T A L Source DANE External trade ACM Calculations 39 24 8 24 10 30 2 25 Note The chart shows the contribution to the growth of exports by mineral pursuant to the variation in the annual percentage growth and its share in the total of mining exports The values correspond to the term January November 2006 20 15 10 5 0 5 10 15 20 25 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GROWTH OF THE NATIONAL ECONOMY AND THE MINING SECTOR ANNUAL VAR ANNUAL VAR MINING TOTAL National GDP Source DANE National Accounts Out of the 39 points of growth in the 2017 exports coal has participated with 28 points and gold with 4 Ferronickel and emera lds continue in the same levels of the previous year therefore their contribution is almost none one point between the two of them while external sales of the basic industry of precious and nonferrous metals provides 6 points of growth It is expected that in 2017 exports will reach a historic record in coal exports thanks to the production increase in the Carib bean zone Likewise it is expected a greater participation of gold formal projects over the national total derived from the advances in major scale production and greater controls to the illicit extraction of minerals In 2017 the recovery of International prices in some minerals and the increase in mining production in the country has allowed exports growth in 39 according to the year to date gures until November and reach values close to those recor ded in the same period in 2014 It is expected that at the end of the year mining exports will be close to US12 Billion and their share in the national total exceeds 30