The economy of Colombia shrank 2.4 percent on quarter in the first three months of 2020, after expanding 0.5 percent in the previous period and compared with market expectations of a 0.7 percent decline. It was the sharpest contraction on record, as the coronavirus pandemic hit the economy. Output shrank in construction (-11.4 percent vs 2.1 percent in Q4 2019); manufacturing (-4.5 percent vs 0.8 percent); retail & wholesale trade, transportation, hotels & restaurants (-3.2 percent vs 0.4 percent); public administration, defense, education and health (-1.9 percent vs 1.3 percent); and artistic, entertainment & recreation activities (-3.9 percent vs a flat reading). In addition, mining & quarrying output contracted 2.4 percent, faster than a 1.3 percent fall in the prior period.

GDP Growth Rate in Colombia averaged 0.92 percent from 2001 until 2020, reaching an all time high of 3.50 percent in the second quarter of 2002 and a record low of -2.40 percent in the first quarter of 2020. This page provides - Colombia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Colombia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Dane, Colombia

GDP Growth Rate in Colombia is expected to be 11.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Colombia to stand at 0.90 in 12 months time. In the long-term, the Colombia GDP Growth Rate is projected to trend around 0.90 percent in 2021, according to our econometric models.

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Colombia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.40 0.50 3.50 -2.40 2001 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-08-15 04:20 PM Q2 1.4% 0.8% 0.6%
2019-11-14 04:30 PM Q3 0.6% 1.3% 0.9%
2020-02-14 04:40 PM Q4 0.5% 0.6% 1.1%
2020-05-15 04:00 PM Q1 -2.4% 0.5% -0.7% -1.5%
2020-08-14 04:00 PM Q2 -2.4% -17.5%
2020-11-17 04:00 PM Q3 11%

Colombia GDP Last Previous Highest Lowest Unit
GDP Growth Rate -2.40 0.50 3.50 -2.40 percent [+]
GDP Annual Growth Rate 1.10 3.50 8.00 0.30 percent [+]
GDP 323.80 333.60 382.10 4.00 USD Billion [+]
GDP Constant Prices 205189.63 241651.94 241651.94 100710.10 COP Billion [+]
Gross Fixed Capital Formation 49061.90 47948.50 50547.96 9542.00 COP Billion [+]
GDP per capita 7842.90 7696.30 7842.90 2339.40 USD [+]
GDP per capita PPP 14730.88 14455.59 14730.88 8390.84 USD [+]
GDP From Agriculture 14324.26 13833.21 14324.26 5454.00 COP Billion [+]
GDP From Construction 11087.58 17111.97 17111.97 2927.00 COP Billion [+]
GDP From Manufacturing 24357.80 27504.49 27504.49 9441.00 COP Billion [+]
GDP From Mining 10446.22 11251.06 12853.73 4899.00 COP Billion [+]
GDP From Transport 10593.76 11673.06 11673.06 4460.00 COP Billion [+]
GDP From Utilities 6897.00 6873.00 6897.00 2895.00 COP Billion [+]


Colombia GDP Growth Rate
Colombia is the fourth biggest economy in Latin America. In recent years, the country has been growing rapidly, mostly due to a rise in exports of commodities such as oil, coal and coffee. The biggest and the fastest growing sector of Colombian economy is services (53 percent of GDP) including: financing, insurance, real estate and business services; community, social and personal services; trade, repairs, restaurants and hotels and transport, warehousing and communication. Manufacturing, mining and quarrying create 20 percent of the wealth. Other sectors include: government (10 percent), agriculture, hunting, forestry and fishing (6.3 percent); construction (6 percent) and electricity, gas and water distribution (4 percent).