Colombia's economy shrank 3.6% in the fourth quarter of 2020, following an upwardly revised 8.5% contraction in the previous period. Figures came slightly better than market expectations of a 4.3% contraction, despite the reimposition of tighter anti-COVID-19 measures in December. Output fell less primarily in retail & wholesale trade, transportation, hotels & restaurants (-6.6% vs -21.2% in Q3); professional, scientific, technical and administrative & support (-2.5% vs -5.7%); manufacturing (-0.2% vs -6.8%) and arts, entertainment and recreational activities (-7.3% vs -11.3%). Considering the full year of 2020, the economy plunged 6.8%, the first annual contraction in over two decades. On a seasonally adjusted quarterly basis, the GDP grew 6%, slowing from an upwardly revised 9.4% expansion in the third quarter and missing market expectations of a 6.9% rise. source: Dane, Colombia

GDP Annual Growth Rate in Colombia averaged 3.33 percent from 2001 until 2020, reaching an all time high of 7.90 percent in the third quarter of 2011 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 May of 2021.

GDP Annual Growth Rate in Colombia is expected to be 9.00 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 3.50 in 12 months time. In the long-term, the Colombia GDP Annual Growth Rate is projected to trend around 3.60 percent in 2022 and 3.40 percent in 2023, according to our econometric models.

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Colombia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.60 -8.50 7.90 -15.80 2001 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
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%
2020-11-15 04:00 PM Q3 -9% -15.8% -8.6% -8.8%
2021-02-15 05:00 PM Q4 -3.6% -8.5% -4.3% -4.5%
2021-05-14 04:00 PM Q1 -3.6% -0.6% -1.1%
2021-08-17 04:00 PM Q2
2021-11-16 04:00 PM Q3


News Stream
Colombia Economy Contracts Less than Expected in Q4
Colombia's economy shrank 3.6% in the fourth quarter of 2020, following an upwardly revised 8.5% contraction in the previous period. Figures came slightly better than market expectations of a 4.3% contraction, despite the reimposition of tighter anti-COVID-19 measures in December. Output fell less primarily in retail & wholesale trade, transportation, hotels & restaurants (-6.6% vs -21.2% in Q3); professional, scientific, technical and administrative & support (-2.5% vs -5.7%); manufacturing (-0.2% vs -6.8%) and arts, entertainment and recreational activities (-7.3% vs -11.3%). Considering the full year of 2020, the economy plunged 6.8%, the first annual contraction in over two decades. On a seasonally adjusted quarterly basis, the GDP grew 6%, slowing from an upwardly revised 9.4% expansion in the third quarter and missing market expectations of a 6.9% rise.
2021-02-15
Colombia Economy Contracts More than Estimated in Q3
Colombia's economy shrank 9% year-on-year in the third quarter of 2020, following an upwardly revised 15.8% plunge in the prior period. Figures came slightly worse than market expectations of an 8.6% contraction, amid the lingering effects of the pandemic crisis and a prolonged lockdown until end-August. Among hardest-hit sectors, activity fell less in recreation & entertainment (-29.7% vs -37.1% in Q2); construction (-26.2% vs -33.2%) and retail & wholesale trade, transportation, hotels & restaurants (-20.1% vs -34.1%); mining (-19.1% vs -21.6%); manufacturing (-7.2% vs -25.4%) and professional, scientific, technical and administrative & support (-6.1% vs -10.6%). On the other hand, growth was recorded in real estate activities (1.8% vs 2%); finance & insurance (1.5% vs 1%) and agriculture (1.5% vs -0.1%). On a seasonally adjusted quarterly basis, the GDP grew 8.7%, recovering from an upwardly revised 16.1% plunge in the previous period.
2020-11-17
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 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).