GDP in Colombia
Colombia - GDP (billions of U.S. Dollars)
Growth accelerates in the second quarter
According to the latest GDP data released by the National Statistical Institute (DANE) on 22 August, the economy accelerated on the back of a rebound in fixed investment and a pick up in private consumption. In annual terms, GDP expanded 2.8% in the second quarter, up from 2.2% in the first quarter.
Looking at a breakdown of the components, domestic demand accelerated to 2.5% in the second quarter, up from 1.5% in the first quarter. Private consumption rose 2.7% in Q2 amid a jump in consumer confidence to the highest level in a year, which followed a 2.0% expansion in Q1. Meanwhile, fixed investment rebounded, growing 1.7% in Q2 following a 0.7% contraction in Q1. A recovery in the output of machinery and equipment, and cultivated biological resources drove the upturn in fixed investment. Government spending, on the other hand, expanded at a slightly slower pace of 5.6%, down from 6.0% in the first quarter.
While exports rebounded in the second quarter, the external sector dragged on growth in Q2 as imports accelerated more sharply. Exports rose 3.0% in Q2 after a 0.7% drop in the previous quarter. Meanwhile, imports climbed 5.5%, contrasting a 1.4% contraction in Q1. Thus, the overall contribution of the external sector to growth was negative in the second quarter, following a positive reading in the first quarter.
In seasonally-adjusted, quarter-on-quarter terms, however, economic growth lost pace, declining from 0.9% in Q2 to 0.6% in Q1, owing to a cutback in government consumption compared to the previous quarter which was partly offset by a strong recovery in fixed investment. While the recovery in economic activity is seen picking up in the coming quarters, thanks to improving domestic demand and higher projected global oil prices, a high fiscal deficit continues to pose risks to long-term fiscal sustainability.
Panelists participating in the LatinFocus Consensus Forecast project that GDP will expand 2.6% in 2018, which is unchanged from last month’s forecast. For 2019, panelists expect GDP growth to accelerate to 3.1%.
Colombia - GDP (USD bn) Data
|GDP (USD bn)||382||381||293||283||314|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||7.07||0.0 %||Oct 16|
|Exchange Rate||3,052||-0.17 %||Oct 16|
|Stock Market||12,446||-0.66 %||Oct 16|
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October 5, 2018
According to the National Department of Administrative Statistics (DANE), the annual pace of expansion in exports moderated to 13.1% in August from 16.2% in July.
October 3, 2018
Colombia’s manufacturing sector lost ground again in September, with the seasonally-adjusted Davivienda manufacturing Purchasing Managers Index (PMI) falling to 52.8 from 53.3 in August.
September 28, 2018
At its 28 September Board of Directors meeting, Colombia’s Central Bank (Banco de la República, BanRep) unanimously decided to keep the benchmark interest rate at 4.25%, where it has been since April this year.
September 17, 2018
The Fedesarrollo consumer confidence index dropped to 4.7 points in August from 9.8 points in July, moving closer to the critical zero-point threshold separating optimism from pessimism among consumers.
September 14, 2018
According to data released by Colombia’s National Administrative Department of Statistics (DANE) on 14 September, the industrial sector accelerated in July, with output growing 3.5% over the same month of the previous year.