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.
GDP Annual Growth Rate in Colombia averaged 3.57 percent from 2001 until 2020, reaching an all time high of 8 percent in the third quarter of 2011 and a record low of -15.70 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 September of 2020. source: Dane, Colombia
GDP Annual Growth Rate in Colombia is expected to be -6.00 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 2.10 in 12 months time. In the long-term, the Colombia GDP Annual Growth Rate is projected to trend around 3.20 percent in 2021 and 3.40 percent in 2022, according to our econometric models.