Colombia’s economy expanded by 7.0 percent year-on-year in the third quarter of 2022, following an upwardly revised 12.8 percent gain in the previous period and topping market forecasts of 6.7 percent. Both government spending (1.6 percent vs. 4.5 percent in Q2) and private consumption (7.8 percent vs. 14.9 percent) slowed, while gross fixed capital formation expanded faster (16.1 percent vs. 9.8 percent). Regarding net trade, exports increased 14.5 percent (from 30.7 percent in Q2), while imports surged 23.3 percent (from 28.9 percent in Q2). On the production side, manufacturing output slowed sharply (7.0 percent vs. 20.6 percent) while mining production rebounded (2.5 percent vs. -0.1 percent). On a seasonally adjusted quarterly basis, the economy grew by 1.6 percent, following a downwardly revised 1.3 percent rise in the previous quarter and well above market estimates of a 0.2 percent increase. source: Dane, Colombia

GDP Annual Growth Rate in Colombia averaged 3.88 percent from 2001 until 2022, reaching an all time high of 17.50 percent in the second quarter of 2021 and a record low of -15.80 percent in the second quarter of 2020. This page provides - Colombia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Colombia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2022.

GDP Annual Growth Rate in Colombia is expected to be 0.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Colombia GDP Annual Growth Rate is projected to trend around 2.50 percent in 2023 and 2.00 percent in 2024, according to our econometric models.

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Colombia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-16 04:00 PM Q2 12.6% 8.6% 12% 7.5%
2022-11-15 04:00 PM Q3 7% 12.8% 6.7% 4.7%


Related Last Previous Unit Reference
GDP Growth Rate 1.60 1.30 percent Sep 2022
GDP Annual Growth Rate 7.00 12.80 percent Sep 2022
GDP Constant Prices 247247.00 239424.00 COP Billion Sep 2022
Gross Fixed Capital Formation 47208.17 44149.21 COP Billion Sep 2022
GDP from Utilities 7228.72 6979.00 COP Billion Sep 2022
GDP from Transport 12687.67 11893.12 COP Billion Sep 2022
GDP from Mining 9422.24 9011.00 COP Billion Sep 2022
GDP from Manufacturing 31128.73 29434.52 COP Billion Sep 2022
GDP from Construction 11797.82 11145.00 COP Billion Sep 2022
GDP from Agriculture 14694.57 13663.00 COP Billion Sep 2022

Colombia GDP Annual Growth Rate
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).
Actual Previous Highest Lowest Dates Unit Frequency
7.00 12.80 17.50 -15.80 2001 - 2022 percent Quarterly
NSA

News Stream
Colombia Economy Expands More Than Expected
Colombia’s economy expanded by 7.0 percent year-on-year in the third quarter of 2022, following an upwardly revised 12.8 percent gain in the previous period and topping market forecasts of 6.7 percent. Both government spending (1.6 percent vs. 4.5 percent in Q2) and private consumption (7.8 percent vs. 14.9 percent) slowed, while gross fixed capital formation expanded faster (16.1 percent vs. 9.8 percent). Regarding net trade, exports increased 14.5 percent (from 30.7 percent in Q2), while imports surged 23.3 percent (from 28.9 percent in Q2). On the production side, manufacturing output slowed sharply (7.0 percent vs. 20.6 percent) while mining production rebounded (2.5 percent vs. -0.1 percent). On a seasonally adjusted quarterly basis, the economy grew by 1.6 percent, following a downwardly revised 1.3 percent rise in the previous quarter and well above market estimates of a 0.2 percent increase.
2022-11-15
Colombia Q2 GDP Growth Beats Forecasts
Colombia’s GDP expanded by 12.6 percent year-on-year in the second quarter of 2022, following an upwardly revised 8.6 percent rise and topping market forecasts of 12 percent. It was the strongest growth rate since the third quarter of 2021, mainly driven by retail & wholesale trade (23.3 percent); manufacturing (20.3 percent); information & communication (17.2 percent); technical, scientific & professional activities (12.3 percent) and entertainment, arts & recreational activities (36.5 percent). On a seasonally adjusted quarterly basis, the economy grew by 1.5 percent, following an upwardly revised 1.4 percent rise in the previous quarter and missing market estimates of a 1.7 percent increase.
2022-08-16
Colombia Q1 GDP Growth Slows Less than Expected
Colombia’s economic output advanced 8.5 percent year-on-year in the first quarter of 2022, easing from a 10.8 percent expansion in the previous period, but above market expectations of a 7.7 percent increase. Output slowed significantly for mining and quarrying activities (1 percent vs 7 percent in Q4); construction (5.2 percent vs 6.8 percent); wholesale and retail trade (15.3 percent vs 19.4 percent); public administration and defence (6.2 percent vs 7.1 percent). Further, output declined for agriculture (-2.5 percent vs 3.1 percent); and financial and insurance activities (-3.2 percent vs 3.5 percent). On the other hand, production accelerated for the entertainment, arts and recreational activities (35.7 percent vs 32.2 percent); and information and communications (20.6 percent vs 18.9 percent). On a seasonal and calendar adjusted quarterly basis, the economy expanded 1 percent, slowing from a downwardly revised 2.5 percent expansion in the prior period.
2022-05-16