The Colombian economy advanced 2.8 percent year-on-year in the fourth quarter of 2018, following a 2.7 percent expansion in the previous period and matching market expectations. Stronger growth was reported for: trade, repairs, restaurants & hotels and transportation (2.9% from 2.6% in Q3); arts & entertainment (2.6% from 1.0%); construction (4.2% from 1.8%) and agriculture (0.9% from 0.1%). Meanwhile, expansion slowed for professional services (3.3% from 3.6%); public administration (3.9% from 4.5%); finance & insurance (2.7% vs 1.7%); manufacturing (2.5% from 2.9%) and utilities (2.6% from 3.0%). Also, the mining sector shrank (-0.1% from 1.0%) while information & communication grew at the same pace (3.7%, the same as in Q3). On a quarterly basis, the GDP expanded 0.6 percent, after a 0.8 percent growth in the prior period and above market consensus of 0.4 percent. Considering full 2018, the economy grew 2.7 percent above 1.4 percent in 2017. GDP Annual Growth Rate in Colombia averaged 3.92 percent from 2001 until 2018, reaching an all time high of 8.50 percent in the third quarter of 2011 and a record low of 0.30 percent in the fourth quarter of 2008.
GDP Annual Growth Rate in Colombia is expected to be 2.50 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 3.50 in 12 months time. In the long-term, the Colombia GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.