Colombia GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

2.3

Units In

Frequency

Quarterly

Next Release

May 15, 2025

Time to Release

2 Months 24 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
17.5 Jun 2021	-15.8 Jun 2020	3.65 %	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 2.3% year-on-year in Q4 2024, slightly down from the 2.0% increase in Q3 2024 and matching expectations. The growth was driven by a significant rise in gross fixed capital formation (29.1%, up from 22.7% in Q3) and a slight acceleration in household consumption (1.8%, up from 1.6%), while government spending contracted at a slower pace (-1.8% vs. -4.3%. On the external front, exports grew at a slower pace of 2.0%, compared to 3.8% in Q3, while imports surged by 10.7%, slightly down from 11.0%. On the production side, sectors such as agriculture (6.5%), retail and wholesale (4.4%), public defense, education, and health (4.0%), and real estate (1.9%), and construction (0.5%) contributed to growth, while mining (-5.9%), finance and insurance (-1.1%), and information and communications (-0.6%) saw declines. On a seasonally adjusted basis, the economy grew by 0.6% quarter-on-quarter.