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 August 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.

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Colombia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-15.70 1.40 8.00 -15.70 2001 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2019-11-14 04:30 PM Q3 3.3% 3% 2.9% 3.3%
2020-02-14 04:40 PM Q4 3.4% 3.5% 3.1% 3%
2020-05-15 04:00 PM Q1 1.1% 3.5% 1.5% 1.7%
2020-08-14 04:45 PM Q2 -15.7% 1.4% -15%
2020-11-17 04:00 PM Q3 -15.7% -6%


News Stream
Colombia Economy Contracts at Record Pace
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.
2020-08-14
Colombia Economy Grows the Least in 3 Years
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.
2020-05-15
Colombia GDP Growth Slows to 3.4% in Q4
Colombia's economy advanced 3.4 percent year-on-year in the last quarter of 2019, slowing from an upwardly revised 3.5 percent expansion in the previous period but beating market forecasts of 3.1 percent. Output growth eased in retail & wholesale trade, transportation, hotels & restaurants (4.7 percent vs 5.9 percent in Q3); finance & insurance (4.6 percent vs 8 percent); public administration, defense, education and health (4.9 percent vs 5.1 percent); manufacturing (1.4 percent vs 1.5 percent); real estate (2.8 percent vs 3 percent); professional, scientific and technical activities (3.6 percent vs 4.1 percent); and utilities (2.7 percent vs 2.8 percent). On a seasonally adjusted quarterly basis, the GDP increased 0.5 percent, after a 0.6 percent rise in the prior quarter. Considering full 2019, the economy grew 3.3 percent in 2019, faster than a 2.5 percent expansion in 2018.
2020-02-14
Colombia Q3 GDP Growth Strongest in 4 Years
Colombia's economy advanced 3.3 percent year-on-year in the third quarter of 2019, following a 3 percent growth in the previous period and beating market expectations of a 2.9 percent expansion. It was the strongest growth rate since the third quarter of 2015, driven by retail & wholesale trade, transportation, hotels & restaurants (5.9 percent from 4.7 percent in Q2); finance & insurance (8.2 percent from 4.6 percent); public administration, defense, education and health (4.3 percent from 3.1 percent); manufacturing (1.5 percent from 0.6 percent); agriculture, forestry & fishing (2.6 percent from 1.5 percent); professional, scientific and technical activities (3.7 percent from 3.6 percent); and utilities (2.8 percent from 2.6 percent). On a seasonally adjusted quarterly basis, the GDP expanded 0.6 percent, easing from downwardly revised 1.3 percent rise in the second quarter.
2019-11-14

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).