Este trabajo analiza la relacion entre la composicion del gasto publico y la tasa de cambio real (TCR) en Colombia, dada la recomposicion desde 2004 desde los gastos de funcionamiento hacia la inversion publica. Los resultados sugieren que los modelos empiricos se comportan mejor al utilizar el precio relativo de los no transables y no un indice de tasa de cambio real basado en la paridad de poder adquisitivo. Asimismo, se evidencia que el comportamiento de la TCR se explica principalmente por factores de oferta y que, sin la recomposicion del gasto publico, su nivel esperado habria sido muy similar al observado. || This paper studies the relation between government spending composition and long-run behavior of Colombian real Exchange rate given the recomposition since 2004 from public consumption to public investment. Our results suggest that empirical models work better when the relative price of non-tradables is used as a measure of the real Exchange rate instead of an index based on the purchasing power parity. Besides, there is evidence that real exchange rate behavior is mainly explained by supply side factors and that without the recomposition, expected real Exchange rate would have been close to the observed one.