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.