The GPI is an indicator used to measure the economic well-being from an accounting perspective. When compared to the GDP so far the most common indicator to measure growth and economic well-being, provides that the well-being level has been overestimated and therefore the GDP is not the best indicator. The GPI estimation for Colombia (1976- 2003), like other international works, shows a gap between this index and the GDP. This result confirms that the GDP used as a well-being indicator, overestimates the actual well-being of the population.