Colombia GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

2.1

Units In

0.7

Frequency

Quarterly

Next Release

Nov 15, 2024

Time to Release

2 Months 29 Days 18 Hours

Highest	Lowest	Average	Date Range	Source
17.5 Jun 2021	-15.8 Jun 2020	3.69 %	2001-2024	N/A

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).

Latest Updates

Colombia's gross domestic product expanded by 2.1% year-on-year in Q2 2024, accelerating from a 0.7% increase in Q1 2024 and marking the strongest growth since Q1 2023. This uptick was driven by a significant rebound in gross fixed capital formation (1.7% vs. -13.4% in Q1) and government spending (2% vs. -0.7%), while household consumption accelerated (1.5% vs. 0.4%). Additionally, foreign demand strengthened with exports rising at a faster pace (4.8% vs. 0.7%) and imports recovering (2.2% vs. -12.9%). On the production side, agriculture (10.2%), public defense, education, and health (4.8%), utilities (2.6%), real estate (1.9%), and finance and insurance (1.4%) contributed to growth, while declines were observed in mining (-3.3%), communications (-1.9%), and manufacturing (-1.6%). On a seasonally adjusted quarterly basis, the economy grew by a marginal 0.1%.