Colombia GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

Units In

2.1

Frequency

Quarterly

Next Release

Feb 15, 2025

Time to Release

2 Months 26 Days 15 Hours

Highest	Lowest	Average	Date Range	Source
17.5 Jun 2021	-15.8 Jun 2020	3.67 %	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 grew by 2% year-on-year in Q3 2024, slightly down from the 2.1% increase in Q2 2024 and missing expectations of a 2.4% expansion. The growth was driven by a significant rise in gross fixed capital formation (22.7%, up from 1.7% in Q2) and a slight acceleration in household consumption (1.6%, up from 1.5%). However, government spending contracted by 4.3%, reversing a 2% gain in the previous quarter. On the external front, exports grew at a slower pace of 3.8%, compared to 4.8% in Q2, while imports surged by 11.0%, up from 2.2%. On the production side, sectors such as agriculture (10.7%), finance and insurance (4.4%), construction (4.1%), public defense, education, and health (4.8%), and real estate (2%) contributed to growth, while mining (-7.1%) and manufacturing (-1.3%) saw declines. On a seasonally adjusted basis, the economy grew by 0.2% quarter-on-quarter.