Colombia's economy grew 2.8 percent year-on-year in the first quarter of 2019, following a downwardly revised 2.7 percent expansion in the previous three-month period and missing market expectations of 3 percent. The mining sector was the biggest contributor to the GDP increase (5.3 percent vs 0.0 percent in Q4), followed by retail & wholesale trade (4 percent vs 3.2 percent), manufacturing (2.9 percent vs 2.5 percent), financial activities & insurance (5.5 percent vs 2.8 percent), real estate (3 percent vs 1.8 percent), utilities (3.1 percent vs 2.6 percent), and agriculture (1.4 percent vs 1.1 percent). By contrast, construction output plunged 5.6 percent, following a 4.5 percent advance in the previous period. On a quarterly basis, the economy stalled, after growing 0.7 percent in the fourth quarter. GDP Annual Growth Rate in Colombia averaged 3.88 percent from 2001 until 2019, reaching an all time high of 8.60 percent in the third quarter of 2011 and a record low of 0.20 percent in the fourth quarter of 2008.
GDP Annual Growth Rate in Colombia is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Colombia to stand at 3.30 in 12 months time. In the long-term, the Colombia GDP Annual Growth Rate is projected to trend around 3.90 percent in 2020, according to our econometric models.