Colombia GDP Annual Growth Rate2001-2020 Data | 2021-2023 Forecast | Calendar

Colombia's economy shrank 3.6% in the fourth quarter of 2020, following an upwardly revised 8.5% contraction in the previous period. Figures came slightly better than market expectations of a 4.3% contraction, despite the reimposition of tighter anti-COVID-19 measures in December. Output fell less primarily in retail & wholesale trade, transportation, hotels & restaurants (-6.6% vs -21.2% in Q3); professional, scientific, technical and administrative & support (-2.5% vs -5.7%); manufacturing (-0.2% vs -6.8%) and arts, entertainment and recreational activities (-7.3% vs -11.3%). Considering the full year of 2020, the economy plunged 6.8%, the first annual contraction in over two decades. On a seasonally adjusted quarterly basis, the GDP grew 6%, slowing from an upwardly revised 9.4% expansion in the third quarter and missing market expectations of a 6.9% rise.

Colombia's economy shrank 9% year-on-year in the third quarter of 2020, following an upwardly revised 15.8% plunge in the prior period. Figures came slightly worse than market expectations of an 8.6% contraction, amid the lingering effects of the pandemic crisis and a prolonged lockdown until end-August. Among hardest-hit sectors, activity fell less in recreation & entertainment (-29.7% vs -37.1% in Q2); construction (-26.2% vs -33.2%) and retail & wholesale trade, transportation, hotels & restaurants (-20.1% vs -34.1%); mining (-19.1% vs -21.6%); manufacturing (-7.2% vs -25.4%) and professional, scientific, technical and administrative & support (-6.1% vs -10.6%). On the other hand, growth was recorded in real estate activities (1.8% vs 2%); finance & insurance (1.5% vs 1%) and agriculture (1.5% vs -0.1%). On a seasonally adjusted quarterly basis, the GDP grew 8.7%, recovering from an upwardly revised 16.1% plunge in the previous period.

Colombia's economy contracted 15.7 percent year-on-year in the second quarter of 2020, following a revised 1.4 percent growth in the previous period and against market expectations of a 15 percent plunge. It was the sharpest contraction on record, heightening the economic blow of the coronavirus pandemic. Output shrank in manufacturing (-25.4 percent vs -0.6 percent in Q1 2020); retail & wholesale trade, transportation, hotels & restaurants (-34.3 percent vs 2.0 percent) and public administration, defense, education and health (-3.7 percent vs 3.1 percent). On a seasonally adjusted quarterly basis, the GDP plummeted also at a record 14.9 percent, after a revised 2.1 percent drop in Q1.

Colombia's economy advanced 1.1 percent year-on-year in the first quarter of 2020, slowing from a downwardly revised 3.4 percent in the previous period and below forecasts of a 1.5 percent expansion. It was the weakest growth since Q1 2017, amid the coronavirus pandemic. Output shrank in construction (-9.2 percent vs 0.2 percent in Q4 2019); manufacturing (-0.6 percent vs 1.4 percent); mining & quarrying (-3 percent vs 1.8 percent); and entertainment & recreation activities (-3.2 percent vs 2.3 percent). Also, output growth eased in retail & wholesale trade, transportation, hotels & restaurants (0.9 percent vs 4.7 percent); real estate (2.6 percent vs 2.9 percent); professional & technical activities (2.7 percent vs 3.8 percent); finance & insurance (2.1 percent vs 4.6 percent); and public administration, defense, education and health (3.4 percent vs 4.3 percent). On a seasonally adjusted quarterly basis, the GDP shrank at a record 2.4 percent, after a 0.5 percent growth in Q4.