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The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product. Colombia has experienced a historic economic boom over the last decade. Throughout the 20th century, Colombia was Latin America's 4th and 3rd largest economy when measured by Real GDP at chained PPPs. Between 2012-2014, it became the 3rd largest economy in Latin America by nominal GDP. As of 2018, the GDP (PPP) per capita has increased to over US$14,000, and Real GDP at chained PPPs increased from US$250 billion in 1990 to nearly US$800 billion. Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014, and 27% by 2018. They had decreased by an average of 1.35% per year since 1990.